Stronghold Digital Mining Hits 3.0 EH/s Hash Rate Milestone

In a notable achievement for Stronghold Digital Mining, the company has reached a significant hash rate. Over the Memorial Day weekend, the company’s operations hit a hash rate of 3.0 EH/s, achieving this target a month ahead of schedule, according to the Marketscreener.

Approximately 80% of the reported hash rate is solely owned by Stronghold, free from any profit sharing obligations. This follows the company’s reception of 5,000 MicroBT Whatsminer M50 Bitcoin mining rigs in late May, in addition to the initial 2,000 Avalon 1246 rigs delivered earlier that month. The company anticipates the delivery of an additional 2,000 Avalon 1346 rigs in June.

An expected earning of over 220 Bitcoin through its mining operations in May, marking a sequential rise of around 23% from the 179 Bitcoin mined in April.

With an eye on further expansion, Stronghold is exploring opportunities to fill its remaining data center slots, aiming to utilize its 4 EH/s data center capacity by the end of Q3 2023. The company also owns additional data center equipment, including 20 StrongBox containers, ready for deployment as opportunities arise.

Stronghold’s operations are environmentally focused, housing its miners in its wholly-owned, low-cost power generation facilities in Pennsylvania. The latest milestone and future plans signal a promising trajectory for the company’s growth in the Bitcoin mining sector.