US Bitcoin miner Stronghold files for $100M IPO to fund massive expansion
Sustainably targeted and vertically integrated Bitcoin company defensive structure Digital Mining has filed for a $100 million initial public providing with the U.S. Securities and Exchange Commission.
Pennsylvania-based Bitcoin mining firm fastness Digital Mining has filed for a $100 million initial public providing (IPO) with the us Securities and Exchange Commission (SEC).
The firm filed its S-1 type on july twenty seven and if given the inexperienced lightweight by the SEC, Stronghold intends to list its category a typical stock on the data system international Market underneath the “SDIG” ticker.
Stronghold may be a sustainably centered and vertically integrated Bitcoin mining company that was supported in 2021. In June Cointelegraph reportable that the firm completed 2 non-public equity securities raises worth $105 million.
According to the new filing, fastness can use the funds for general company functions like “acquisitions of miners and power generating assets” with the firm outlining plans to considerably increase its total hash rate capacity:
“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 firm stated that it currently operates around 1,800 crypto mining machines with an estimated hash rate capacity of 85 petahashes per second (PH/s) and already has more machines on the way.
Stronghold has entered into “three definitive agreements with multiple suppliers” to purchase the more than 27,000 mining machines, which the firm estimates will have a minimum total hash rate capacity of 2,600 PH/s. It expects to acquire 93% of the machines in 2021, and the remaining 7% to be delivered in 2022.
The firm operates what they describe as “low-cost, environmentally beneficial power generation facilities,” and mines Bitcoin by converting waste coal into energy on a scale equivalent to “a large-scale” hydropower plant, and estimates that for every Bitcoin it mines, 200 tonnes of waste coal is destroyed.
The Scrubgrass Generation Plant in Venango County is that the firm’s 1st power generation facility, and therefore the firm’s power generation processes permit it to rehabilitate massive areas of land that were desolate as a results of waste coal acid drainage (AMD).
Stronghold additionally declared within the filing that it intends to accommodate the new mining machines at its current facility, further as at 2 new plants that it’s operating to amass.
The first is that the “Panther Creek Energy Facility” — a coal refuse power generation facility beneath contract to buy and therefore the second is AN nameless facility that uses a similar coal usage ways, that Stronghold has beneath a letter of intent to buy.