Stronghold Digital Mining reported Q3 2024 revenues of $11.2 million, down 42% QoQ and 37% YoY, with a GAAP net loss of $22.7 million. The revenue comprised $10.6 million from cryptocurrency operations and $0.5 million from energy sales. The company generated 188 Bitcoin during the quarter, representing a 35% decrease from Q2 2024 due to the Bitcoin halving event.The company has entered into a merger agreement with Bitfarms, where Stronghold shareholders will receive 2.52 Bitfarms common shares for each Stronghold share. Additionally, Stronghold signed two hosting agreements with Bitfarms to host 20,000 Bitmain T21 Bitcoin miners at its Panther Creek and Scrubgrass sites, with Bitfarms depositing $15.6 million for power costs.As of September 30, 2024, Stronghold had $5.1 million in cash and digital assets, with $53.7 million in outstanding debt. The company expects to receive $2.6 million from waste coal tax credits within 30 days. The merger with Bitfarms is expected to close in Q1 2025, subject to shareholder and regulatory approvals.

Stronghold Digital Mining reported Q3 2024 revenues of $11.2 million, down 42% QoQ and 37% YoY, with a GAAP net loss of $22.7 million. The revenue comprised $10.6 million from cryptocurrency operations and $0.5 million from energy sales. The company generated 188 Bitcoin during the quarter, representing a 35% decrease from Q2 2024 due to the Bitcoin halving event.The company has entered into a merger agreement with Bitfarms, where Stronghold shareholders will receive 2.52 Bitfarms common shares for each Stronghold share. Additionally, Stronghold signed two hosting agreements with Bitfarms to host 20,000 Bitmain T21 Bitcoin miners at its Panther Creek and Scrubgrass sites, with Bitfarms depositing $15.6 million for power costs.As of September 30, 2024, Stronghold had $5.1 million in cash and digital assets, with $53.7 million in outstanding debt. The company expects to receive $2.6 million from waste coal tax credits within 30 days. The merger with Bitfarms is expected to close in Q1 2025, subject to shareholder and regulatory approvals.