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Stronghold Digital to Add 400 PH/s Capacity Via 4K Bitcoin Miners From Canaan Subsidiary
The machines will be installed in two tranches, one my mid-May and the second by mid-June.
Updated May 9, 2023, 4:13 a.m. Published May 4, 2023, 2:33 p.m.
Bitcoin miner Stronghold Digital (SDIG) is to host 4,000 mining machines supplied by Cantaloupe Digital, a subsidiary of rig maker Canaan (CAN).
The 2,000 A1246 and 2,000 A1346 miners will provide a total capacity of 400 petahash per second (PH/S), according to an emailed announcement on Thursday. The A1246 miners will be installed by May 15, while the A1346 miners will be installed by a month later.
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Stronghold has procured around 22,000 miners since August with capacity of 2.2 exahash per second (EH/s) at a cost of $15 million, CEO Greg Beard said.
"We achieved this through opportunistic purchases of Bitcoin miners in a distressed market and through unique hosting agreements where we retain exposure to Bitcoin mining economics and power upside," Beard said.
As part of the two-year hosting agreement with Canaan, Stronghold will receive 50% of the bitcoin mined and retain any upside of selling power back to the grid, should the company elect to curtail the usage of the machines to do so.
Like its peers across the mining industry, Stronghold spent 2022 in a squeeze between falling bitcoin prices and exorbitant energy costs.
Stronghold was able to organize restructuring deals to fend off the bankruptcies that befell Compute North and Core Scientific (CORZ). Its latest restructuring deal allowed it to postpone payments on $55 million worth of debt until June 2024.
SDIG shares are up around 3.8% on the day at $0.89 at the time of writing.
Read More: Crypto Mining Rig Maker Canaan's Q4 Revenue Sunk 82% to $56.8M
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