Bitcoin Mining Company Stronghold Digital Mining Wholesale 9,080 Mining Rigs

Cryptowatchdaily company Stronghold Digital Mining buys thousands of mining rigs (Cryptowatchdaily)

JAKARTA – In the midst of the proliferation of Bitcoin mining, mining company Stronghold Digital Mining reportedly bought 9,080 Bitcoin mining rigs. This allows Stronghold Digital Mining to add approximately 826 petahash per second (PH/s) to its power generation facility.

Reporting from Bitcoin.com News, the company based in Pennsylvania bought mining rigs from Bitmain and MicroBT. This is in accordance with the SEC filing on Monday. The announcement is part of Stronghold's third-quarter earnings release on November 30, 2021, which shows that the company has signed four separate deals for mining rigs.

The first 4,800 mining rigs are expected to be delivered between late December or early January. Another 4,280 were acquired with its partner, Northern Data, through a revenue-sharing plan and will be delivered during the first quarter of 2021.

All mining rigs will be installed in wholly owned power generation facilities. The filing shows that Stronghold has committed to purchasing more than 54,000 mining rigs with a total hashrate of 5.2 exahashes per second.

On a separate note, the company entered into an equipment financing agreement with bitcoin firm NYDIG for up to approximately US$54.0 million – a deal secured by the purchase of 12,000 Antminer S19j Pro miners.

This is part of the company's long-term strategy to highlight the benefits of a vertically integrated business model.

Another company moving fast with the acquisition of bitcoin mining machines is Marathon Digital. As CrypoPotato reports, the organization amassed $500 million in debt to buy BTC and mining rigs.