Stronghold Digital Mining is a vertically integrated digital asset miner based in Pennsylvania that reclaims coal refuse and uses the energy generated to mine Bitcoin. It operates in partnership with the Pennsylvania Department of Environmental Protection and local environmental authorities and has reclaimed 1,000 acres of once-unusable land. Coal refuse is classified under Pennsylvania law as a Tier II alternative energy source, and Stronghold says its model allows it to mine Bitcoin at some of the lowest costs in the industry. The company's core product is large-scale Bitcoin mining powered by energy derived from cleaned coal refuse sites, and it is scaling plant and datacenter infrastructure. A recent $40 million capital lease will fund purchases of additional digital mining units and further infrastructure expansion. Stronghold presents its operations as both an environmental remediation effort and a cost-efficient digital asset mining business. Stronghold Digital Mining operates a power plant in Kennerdell, Pa., that converts waste coal into electricity used to mine bitcoin and other cryptocurrencies. State regulators define waste coal as a Tier II alternative energy source, grouping it with hydropower for environmental impact. The company describes itself as a vertically integrated miner, owning both mining hardware and its power plant. Stronghold estimates that each bitcoin it mines eliminates 200 tons of waste coal. In promoting itself as an ESG-friendly mining firm, it seeks to complicate the narrative around bitcoin's environmental cost amid heightened scrutiny of the industry's carbon footprint. The company recently raised $105 million through private placements, indicating access to capital for its operations. Leadership includes co-chairman and CEO Greg Beard and co-chairman Bill Spence, who has highlighted the environmental problems caused by coal waste in Pennsylvania.

Total raised

$145M

Funding rounds

2

Latest round

Debt Financing

Latest activity

Aug 2021