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Bitcoin Mining Firm Files for IPO Worth 100 million USD for Funding Enormous Expansion

A Bitcoin mining corporation Stronghold Digital Mining, based In Pennsylvania, has recently filed for an initial public offering worth 100 million USD with the US Securities and Exchange Commission.

Stronghold turned in its S-1 this Tuesday, and if encouraged by the SEC, the company plans to include its Class A standard stock on the Nasdaq International Market, under the “SDIG” label.

Stronghold is a vertically incorporated and sustainability-centred Bitcoin mining firm that was established recently this year. In June, it was reported that the company managed to complete two privately held variable-income securities raises worth 105 million USD.

As stated in the new filing, the company is set to utilize the funds for general corporate reasons like the acquisitions of cryptocurrency miners as well as energy generating assets. The firm also outlined its plans to considerably increase its full hash rate capacity.

The firm revealed that at present, it is responsible for operating approximately 1800 cryptocurrency mining computers with an expected hash rate capacity being 85 PH/s (or petahashes per second). There are, in fact, more machines to be added.

Stronghold has made in into three authoritative agreements with numerous suppliers in order to invest in upwards of twenty-thousand cryptocurrency mining machines. The firm has estimated that those machines will be having the lowest possible total hash rate of 2,600 petahashes per second. The firm aims to obtain 93 per cent of the machines this year, the remaining 7 per cent to be brought in in 2022.

The firm manages what it refers to as economical, and environmentally friendly energy generation services. It also mines Bitcoin by turning waste coal into energy on a scale equal to an upscale hydropower plant, and the firm estimates that for each Bitcoin mined, two-hundred tonnes of waste coal is obliterated.

The Scrubgrass Generation Plant located in Venango County happens to be the company’s very first energy generation plant, and the company’s energy production processes enable it to restore large regions of land that were previously affected due to the acid drainage from waste coal.

Stronghold also revealed in the filing that it plans to store the new crypto mining machines at its present facility, along with two other new plants it is going to acquire. The first is called the Panther Creek Energy facility, and the second is yet to be named.

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