The Pennsylvania-based company will receive the mining rigs by the first quarter of 2022, contributing to its plans of installing additional 54,000 miners.
Stronghold Digital Mining purchased over 9000 BTC mining rigs, which will allow it to add roughly 826 petahashes per second (PH/s) to its power generation facilities.
- The Pennsylvania-based company bought 9080 Bitmain and MicroBT mining rigs, as per an SEC filing on Monday.
- The announcement is part of Stronghold’s Q3 earnings release on Nov. 30, 2021, which denotes that the company has signed four separate deals for the mining rigs.
- The first 4,800 mining rigs are expected to be delivered by anywhere between the end of this December or by early January. The other 4,280 were acquired with its partner, Northern Data, through a profit-sharing plan and will be delivered during the first quarter of 2021.
- All mining rigs will be installed on its wholly-owned power generation facilities. The filing denotes that Stronghold has committed to buy over 54,000 mining rigs with a total hashrate of 5.2 exahashes per second.
- On a separate note, the company got into an equipment financing agreement with bitcoin-company NYDIG for up to approximately $54.0 million – a deal collateralized by the purchase of 12,000 Antminer S19j Pro miners.
- This is part of the firm’s long-term strategy to highlight the benefits of its vertically integrated business model.
- Another company moving fast with the acquisition of bitcoin mining machines is Marathon Digital. As reported by CrypoPotato, the organization is raising $500 million in debt to buy BTC and mining rigs.