US-based sustainable crypto mining company Stronghold Digital Mining has filed papers with the Securities and Exchange Commission in preparation for a huge $100m initial product offering.
Stronghold was founded in Pennsylvania in 2021, and saw quick success with its innovative waste coal power generation system that has progressively begun cleaning up vast areas of the rust belt which has suffered serious environmental desolation through acid drainage.
With Stronghold successfully mining 1 BTC for every 200t of waste coal used, and repairing the water systems of the state, the company has been able to grow quickly. This is thanks largely to two private equity fundraising rounds that netted $105m.
The papers filed with the SEC reveal that funds raised in the IPO will be used for expansion-related general corporate purposes, namely purchasing new mining rigs and establishing more power generating assets.
News of the Stronghold expansion comes as global hash-rates begin to recover from China’s great mining exodus.
Stronghold facilities currently operate just shy of 2,000 mining rigs and have a hashrate capacity averaging at 85 PH/s (petahashes per second) – through a number of partnered supplies the expansion plans will lead to the purchase of 27,000 more mining rigs, with the goal of a 2,600 PH/s hashrate.
The firm also plans to open two new waste coal energy production facilities to power the new rigs.
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