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Crypto mining firm digital mining files for 100M IPO

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Shivangi Mujumdar Follow

INDIA

Jul, 29 2021

Jul, 29 2021

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Stronghold digital mining, Bitcoin mining company has filed with the US Securities and Exchange Commission for a $100 million initial public offering. The planning of the firm is to list top-class common stock on NASDAQ global market under SDIG. The latest announcement by crypto mining firm on 27th July to file NASDAQ IPO came into existence. The company will sell bitcoin for fiat currency from time to time to fulfill operating costs.

Stronghold digital mining is one of the integrated Bitcoin mining companies. The basic operation is based on low-cost power, regeneration facility in Pennsylvania. The conversion of coal waste through Bitcoin mining is the main focus of the Company.

The snow and rain sulfur-rich waste, coal dumps the water polluter in Pennsylvania. Further, the waste coal acid mine drainage is formed. It is termed AMD. Further AMD continues the process of contamination for the nearby river and streams. This threatened the life of the aquatic plant.

The conversion process of waste coal by bitcoin mining, the company can restore the important geographical area. The area was earlier damaged by AMD. 

The current scenario of Stronghold company operates 1,800 bitcoin mining. The mining rings with 85 % hash per second capacity. The company entered into three new agreements through multiple suppliers. The purchase of additional miners is 27,300 which is huge in number and is scheduled to deliver in 2021. As per the filing, the number is showing the vast majority.

Stronghold indulged with $105 million equity securities in two private firms. For a single bitcoin mining, 200 tons of waste coal claimed to eliminate the process.

The IPO processing to purchase additional miners intended by the bitcoin mining company. This will automatically increase the hash rate per second capacity. All this process is based on cash management policy. 


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Shivangi Mujumdar

CBW - External Analyst

INDIA

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