Website: [strongholddigitalmining.com](https://strongholddigitalmining.com) ### Introduction Stronghold Digital Mining, Inc. was founded in 2021 and is headquartered in New York, NY, with operational facilities primarily in Pennsylvania. The company was co-founded by Gregory Beard, who serves as CEO, and Bill Spence, with a mission to integrate environmentally beneficial practices into cryptocurrency mining by utilizing waste coal as an energy source to power its Bitcoin mining operations. Stronghold aims to remediate the environmental impact of historical coal mining while generating value through digital asset mining. Specific employee count data is not publicly available in the most recent sources. Stronghold Digital Mining is a publicly traded company listed on the NASDAQ under the ticker symbol SDIG. Since its inception, the company has focused on vertically integrated operations, combining power generation from waste coal with Bitcoin mining to create a sustainable model in the crypto mining industry [CryptoSlate](https://cryptoslate.com/companies/stronghold-digital-mining/). ### Key Products and Technology Stronghold Digital Mining’s primary focus is on Bitcoin mining, powered by its unique energy infrastructure. Below are the key components of their operations: - **Bitcoin Mining Operations (ASIC Miners)** - **Type**: Application-Specific Integrated Circuit (ASIC) miners for Bitcoin. - **Technical Specifications**: As of recent updates, Stronghold operates with a hashrate capacity, though exact figures for 2025 are tied to broader operational updates post-acquisition by [[Bitfarms]], targeting over 10 EH/s with fleet refresh as per acquisition terms [Cohen & Company Capital Markets](https://www.cohencm.com/news/bitfarms-to-acquire-stronghold-digital-mining). Specific efficiency metrics for Stronghold’s standalone operations are not detailed in the latest data. - **Fuel Type or Energy Source**: Waste coal, converted into energy at Stronghold’s power generation facilities, notably the Scrubgrass and Panther Creek plants in Pennsylvania. - **Key Differentiators**: Stronghold’s model is unique in using waste coal, a byproduct of historical mining, to generate power, thereby reducing environmental liabilities while powering Bitcoin mining. This approach is marketed as environmentally beneficial, addressing toxic coal waste remediation. - **Development Stage**: Operational since 2021, with ongoing expansions and integration into [[Bitfarms]]’ portfolio as of the pending acquisition in 2025. - **Target Customers**: Primarily the cryptocurrency market, with mined Bitcoin sold or held as treasury assets for institutional and retail investors indirectly through market dynamics. - **Power Generation Facilities** - **Type**: Waste coal-to-energy power plants. - **Technical Specifications**: Stronghold’s facilities, such as Scrubgrass and Panther Creek, contribute to a combined capacity that supports mining operations. Post-acquisition by Bitfarms, the energy portfolio aims for 950 MW active power capacity by year-end 2025 [Cohen & Company Capital Markets](https://www.cohencm.com/news/bitfarms-to-acquire-stronghold-digital-mining). - **Fuel Type or Energy Source**: Waste coal, sourced from abandoned coal refuse piles. - **Key Differentiators**: Reduces environmental impact by cleaning up coal waste sites, with reported removal of 150,000 tons of waste in Pennsylvania, restoring land to nature [Documenting Bitcoin on X](https://x.com/DocumentingBTC). - **Development Stage**: Fully operational, with potential for further site expansions. - **Target Customers**: Internal use for powering mining operations, with excess energy potentially sold to grids or other industrial users (specifics on external sales are limited in current data). ### Regulatory and Licensing Status As a Bitcoin mining company with integrated power generation, Stronghold Digital Mining operates under environmental and energy regulations rather than nuclear-specific oversight like the NRC. The company’s waste coal-to-energy model requires compliance with state and [[Federal|federal]] environmental regulations, particularly in Pennsylvania, where its plants are located. Stronghold has not faced significant public regulatory hurdles in recent data, and its operations align with environmental remediation goals, which may provide regulatory goodwill. No specific upcoming regulatory milestones are detailed in the latest filings or news for 2025 beyond general compliance with energy and mining operation standards. The acquisition by Bitfarms, expected to close in Q1 2025, may introduce new regulatory considerations depending on jurisdictional energy policies, but specifics are not yet available [Bitfarms on X](https://x.com/Bitfarms_io). As Bitcoin mining faces increasing scrutiny over energy consumption, future regulatory risks could emerge, though Stronghold’s waste-to-energy model may mitigate some concerns. There is no timeline for commercial deployment akin to nuclear projects, as Stronghold’s operations are already active. ### Team and Leadership - **Gregory Beard, CEO and Co-Founder**: Beard has extensive experience in energy and infrastructure investments, previously serving as a managing director at Apollo Global Management. He leads Stronghold’s strategic vision for integrating Bitcoin mining with environmental remediation. - **Bill Spence, Co-Founder**: Spence brings expertise in power generation and waste coal remediation, with a background in managing energy assets in Pennsylvania. His focus is on the operational side of Stronghold’s power plants. Current X handles for leadership are not verified or widely publicized in the latest data, so they are omitted here. Information on additional executive team members for 2025 is limited due to the pending acquisition by Bitfarms, which may alter leadership structures. ### Funding and Financial Position Stronghold Digital Mining has raised significant capital since its founding, including $105 million in 2021 to power Bitcoin mining with waste coal byproducts and an additional $54 million later that year for ASIC miner acquisitions [Bitcoin Magazine on X](https://x.com/BitcoinMagazine). More recent funding specifics are tied to operational updates rather than new rounds. As a public company (NASDAQ: SDIG), its market cap and stock performance data are accessible but fluctuate; as of late 2024, revised Q3 financials were reported after an SEC review, though exact figures for market cap in December 2025 are not specified in current sources [Investing.com](https://www.investing.com/news/sec-filings/stronghold-digital-mining-revises-q3-financials-after-sec-review-93CH-3772786). Post-acquisition by Bitfarms (pending Q1 2025), financial integration will likely shift Stronghold’s standalone financial profile. Key institutional investors or strategic backers are not detailed for 2025 beyond Bitfarms as the acquiring entity. Revenue is generated through Bitcoin mining (188 BTC in Q3 2024) and minor energy sales ($0.5 million in Q3 2024), though the company faces industry-wide profitability pressures as noted in broader miner financial health indices [SEC Filing](https://www.sec.gov/Archives/edgar/data/1856028/000162828024047435/earningspressreleaseq32024.htm). ### Recent News and Developments | Date | Event | Details | |---------------|--------------------------------------------|--------------------------------------------------------------------------------------------------| | Dec 22, 2025 | Market Leadership in PJM | Bitfarms, via Stronghold acquisition, positions as leading Bitcoin miner in PJM interconnection territory [Sheila Gudgin on X](https://x.com/SheilaGudgin). | | Mar 4, 2025 | Environmental Impact Highlight | Stronghold removes 150,000 tons of coal waste in Pennsylvania, restoring land to nature [Documenting Bitcoin on X](https://x.com/DocumentingBTC). | | Jan 2, 2025 | Bitfarms Acquisition Update | Acquisition of Stronghold on track for Q1 2025 closure, expanding Bitfarms’ operational MW to 324 [Bitfarms on X](https://x.com/Bitfarms_io). | | Dec 14, 2024 | Q3 Financials Revised | Stronghold revises Q3 2024 financials following SEC review [Investing.com](https://www.investing.com/news/sec-filings/stronghold-digital-mining-revises-q3-financials-after-sec-review-93CH-3772786). | | Sep 3, 2024 | Bitfarms August Update | Bitfarms to acquire Stronghold, increasing 2025 energy portfolio by 47%, operational hashrate to 11.3 EH/s [Bitfarms on X](https://x.com/Bitfarms_io). | | Aug 21, 2024 | Acquisition Announcement | Bitfarms announces acquisition of Stronghold, targeting 950 MW capacity and 10 EH/s hashrate potential [Cohen & Company Capital Markets](https://www.cohencm.com/news/bitfarms-to-acquire-stronghold-digital-mining). | ### Partnerships and Collaborations - **Bitfarms Ltd.**: Strategic acquisition partner as of August 2024, with closure expected in Q1 2025. This partnership significantly expands Stronghold’s operational scale, integrating into Bitfarms’ 324 MW portfolio and targeting market leadership in the PJM interconnection territory, a key wholesale energy market in North America [Bitfarms on X](https://x.com/Bitfarms_io). The strategic value lies in combining Stronghold’s waste-to-energy infrastructure with Bitfarms’ broader mining expertise. - **Historical Energy Partners**: Stronghold has engaged with entities like Olympus Power, LLC for asset acquisitions such as the Scrubgrass and Panther Creek plants (noted in 2021 SEC filings). While not recent, these partnerships underpin Stronghold’s current energy infrastructure [SEC Filing](https://www.sec.gov/Archives/edgar/data/1856028/000156459021038087/sdmi-s1.htm). Current data lacks additional 2025-specific partnerships beyond the Bitfarms acquisition, limiting this section’s scope. ### New Hampshire Relevance Stronghold Digital Mining’s operations are currently centered in Pennsylvania, with no direct infrastructure proximity to [[New Hampshire]] or [[Seabrook Station]]. However, its waste-to-energy Bitcoin mining model could theoretically align with New Hampshire’s energy and environmental goals under initiatives like HB 710, which may support innovative energy solutions, though not explicitly SMR or nuclear-focused. Stronghold’s technology is already operational, fitting immediate deployment timelines, but its focus on waste coal (not abundant in NH) reduces direct applicability. Potential applications in NH could include powering data centers, a growing load in the region, using excess energy from waste-to-energy processes if adapted to local resources. Integration with the ISO-NE grid is feasible but would require significant investment in new facilities or partnerships, as Stronghold’s current PJM territory focus is distinct from New England’s grid. There is no documented interest or connection to NH or the Northeast beyond general market expansion potential post-Bitfarms acquisition. Thus, while innovative, Stronghold’s model has limited direct relevance to NH without targeted regional adaptation. ### Competitive Position Stronghold Digital Mining competes in the Bitcoin mining sector with companies like [[CleanSpark]], Inc. and [[MARA|[[MARA|Marathon Digital Holdings]]]]. Compared to [[CleanSpark]], which emphasizes operational efficiency and acquisitions for growth (noted in X sentiment for massive bear market expansion), Stronghold’s unique waste-to-energy model offers an environmental differentiator but may lag in pure hashrate scale or efficiency metrics [S Matthew Schultz on X](https://x.com/smatthewschultz). Marathon Digital, with a focus on large-scale mining and treasury Bitcoin holdings, overshadows Stronghold in market presence, though Stronghold’s environmental remediation angle provides a niche advantage. A key risk for Stronghold is industry-wide profitability pressure (Miner Financial Health Index at 22% as of Dec 2025 on X), compounded by potential integration challenges post-Bitfarms acquisition [SHA256 News on X](https://x.com/SHA256News). ### Closing Note Stronghold Digital Mining is an operational Bitcoin mining company with a unique environmental focus, poised for significant growth through its pending acquisition by Bitfarms in Q1 2025, though it faces industry profitability challenges. *Report generated December 24, 2025*