• Home
  • NFT
  • Bitcoin
  • Events
  • Contact
    • Contact
    • Our Journalists
    • About Us
    • Partners
Friday, December 8, 2023
No Result
View All Result
Our Bitcoin News
  • Home
  • NFT
  • Bitcoin
  • Events
  • Contact
    • Contact
    • Our Journalists
    • About Us
    • Partners
  • Home
  • NFT
  • Bitcoin
  • Events
  • Contact
    • Contact
    • Our Journalists
    • About Us
    • Partners
No Result
View All Result
Our Bitcoin News
No Result
View All Result

Bitcoin miner Stronghold plans to raise $100 million in IPO

News
by Gauri Bhatia
28 July 2021
Bitcoin miner Stronghold plans to raise $100 million in IPO
Share on FacebookShare on Twitter

Sustainability-focused US Bitcoin mining company Stronghold has filed an S-1 form for an Initial Public Offering (IPO) with the US Securities and Exchange Commission (SEC).

The Pennsylvania-based company plans to raise a total of $100 million in its offering and list its Class A common stock on the Nasdaq Global Market under the ticker SDIG.

Stronghold is a vertically integrated crypto asset mining company that uses sustainable solutions to mine Bitcoin. Its power generation facility in Scrubgrass Township, Pennsylvania uses harmful coal waste, a by-product of coal mining, and converts it into electricity.

When coal waste, i.e., coal refuse gets in contact with rain or snow, it forms Pennsylvania’s largest water polluter called acid mine drainage (AMD). The AMD then contaminates nearby water bodies and threatens the aquatic ecosystem. The company also produces ‘fly ash’ that can be used in fertilizers.

In its filing, the company stated:

“We are committed to generating our energy and managing our assets sustainably, and we believe that we are one of the first vertically integrated crypto asset mining companies with a focus on environmentally-beneficial operations.

Simply put, we employ 21st century crypto mining techniques to remediate the impacts of 19th and 20th century coal mining in some of the most environmentally neglected regions of the United States.”

Combined hash rate

Stronghold also claims that its source of power helps them to produce Bitcoin at one of the lowest prices compared to its competitors. They currently operate over 1800 mining computers with a combined hash rate of approximately 85 PH/s. Since April, the company has entered into agreements with multiple suppliers to buy 27,300 additional miners that equates to 2,600 PH/s.

The draft said:

“Of these miners, 93% are scheduled to be delivered in 2021, with the first batch scheduled for delivery in August 2021, and the remaining 7% throughout 2022. With part of the proceeds of this offering, we intend to procure an additional 27,900 miners, which we anticipate will bring our total hash rate capacity to approximately 3,000 PH/s by December 2021 and to over 5,300 PH/s by December 2022.”

In June, the company raised $105 million in two private placements of equity securities with contributions from MG Capital and Greg Beard. Greg Beard was a former partner at Apollo Global Management, a private equity firm and is now the co-chairman and CEO of Stronghold.
At the time, the company claimed to eradicate 200 tons of coal refuse for each bitcoin mined.

Previous Post

Coca-Cola to auction NFT collectibles on OpenSea

Next Post

SBI Remit partners with Ripple to launch Japan’s first international remittance service

Gauri Bhatia

Gauri Bhatia

Gauri is a full-time Content Writer at Our Bitcoin News. With a degree in Economics, she covers major news and concerns surrounding crypto-space.

Related Posts

Bank of America: Changes in Correlation Coefficients Suggest Bitcoin Is Starting to Become Digital Gold Again

VanEck predicts the amount of funds flowing into Bitcoin spot ETFs upon approval, taking into account gold ETF cases and economic environment

by Kurt Ebenzer
8 December 2023

ETF Approval During Recession On the 7th, VanEck, a major US asset management company, released a 2024 forecast report for...

Hitachi to issue 10 billion yen digital environmental bond | CoinDesk JAPAN

Hitachi to issue 10 billion yen digital environmental bond | CoinDesk JAPAN

by Damien Martin
8 December 2023

On December 7, Hitachi announced that it will issue a total of 10 billion yen in unsecured corporate bonds, including...

Bitcoin continues to drop to $ 26,500, Ethereum finalization suspended

Bitcoin expected to reach all-time high by November next year, with halving and US presidential election likely to be factors in the rise | VanEck Report

by Kurt Ebenzer
8 December 2023

Views based on halving and market cycles On the 7th, VanEck, a major US asset management company, released a 2024...

No Result
View All Result

Recent Posts

  • VanEck predicts the amount of funds flowing into Bitcoin spot ETFs upon approval, taking into account gold ETF cases and economic environment
  • Hitachi to issue 10 billion yen digital environmental bond | CoinDesk JAPAN
  • Bitcoin expected to reach all-time high by November next year, with halving and US presidential election likely to be factors in the rise | VanEck Report
  • Dentsu and TOPPAN conduct demonstration experiment to improve convenience of Web3.0 wallet | CoinDesk JAPAN
  • Technical analysis using the matrix method (2023/12/8) Bitcoin, the technical situation has mysteriously improved: Rakuten Wallet | CoinDesk JAPAN
Our Bitcoin News

© 2021 Our Bitcoin News

Navigate

  • Home
  • Press Release
  • Sponsored
  • Our Journalists
  • Advertise
  • Editorial Policy
  • Privacy Policy
  • Terms & Conditions

Follow Us

No Result
View All Result
  • Home
  • NFT
  • Bitcoin
  • Events
  • Contact
    • Contact
    • Our Journalists
    • About Us
    • Partners

© 2021 Our Bitcoin News