SDIG - Stronghold Announces November 2023 Bitcoin Mining Update | Benzinga
NEW YORK, Dec. 07, 2023 (GLOBE NEWSWIRE) -- Stronghold Digital Mining, Inc. (NASDAQ:SDIG) ("Stronghold", or the "Company") today provided the following updates regarding its operations and financial performance:
Bitcoin Mining Update
Stronghold mined 193 Bitcoin in November 2023 and generated approximately $0.7 million in energy revenue, which represented the equivalent of approximately 19 additional Bitcoin based on the average price of Bitcoin, during the month. This equated to approximately 212 of Bitcoin-equivalent production in November of 2023, up approximately 4% sequentially compared to the approximately 203 Bitcoin-equivalent production in October 2023 comprising 198 coins and $0.1 million of energy revenue, or 5 additional Bitcoin based on the average price of Bitcoin during the month.
The Company generated an estimated $7.2 million of revenue during the month of November, marking its highest monthly revenue in 2023. The drivers were attractive power prices at the Scrubgrass Plant, leading to the second highest energy revenue month of the year, improved Bitcoin hash price including transaction fees/block subsidies that averaged 13.8% in November compared to 2.5% in October, and a modest improvement in Bitcoin mining utilization following the Company's entry into the Frontier Managed Services Agreement in October of 2023.
Stronghold Business Strategy Overview and Carbon Capture Panel
On December 12th, Stronghold will host a Business Strategy Overview and Carbon Capture Panel event at the Nasdaq Marketsite. The event will include an overview of the Company's business strategy by senior management and a panel on the carbon capture initiative with industry experts.
Advanced registration for the in-person event is required and space is limited. Analysts and institutional investors interested in attending should contact Stronghold's investor relations team SDIG@gateway-grp.com for additional details and instructions. Presentations are expected to begin at 12:30 pm ET, and ...