American cryptocurrency mining company Stronghold (SDIG) announced it has entered into four separate agreements to buy 9,080 Bitmain and MicroBT bitcoin (EXANTE: Bitcoin) mining rigs.
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The company said in a press release, the aggregate hash rate capacity of these miners is approximately 826 PH/s, and Stronghold plans to get at least 4,800 miners (purchased for $35.7 million) by January next year. The other mining rigs are expected to be delivered in the first half of 2022.
Stronghold reported it has installed over 54,000 mining rigs so far, representing hash rate capacity of approximately 5.2 EH/s.
"We believe these miner purchases further our rapid growth strategy, and the near-term delivery schedules for the open-market purchases enhance expected return profiles and mitigate timing risk," said Stronghold CEO, Greg Beard.
The company also entered into an equipment financing agreement with NYDIG for up to $54 million. Stronghold says it has already received the first advance of $18.6 million. The aggregate principal outstanding bears interest at 9.85% will be repaid by December 25, 2023.
The move comes after Stronghold listed over 5 million shares of common stock on the Nasdaq at an IPO price of between $16 and $18. As of press time, SDIG is traded at $10.56, with a total market capitalization of $509 million.
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