Stronghold Invests $3M in Bitcoin Mining Expansion

  • Sergey Maga
  • 1 August, 2023 13:33
Stronghold Invests $3M in Bitcoin Mining Expansion

Stronghold Digital Mining recently announced the purchase of 2,000 ASIC bitcoin miners from Canaan. This $3 million acquisition highlights the firm’s rapid expansion.

The crypto mining industry experienced a significant boom in 2023. Despite 2022’s unremarkable performance, many firms, including Stronghold, have launched new facilities and purchased a vast number of bitcoin miners.

Stronghold, listed on Nasdaq as SDIG, has chosen to invest in Canaan‘s Avalon A1346 bitcoin miners. Each miner produces a hashrate of around 110 terahash per second, consuming 3,300 watts. Stronghold’s new $3 million equipment will soon reside in its Panther Creek facility.

Greg Beard, Stronghold’s chairman and CEO, expressed excitement over the purchase. He touted the miners’ high hashrate, energy efficiency, and reasonable price as reasons for the investment.

In May, Stronghold announced a partnership with Canaan subsidiary Cantaloupe Digital LLC. Since then, the two-year hosting agreement has been expanded. Despite a slight drop in Stronghold’s shares recently, the 30-day trend shows a 136% rise against the U.S. dollar.

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