Stronghold mined 207 Bitcoin in December 2023 and generated approximately $0.4M in energy revenue, which represented the equivalent of approximately 9 additional Bitcoin based on the average price of Bitcoin during the month. This equated to approximately 216 of Bitcoin-equivalent production in December 2023, up approximately 2% sequentially compared to the Company’s 212 Bitcoin-equivalent production in November. The Company generated an estimated $8.5M of revenue during the month of December, its highest monthly revenue in 2023. The driver of the sequential increase was a higher hash price of $0.10 in December compared to $0.08 in November. Drivers of the higher hash price were a 16% rise in average daily BTC price and higher transaction fees/block subsidies averaging 26% in December compared to 14% in November, partially offset by an increase in network hash rate of 6%.
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