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


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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 new machines, costing $3 million, will be delivered to Stronghold’s Panther Creek facility in the third quarter.

Stronghold Digital Mining Acquires 2,000 Avalon A1346 Bitcoin Miners

Although 2022 wasn’t an exceptional year for bitcoin mining operations, firms have significantly expanded in 2023. New facilities have been launched, and mining companies have purchased thousands of bitcoin miners for expansion. On Thursday, Stronghold Digital Mining, listed on Nasdaq as SDIG, revealed it has purchased 2,000 Avalon A1346 bitcoin miners crafted by Canaan.

The Canaan mining machines are estimated to produce a hashrate of around 110 terahash per second (TH/s), with a single machine consuming 3,300 watts. The power efficiency of a single Avalon A1346 is approximately 30 joules per terahash. Stronghold specified that the new machines, costing the company $3 million, will be delivered to its Panther Creek facility in the third quarter.

“We are very excited to expand our relationship with Canaan through the purchase of the A1346 miners, their most efficient bitcoin miners,” Greg Beard, the chairman and CEO of Stronghold remarked. “These miners are among our best performers in our air-cooled Strongbox containers and provide an attractive value proposition given the combination of high hashrate, energy efficiency, and price point.”

Stronghold’s purchase follows its announcement of a partnership with Canaan subsidiary Cantaloupe Digital LLC in May. The company entered a two-year hosting agreement at that time, which has since been amended and expanded. Despite a 1.36% drop in Stronghold shares on Thursday, 30-day statistics indicate SDIG shares have increased 136% against the U.S. dollar.

What do you think about Stronghold’s purchase of 2,000 Avalon A1346 bitcoin miners crafted by Canaan? Share your thoughts and opinions about this subject in the comments section below.

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