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Bitcoin mining firm Stronghold files for $100M IPO, plans to increase capacity to 5,300 PH/s by December 2022

Stronghold said that part of the proceeds of this offering will be used to buy 27,900 miners to boost its total hash rate capacity to 3,000 PH/s by December 2021 and to over 5,300 PH/s by December 2022.

Image by LauraTara from Pixabay

Wed, 28 Jul 2021, 06:56 am UTC

As Bitcoin mining companies leave China due to the government’s crackdown on crypto mining and trading, North American firms are scrambling to boost their capacities. One of these is Stronghold Digital Mining, which recently filed for an initial public offering (IPO) to fund its expansion plans.

On July 27, the Bitcoin mining firm Stronghold has filed for a $100 million IPO with the United States Securities and Exchange Commission (SEC), according to Cointelegraph. Based on the S-1 form submitted to the regulator, the firm plans to list its Class A common stock on the Nasdaq Global Market.

The Pennsylvania-based BTC mining firm currently owns 1,800 mining computers, Stronghold said in its filing. With its hardware, the company has a total hash rate capacity of around 85 petahash per second (“PH/s”).

However, the crypto mining firm is planning to boost its capacity. On April 1, it entered into agreements with several suppliers to acquire over 27,300 Bitcoin miners, which would produce a total hash rate of over 2,600 PH/s once operational.

Of the 27,300 new mining rigs, 93 percent will be delivered within this year, which the first batch arriving by August. Meanwhile, delivery for the remaining 7 percent will happen next year.

But that mining firm is not stopping there. Stronghold plans to acquire another 27,900 BTC miners, which will be funded from the proceeds of its IPO.

“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,” the company explained.

The new Bitcoin miner will be housed at its Scrubgrass Plant, where the firm also owns a power generation facility. The plant generates power to mine crypto using coal refuse, which is greener and “equivalent to large-scale hydropower plants.”

“In contrast, most of our competitors with integrated power assets rely on traditional fuels, such as coal or natural gas,” the company said. “ Given the power-intensive nature of crypto asset mining and the implications for the environment and sustainability, we believe that our access to inexpensive, environmentally-beneficial power represents a meaningful and durable competitive advantage.”

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