Stronghold Announces Q2 2023 Operations And Financial Update; Sees Preliminary Q2 Revenue Of $18.2M; Generated 626 Bitcoin
Portfolio Pulse from Happy Mohamed
Stronghold Digital Mining, Inc. (NASDAQ:SDIG) has announced its Q2 2023 operations and financial update. The company reported preliminary Q2 revenue of $18.2 million and a net loss of $11.7 million. It generated 626 Bitcoin, representing a 43% growth compared to Q4 2022. The company also purchased over 1,000 additional MicroBT Whatsminer M50 and M50S miners, with an aggregate hash rate capacity of ~130 PH/s, for approximately $2.1 million. Stronghold expects to add ~560 PH/s to its existing hash rate capacity by September 1, 2023.
August 04, 2023 | 1:14 pm
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Stronghold Digital Mining reported a net loss in Q2 2023 despite generating 626 Bitcoin and increasing its mining capacity. This could potentially impact the company's stock price.
The company reported a net loss of $11.7 million for Q2 2023, despite generating significant revenue from Bitcoin mining and increasing its mining capacity. This could potentially lead to a decrease in the company's stock price in the short term.
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