US Bitcoin miner Stronghold information for $100M IPO to fund large growth
Pennsylvania-based Bitcoin mining agency Stronghold Digital Mining has filed for a $100 million preliminary public providing (IPO) with the United States Securities and Exchange Commission (SEC).
The agency filed its S-1 kind on July 27 and if given the inexperienced mild by the SEC, Stronghold intends to listing its Class A standard inventory on the Nasdaq Global Market beneath the “SDIG” ticker.
Stronghold is a sustainably targeted and vertically built-in Bitcoin mining firm that was based in 2021. In June Cointelegraph reported that the agency accomplished two non-public fairness securities raises value $105 million.
According to the brand new submitting, Stronghold will use the funds for common company functions reminiscent of “acquisitions of miners and power generating assets” with the agency outlining plans to considerably enhance its whole hash fee capability:
“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 agency acknowledged that it presently operates round 1,800 crypto mining machines with an estimated hash fee capability of 85 petahashes per second (PH/s) and already has extra machines on the best way.
Stronghold has entered into “three definitive agreements with multiple suppliers” to buy the greater than 27,000 mining machines, which the agency estimates may have a minimal whole hash fee capability of two,600 PH/s. It expects to amass 93% of the machines in 2021, and the remaining 7% to be delivered in 2022.
The agency operates what they describe as “low-cost, environmentally beneficial power generation facilities,” and mines Bitcoin by changing waste coal into power on a scale equal to “a large-scale” hydropower plant, and estimates that for each Bitcoin it mines, 200 tonnes of waste coal is destroyed.
Related: A inexperienced revolution in crypto mining? Industry solutions wake-up name
The Scrubgrass Generation Plant in Venango County is the agency’s first energy era facility, and the agency’s energy era processes permit it to rehabilitate giant areas of land that have been devastated because of waste coal acid drainage (AMD).
Stronghold additionally acknowledged within the submitting that it intends to accommodate the brand new mining machines at its present facility, in addition to at two new vegetation that it’s working to amass.
The first is the “Panther Creek Energy Facility” — a coal refuse energy era facility beneath contract to buy and the second is an unnamed facility that makes use of the identical coal recycling strategies, which Stronghold has beneath a letter of intent to buy.