Giovanni Russo Stronghold Digital Mining publicized its acquisition of 2,000 ASIC bitcoin mining machines from Canaan on Thursday. The purchase, which is valued at $3 million, will see the new equipment delivered to Stronghold’s Panther Creek site in the upcoming third quarter.
Stronghold Digital Mining Invests in 2,000 Avalon A1346 Bitcoin Miners
While 2022 was not a particularly notable year for bitcoin mining ventures, 2023 has witnessed a significant upsurge in expansion activities. New sites have been set up, and several bitcoin miners have been bought by various companies for growth purposes. Nasdaq-listed Stronghold Digital Mining (SDIG) disclosed on Thursday its acquisition of 2,000 Avalon A1346 bitcoin miners manufactured by Canaan.
Each Canaan mining rig is expected to generate around 110 terahash per second (TH/s), consuming 3,300 watts of power. A single Avalon A1346 offers an efficiency rate of approximately 30 joules per terahash. Stronghold confirmed that the new $3 million equipment will be transported to the Panther Creek site during the third quarter of the year.
Greg Beard, the Chairman and CEO of Stronghold expressed his excitement, “We are thrilled to bolster our partnership with Canaan via the purchase of the A1346 miners, their top-performing bitcoin miners. These miners rank highly within our air-cooled Strongbox units and offer a compelling value proposition considering the mix of high hashrate, energy efficiency, and cost.”
This acquisition by Stronghold comes after it announced a collaboration with Canaan subsidiary, Cantaloupe Digital LLC, in May. The company signed a two-year hosting contract then, which has since been revised and expanded. Despite a minor 1.36% decline in Stronghold’s shares on Thursday, data from the past 30 days shows SDIG shares surging by 136% against the U.S. dollar.
What are your views on Stronghold’s investment in 2,000 Avalon A1346 bitcoin miners from Canaan? We welcome you to share your insights and opinions on this topic in the comments section below.
7 comments
Wow, 2000 miners for $3m, that’s a big move by Stronghold. these Canaan machines are beasts, hope it pays off.
man, 3300 watts per machine, hope they got a good deal on power at that Panther Creek site. energy prices ain’t what they used to be.
interesting… always thought mining was on its way out. But i suppose with enough cash and cheap power, anything’s possible.
cant believe 2022 wasn’t great for mining, with the price skyrocketing you’d think everyone would be on it. guess 2023 is a different story, lol.
3 million… hope it’s worth it. honestly, still trying to wrap my head round the whole mining concept.
well i did not see that coming! i mean, stronghold is really going all in huh?? if bitcoin goes up, they’re gonna be laughing all the way to the bank.
wow 110 TH/s, that’s huge. More power to ’em! i guess it’s really not a game for small players anymore.