Stronghold mined 179 Bitcoin in March, turned off Scrubgrass plant

Stronghold Digital Mining y provided the following updates regarding its operations and financial performance: Stronghold mined 179 Bitcoin in March 2024 and generated approximately $0.1M in energy revenue, which represents the equivalent of approximately one additional Bitcoin based on the average price of Bitcoin during the month. This equates to approximately 180 of Bitcoin-equivalent production in March 2024, up approximately 4% from 173 Bitcoin-equivalent production in February 2024. The Company generated an estimated $11.1M of revenue during March, an increase of 37% and 94% compared to February 2024 and March 2023, respectively. The primary driver of the sequential increase was a higher hash price of $0.109 per TH/s per day in March compared to $0.084 in February, which was due to a 35.8% higher Bitcoin price, partially offset by lower transaction fees, averaging 4.6% in March compared to 5.5% in February, and 4.3% sequential growth in network hash rate. Stronghold’s average hash rate improved to 3.6 EH/s in March, up 4.7% compared to its average hash rate of 3.4 EH/s in February, and up 62.6% from the average hash rate of 2.2 EH/s in March 2023, and an increased average hash price of $0.109 in March 2024 compared to $0.073 in March 2023. In March 2024, due to continuing low power prices and the company’s expectation that they will persist through the coming shoulder months, the Company elected to turn off its Scrubgrass Plant and to instead import electricity for its mining operations pursuant to its previously announced Electricity Sales and Purchase Agreement with Champion Energy Services..The Scrubgrass Plant is expected to remain off until it becomes economically compelling to run it relative to purchasing electricity.