Stronghold Digital Mining Purchased 9090 BTC Mining Rigs

Stronghold Digital Mining a Pennsylvania-based company just purchased 9090 BTC mining rigs by the first quarter of 2022 and contributes to its plans of installing another 54,000 miners as we can see more today in our latest Bitcoin news.

Stronghold Digital Mining purchased over 9000 BTC mining rigs that allow it to add about 826 petahashes per second to the power generation facilities. The Pennsylvania-based company purchased another 9080 Bitmain and MicroBT mining rigs according to the SEC filing on Monday. The announcement is a part of Stronghold’s Q3 earnings release which denoted that the company signed four separate deals for the mining rigs.

The first 4800 mining rigs are expected to be delivered between the end of this December to early January and the other 4280 were acquired with the partner, Northern Data via a profit-sharing plan and will be delivered in the first quarter of 2021. all mining rigs will be installed on the wholly-owned power generation facilities and the filing noted that Stronghold committed to purchasing over 54,000 mining rigs with a total hashrate of 5.2 exahashes per second. The company also got into an equipment financing agreement with BTC-company NYDIG for about $54 million which is a deal collateralized by purchasing 12,000 Antminer S19J Pro Miners.

This is a part of the company’s long-term strategy to outline the benefits of the vertically integrated business model. The other companies are moving fast with the acquisition of BTC mining machines and one of them is Marathon Digital. The organization raised $500 million in debt to purchase BTC and mining rigs.

As recently reported, Foundry opened a new BTC mining rig marketplace and will serve as an eBay for mining rigs and this is the latest expansion for the company of the DCG subsidiary that launched in 2020. Bitcoin mining underwent a huge transformation in the past year as the massive crackdown in China led most of the industry to move out into other countries. This is one of the reasons why Foundry a fast-growing US mining company is launching a new market to match the buyers and sellers of used mining rigs. Dubbed FoundryX, the new platform promises to act as an eBay market for the mining industry and will tap into the relationships with hundreds of buyers and sellers as well as serve as a middleman for businesses once known for secretive practices.