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Stronghold Expands Operations with $3 Million Acquisition of 2,000 Bitcoin Canaan Miners

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Stronghold Digital Mining announced on Thursday that it has acquired 2,000 application-specific integrated circuit (ASIC) bitcoin mining rigs from Canaan. The new machines, which cost $3 million, will be delivered to Stronghold’s Panther Creek facility in the third quarter.

Stronghold Digital Mining Acquires 2,000 Avalon A1346 Bitcoin Miners

While 2022 was not a breakout year for bitcoin mining operations, companies expanded significantly in 2023. New facilities were launched and miners bought thousands of bitcoin miners to expand. On Thursday, Stronghold Digital Mining, listed on Nasdaq as SDIG, revealed that it had purchased 2,000 Avalon A1346 bitcoin miners created by Canaan.

Canaan mining machines are estimated to produce a hash rate of around 110 terahash per second (TH/s), with a single machine consuming 3,300 watts. The energy efficiency of a single Avalon A1346 is approximately 30 joules per terahash. Stronghold has specified that the new machines, which cost the company $3 million, will be delivered to its Panther Creek plant in the third quarter.

“We are very excited to expand our relationship with Canaan through the purchase of A1346 miners, their most efficient bitcoin miners,” said Greg Beard, president and CEO of Stronghold. “These miners are among our top performers in our air-cooled vaults and provide a compelling value proposition given the combination of high hash rate, energy efficiency and price.”

The purchase of Stronghold follows the announcement of a partnership with Canaan subsidiary Cantaloupe Digital LLC in May. At that time, the company signed a two-year hosting agreement, which has since been modified and expanded. Despite a 1.36% drop in Stronghold shares on Thursday, 30-day statistics indicate that SDIG shares are up 136% against the US Dollar.

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