Crypto

Stronghold Digital Mining Acquired 9,090 Bitcoin Mining Rigs

Stronghold Digital Mining Acquired 9,090 Bitcoin Mining Rigs

The mining rigs will arrive in the first three months of 2022, helping the Pennsylvania-based business meet its goal of installing an extra 54,000 miners.

Stronghold Digital Mining has bought over 9000 Bitcoin mining equipment, allowing it to increase its power generation capacity to 826 petahashes per second (PH/s).

According to an SEC filing on Monday, the Pennsylvania-based business purchased 9080 Bitmain and MicroBT mining equipment.

The announcement will be made as part of Stronghold’s Q3 financial report on Nov. 30, 2021, and will reveal that the firm has inked four distinct mining rig deals.

The first 4,800 mining rigs are slated to arrive between the end of December and the beginning of January. The remaining 4,280 were purchased through a profit-sharing deal with Northern Data and will be delivered in the first quarter of 2021.

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All mining rigs will be mounted on the company’s wholly-owned power plants. Stronghold has pledged to buy approximately 54,000 mining rigs with a total hashrate of 5.2 exahashes per second, according to the filing.

Separately, the company entered into an equipment finance agreement with bitcoin company NYDIG for up to $54.0 million, including the acquisition of 12,000 Antminer S19j Pro miners as collateral.

This is part of the company’s long-term plan to emphasize the advantages of its vertically integrated business model.

Marathon Digital is another business that is acquiring bitcoin mining devices at a rapid pace. According to CrypoPotato, the company is raising $500 million in debt to purchase bitcoin and mining machines.

The Author

Samuel Adeshina

Samuel is a financial reporter whose interests include blockchain, market, business, insurance, and Crypto to provide relevant information to all interested.