Mining company Stronghold Digital Mining raised $ 105 million in an initial public offering.
Stronghold Digital Mining’s investors are MG Capital, family offices and former senior partner at Apollo Global Management Greg Beard.
CEO and Co-Chairman Greg Beard previously worked for Apollo Global Management as Global Head of Natural Resources.
Stronghold Digital Mining positions itself as an ESG-friendly mining company. The facility and its Scrubgrass Plant for coal waste processing are located in Pennsylvania.
“We intend to locate our mining equipment at the Scrubgrass Plant, a Panther Creek power facility where electricity is generated from waste coal. Simply put, we are using 21st century cryptocurrency mining methods to reverse the effects of 19th and 20th century coal mining in the most environmentally disadvantaged regions of the United States, ”the company’s prospectus says.
Stronghold Digital Mining operates 1,800 mining farms with a total capacity of 85 Px / s. The firm expects to reach 3000 Ph / s by December and “over 5300 Ph / s by December 2022”.
“Our Scrubgrass Plant, coupled with the environmental benefits the region brings, makes it possible to mine Bitcoin at what we believe to be one of the lowest in the industry,” the company said.
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