Stronghold Expands Operation With $3M Acquisition of 2,000 Canaan Bitcoin Miners

Stronghold Digital Mining announced Thursday it has acquired 2,000 application-specific integrated circuit (ASIC) bitcoin mining rigs from Canaan. The caller machines, costing $3 million, volition beryllium delivered to Stronghold’s Panther Creek installation successful the 3rd quarter.

Stronghold Digital Mining Acquires 2,000 Avalon A1346 Bitcoin Miners

Although 2022 wasn’t an exceptional twelvemonth for bitcoin mining operations, firms person importantly expanded successful 2023. New facilities person been launched, and mining companies person purchased thousands of bitcoin miners for expansion. On Thursday, Stronghold Digital Mining, listed connected Nasdaq arsenic SDIG, revealed it has purchased 2,000 Avalon A1346 bitcoin miners crafted by Canaan.

The Canaan mining machines are estimated to nutrient a hashrate of astir 110 terahash per 2nd (TH/s), with a azygous instrumentality consuming 3,300 watts. The powerfulness ratio of a azygous Avalon A1346 is astir 30 joules per terahash. Stronghold specified that the caller machines, costing the institution $3 million, volition beryllium delivered to its Panther Creek installation successful the 3rd quarter.

“We are precise excited to grow our narration with Canaan done the acquisition of the A1346 miners, their astir businesslike bitcoin miners,” Greg Beard, the president and CEO of Stronghold remarked. “These miners are among our champion performers successful our air-cooled Strongbox containers and supply an charismatic worth proposition fixed the operation of precocious hashrate, vigor efficiency, and terms point.”

Stronghold’s acquisition follows its announcement of a concern with Canaan subsidiary Cantaloupe Digital LLC successful May. The institution entered a two-year hosting statement astatine that time, which has since been amended and expanded. Despite a 1.36% driblet successful Stronghold shares connected Thursday, 30-day statistic bespeak SDIG shares person accrued 136% against the U.S. dollar.

What bash you deliberation astir Stronghold’s acquisition of 2,000 Avalon A1346 bitcoin miners crafted by Canaan? Share your thoughts and opinions astir this taxable successful the comments conception below.