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Stronghold Digital Mining Reported A Net Loss Of $49.6 Million

Stronghold Digital Mining reported a net loss in the third quarter higher than in the same period last year.

Stronghold Digital Mining Reported A Net Loss Of $49.6 Million 3

Compared to the same quarter a year prior, Stronghold’s revenues rose 311% to $24.7 million in the third quarter of 2022 from $6 million.

The company claimed that this revenue was primarily driven by an increase of $10.2 million in cryptocurrency mining revenue from the deployment of additional miners and an increase of $9.1 million in energy revenue due to higher prevailing power prices per MW and higher MW generation as a result of the November 2021 Panther Creek Plant acquisition.

Stronghold Digital Mining Reported A Net Loss Of $49.6 Million 4

Greg Beard, co-chairman and chief executive officer of Stronghold, stated:

“We have executed on the major strategic goals we laid out in August during our second quarter earnings announcement; we have reduced leverage, improved liquidity, cut costs and opportunistically grown our mining fleet at attractive prices.”

Due to the decline in cryptocurrency values, high energy costs, and rising difficulties, Bitcoin miners have been having problems. typically the names Argo Blockchain, Core Scientific, and Compute North.

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Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.