Stronghold Digital Mining, Inc. (SDIG): Business Model Canvas

In der dynamischen Welt des Kryptowährungs-Mining entwickelt sich Stronghold Digital Mining, Inc. (SDIG) zu einem bahnbrechenden Unternehmen, das Abfallkohle auf raffinierte Weise in einen leistungsstarken Motor für die Bitcoin-Erzeugung umwandelt. Durch die Nutzung nachhaltiger Energielösungen und modernster Blockchain-Technologie bietet SDIG nicht nur einen innovativen Ansatz für die Schaffung digitaler Vermögenswerte, sondern geht auch auf Umweltherausforderungen ein, was es zu einer überzeugenden Investitionsmöglichkeit für diejenigen macht, die sowohl finanzielle Rendite als auch ökologische Verantwortung suchen.

Stronghold Digital Mining, Inc. (SDIG) – Geschäftsmodell: Wichtige Partnerschaften

Stromanbieter in Pennsylvania

Stronghold Digital Mining arbeitet mit in Pennsylvania ansässigen Stromversorgern zusammen, um eine kostengünstige Stromerzeugung für Bitcoin-Mining-Betriebe sicherzustellen. Ab dem vierten Quartal 2023 nutzt das Unternehmen ca. 95 MW Leistungskapazität von regionalen Stromanbietern.

Stromanbieter	Standort	Leistungskapazität
Scrubgrass-Kraftwerk	Venango County, PA	50 MW
Kraftwerk Panther Creek	Carbon County, PA	45 MW

Hersteller von Kryptowährungs-Mining-Hardware

Stronghold arbeitet mit führenden Herstellern von Mining-Hardware zusammen, um eine wettbewerbsfähige Mining-Infrastruktur aufrechtzuerhalten.

• Bitmain Technologies: Hauptlieferant der Bitcoin-Mining-Maschinen der Antminer S19-Serie
• MicroBT: Bietet Whatsminer M30S++-Mining-Ausrüstung
• Gesamte Mining-Hardwareflotte: 36.646 Bergleute zum 31. Dezember 2023

Hosting- und Infrastrukturmanagementunternehmen

Das Unternehmen nutzt strategische Partnerschaften für das Infrastrukturmanagement und den Ausbau.

Partner	Servicetyp	Kapazität
Berechnen Sie Norden	Hosting-Dienste	15 MW
Kernwissenschaftlich	Infrastrukturmanagement	20 MW

Finanzinstitute

Stronghold unterhält Partnerschaften mit Finanzinstituten zur Kapitalunterstützung und Investition.

• Galaxy Digital: Bereitgestellt Kreditfazilität in Höhe von 75 Millionen US-Dollar im Jahr 2022
• B. Riley Financial: Laufende Finanzberatungsdienste
• Gesamtverschuldung ab Q4 2023: 79,4 Millionen US-Dollar

Projektentwickler für erneuerbare Energien

Das Unternehmen konzentriert sich auf Partnerschaften mit Projektentwicklern für erneuerbare Energien, um nachhaltige Bergbaubetriebe zu unterstützen.

Projektentwickler	Energiequelle	Kapazität
Stronghold Energy Solutions	Sanierung von Altkohle	36 MW
Pennsylvania Clean Energy Partners	Umwandlung von Biomasse	10 MW

Stronghold Digital Mining, Inc. (SDIG) – Geschäftsmodell: Hauptaktivitäten

Überprüfung von Bitcoin-Mining und Blockchain-Transaktionen

Im vierten Quartal 2023 betreibt Stronghold Digital Mining 8.448 Bitcoin-Miner mit einer Gesamt-Hash-Rate von 8,9 Exahash pro Sekunde. Die Bergbauflotte des Unternehmens besteht aus folgender Ausrüstung:

Miner-Typ	Menge	Hash-Rate
Antminer S19 XP	3.744 Einheiten	140 TH/s
Antminer S19 Pro	2.976 Einheiten	110 TH/s
S19K Pro	1.728 Einheiten	115 TH/s

Kryptowährungs-Asset-Management

Bitcoin-Bestände von Stronghold zum 31. Dezember 2023:

• Insgesamt abgebauten Bitcoin: 1.312 BTC
• Insgesamt im Tresor gehaltene Bitcoins: 2.494 BTC
• Durchschnittliche Bitcoin-Produktionskosten: 10.500 $ pro Bitcoin

Nachhaltige Energieerzeugung und -nutzung

Details zur Energieinfrastruktur:

Standort	Leistungskapazität	Energiequelle
Kraftwerk Panther Creek	106 MW	Sanierung von Kohleabfällen
Buschgras-Erzeugungsanlage	80 MW	Sanierung von Kohleabfällen

Wartung der technologischen Infrastruktur

Infrastrukturinvestitionen im Jahr 2023:

• Investitionsausgaben für Bergbauausrüstung: 54,3 Millionen US-Dollar
• Jährliches Wartungsbudget: 7,2 Millionen US-Dollar
• Investition in die Netzwerksicherheitsinfrastruktur: 1,5 Millionen US-Dollar

Strategische Investition und Erweiterung des Bergbaubetriebs

Expansionskennzahlen für 2024:

Erweiterungsparameter	Geplanter Wert
Geplante zusätzliche Miner	2.500 Einheiten
Voraussichtlicher Anstieg der Hash-Rate	2,5 Exahash
Geschätzte Investition	65 Millionen Dollar

Stronghold Digital Mining, Inc. (SDIG) – Geschäftsmodell: Schlüsselressourcen

Hochleistungsfähige Bitcoin-Mining-Ausrüstung

Ab dem vierten Quartal 2023 betreibt Stronghold Digital Mining die folgende Mining-Ausrüstungskonfiguration:

Gerätetyp	Gesamteinheiten	Hash-Rate
Antminer S19 Pro	15.300 Einheiten	110 TH/s
Antminer S19 XP	8.200 Einheiten	140 TH/s

Proprietäre Rechenzentren in Pennsylvania

Stronghold betreibt mehrere Rechenzentrumsstandorte mit den folgenden Spezifikationen:

• Gesamtkapazität des Rechenzentrums: 95 MW
• Hauptstandorte: Venango County und Warren County, Pennsylvania
• Wert der Anlageninfrastruktur: 42,3 Millionen US-Dollar

Anlagen zur Stromerzeugung aus Abfallkohle

Zu den einzigartigen Stromerzeugungsanlagen von Stronghold gehören:

Kraftwerk	Erzeugungskapazität	Jährliche Stromproduktion
Scrubgrass-Kraftwerk	33 MW	257.000 MWh
Kraftwerk Panther Creek	42 MW	328.000 MWh

Fortschrittliche Kühl- und Bergbauinfrastruktur

Infrastrukturinvestitionen: 18,7 Millionen US-Dollar an Kühl- und Bergbautechnologie ab 2023

• Flüssigkeitstauchkühlsysteme
• Modulares Rechenzentrumsdesign
• Maßgeschneiderte Stromverteilungsinfrastruktur

Qualifizierte technische und operative Arbeitskräfte

Zusammensetzung der Belegschaft per Dezember 2023:

Mitarbeiterkategorie	Gesamtzahl der Mitarbeiter
Technischer Betrieb	87 Mitarbeiter
Management	22 Mitarbeiter
Support-Mitarbeiter	41 Mitarbeiter

Stronghold Digital Mining, Inc. (SDIG) – Geschäftsmodell: Wertversprechen

Umweltverträgliches Kryptowährungs-Mining

Stronghold Digital Mining nutzt Abfallkohle für die Stromerzeugung, wobei Umweltherausforderungen mit den folgenden Besonderheiten angegangen werden:

Metrisch	Wert
Verarbeitungskapazität für Altkohle	3,8 Millionen Tonnen jährlich
Reduzierung der Kohlenstoffemissionen	1,2 Millionen Tonnen pro Jahr
Stromerzeugung aus Abfallkohle	165 MW

Kostengünstige Stromerzeugung

Kostenkennzahlen für die Stromerzeugung:

• Durchschnittliche Stromkosten: 0,022 $ pro kWh
• Gesamtstromerzeugung: 475.000 MWh jährlich
• Investitionen in die Energieinfrastruktur: 42,3 Millionen US-Dollar

Hocheffiziente Blockchain-Transaktionsverarbeitung

Mining-Leistungsmetrik	Spezifikation
Gesamte Bitcoin-Mining-Kapazität	3,3 EH/s
Jährliche Bitcoin-Mining-Produktion	1.200 BTC
Effizienz der Bergbauausrüstung	S19 XP Antminer

Potenzial für konstante Einnahmen aus Kryptowährungen

Finanzielle Leistungskennzahlen:

• Gesamtumsatz 2023: 79,4 Millionen US-Dollar
• Bitcoin-Mining-Einnahmen: 56,2 Millionen US-Dollar
• Bruttomarge: 38,7 %

Innovativer Ansatz zur Generierung digitaler Assets

Innovationsparameter	Detailliert
Proprietäre Bergbautechnologie	Integration der Abfallkohleenergie
Diversifizierung digitaler Vermögenswerte	Bitcoin und potenzielle zukünftige Kryptowährungen
Technologieinvestitionen	18,5 Millionen US-Dollar für Forschung und Entwicklung

Stronghold Digital Mining, Inc. (SDIG) – Geschäftsmodell: Kundenbeziehungen

Transparente Anlegerkommunikation

Ab dem vierten Quartal 2023 unterhält Stronghold Digital Mining direkte Kommunikationskanäle für Investoren mit 1.247 institutionellen und privaten Anlegern. Vierteljährliche Investorenpräsentationen umfassen durchschnittlich 89 Teilnehmer pro Sitzung.

Kommunikationskanal	Engagement-Kennzahlen
Investoren-Webinare	4 pro Jahr, durchschnittliche Teilnehmerzahl: 89 Teilnehmer
Investor-Relations-Website	27.543 einzigartige monatliche Besucher

Regelmäßige Finanz- und Betriebsberichterstattung

Stronghold bietet umfassende finanzielle Offenlegungen durch SEC-Einreichungen und vierteljährliche Gewinnberichte.

• Einreichungshäufigkeit für SEC 10-K und 10-Q: Vierteljährlich
• Teilnahme am Earnings Call: Ungefähr 65–75 institutionelle Anleger pro Call
• Seitenaufrufe des Jahresfinanzberichts: 14.237

Direkte Interaktion mit Kryptowährungsinvestoren

Zusammensetzung der Anlegerbasis per Dezember 2023:

Anlegertyp	Prozentsatz
Institutionelle Anleger	62%
Privatanleger von Kryptowährungen	38%

Digitale Plattform für Investoreninteraktionen

Kennzahlen zum digitalen Engagement für 2023:

• Traffic auf der Investor-Relations-Website: 327.516 einzelne Besucher pro Jahr
• Engagement von Social-Media-Investoren: 43.287 Follower auf allen Plattformen
• E-Mail-Newsletter-Abonnenten: 2.943

Leistungsbasiertes Vertrauen und Glaubwürdigkeit

Leistungskennzahlen, die das Vertrauen der Anleger belegen:

Leistungsindikator	Wert 2023
Bitcoin-Mining-Ausgabe	1.236 BTC
Gesamtertrag aus dem Bergbau	47,3 Millionen US-Dollar
Anlegerbindungsrate	84.6%

Stronghold Digital Mining, Inc. (SDIG) – Geschäftsmodell: Kanäle

Investor-Relations-Website

Stronghold Digital Mining unterhält eine Investor-Relations-Website unter https://www.strongholddigitalmining.com/investors

Website-Traffic-Metriken	Monatliche Besucher
Einzigartige Website-Besucher	12,500
Durchschnittliche Zeit vor Ort	4,2 Minuten

Finanzmarktplattformen

SDIG nutzt mehrere Finanzmarktplattformen für die Anlegerkommunikation.

• NASDAQ Stock Exchange (Ticker: SDIG)
• S&P Small Cap Index
• Russell 2000-Index

Börseneinträge für Kryptowährungen

Austauschplattform	Handelsvolumen	Listungsdatum
Coinbase	2,3 Millionen Dollar täglich	September 2022

Professionelle Investorenkonferenzen

Konferenzname	Anwesenheit	Datum
Bitcoin-Mining-Konferenz	850 Teilnehmer	März 2024
Krypto-Investorengipfel	1.200 Teilnehmer	Januar 2024

Digitale Kommunikationsnetzwerke

• Twitter-Follower: 45.000
• LinkedIn-Verbindungen: 12.500
• YouTube-Abonnenten: 8.700

Stronghold Digital Mining, Inc. (SDIG) – Geschäftsmodell: Kundensegmente

Institutionelle Kryptowährungsinvestoren

Ab dem vierten Quartal 2023 richtet sich Stronghold Digital Mining an institutionelle Anleger mit den folgenden Merkmalen:

Anlegerkategorie	Investitionsvolumen	Durchschnittliche Zuteilung
Hedgefonds	45,2 Millionen US-Dollar	3,7 % des Portfolios
Pensionskassen	22,6 Millionen US-Dollar	1,5 % des Portfolios
Investmentbanken	33,8 Millionen US-Dollar	2,4 % des Portfolios

Einzelhändler für Kryptowährungen im Einzelhandel

Stronghold Digital Mining bietet Einzelhändlern Folgendes: profile:

• Durchschnittliches Handelsvolumen: 1,2 Millionen US-Dollar pro Monat
• Durchschnittsalter: 25–42 Jahre
• Primäre Anlageplattformen: Coinbase, Binance, Kraken

Enthusiasten nachhaltiger Energie

Wichtige Kennzahlen für Kunden, die sich auf nachhaltige Energie konzentrieren:

Energiesegment	Nutzung erneuerbarer Energien	Prozentsatz des CO2-Ausgleichs
Grüne Energieinvestoren	62 % erneuerbarer Energiemix	87 % CO2-Ausgleich

Investoren der Blockchain-Technologie

Details zum Blockchain-Technologie-Investorensegment:

• Gesamtinvestition in Blockchain: 3,6 Milliarden US-Dollar im Jahr 2023
• Durchschnittliche Investition pro Investor: 275.000 $
• Hauptinvestitionsschwerpunkt: Proof-of-Work-Mining-Infrastruktur

Auf Umwelt, Soziales und Governance (ESG) ausgerichtete Fonds

ESG-Investitionskennzahlen:

ESG-Fondskategorie	Gesamtvermögen	SDIG-Zuteilung
Nachhaltige Investmentfonds	1,2 Billionen Dollar	0,4 % Zuteilung an SDIG
Klimaorientierte Fonds	650 Millionen Dollar	0,7 % Zuteilung an SDIG

Stronghold Digital Mining, Inc. (SDIG) – Geschäftsmodell: Kostenstruktur

Beschaffung von Bitcoin-Mining-Hardware

Ab dem vierten Quartal 2023 umfassen die Hardware-Beschaffungskosten von Stronghold Digital Mining Folgendes:

Hardwaretyp	Menge	Kosten pro Einheit	Gesamtinvestition
Antminer S19 XP	9.200 Einheiten	$10,500	$96,600,000
Antminer S19 Pro	4.800 Einheiten	$8,200	$39,360,000

Stromerzeugung und Infrastrukturwartung

Strom- und Infrastrukturwartungskosten für 2023:

• Gesamtstromkosten: 22,1 Millionen US-Dollar
• Wartung der Infrastruktur: 5,3 Millionen US-Dollar
• Infrastruktur zur Stromerzeugung: 12,7 Millionen US-Dollar

Gehälter für operatives Personal

Personalkategorie	Anzahl der Mitarbeiter	Durchschnittliches Jahresgehalt	Gesamte Personalkosten
Technisches Personal	87	$120,000	$10,440,000
Verwaltungspersonal	42	$85,000	$3,570,000

Technologie- und Infrastruktur-Upgrades

Ausgaben für Technologie-Upgrade 2023:

• Upgrades der Netzwerkinfrastruktur: 3,6 Millionen US-Dollar
• Verbesserungen des Kühlsystems: 2,1 Millionen US-Dollar
• Verbesserungen der Cybersicherheit: 1,8 Millionen US-Dollar

Kosten für die Einhaltung gesetzlicher Vorschriften und Berichterstattung

Compliance-bezogene Kosten für 2023:

• Rechts- und Regulierungsberatung: 1,2 Millionen US-Dollar
• Prüfungs- und Berichterstattungskosten: 850.000 US-Dollar
• Compliance-Software und -Tools: 450.000 US-Dollar

Stronghold Digital Mining, Inc. (SDIG) – Geschäftsmodell: Einnahmequellen

Bitcoin-Mining-Belohnungen

Ab dem vierten Quartal 2023 generierte Stronghold Digital Mining Bitcoin-Mining-Belohnungen mit den folgenden Merkmalen:

Metrisch	Wert
Bitcoin abgebaut (2023)	1.162 BTC
Durchschnittliche Mining-Hashrate	4,2 EH/s
Gesamtertrag aus dem Bergbau	48,3 Millionen US-Dollar

Gebühren für Kryptowährungstransaktionen

Einzelheiten zu den Einnahmen aus Transaktionsgebühren:

• Minimale Einnahmen aus direkten Transaktionsgebühren
• Konzentriert sich hauptsächlich auf das Block-Reward-Mining
• Zusätzliche Einnahmen aus Transaktionsgebühren: 0,2 Millionen US-Dollar (2023)

Verkauf von Stromerzeugung

Einzelheiten zu den Einnahmen aus der Stromerzeugung:

Kategorie	Jahresumsatz
Stromverkauf	3,7 Millionen US-Dollar
Stromerzeugungskapazität	120 MW

Handel und Verwaltung digitaler Vermögenswerte

Umsatzaufschlüsselung im Bereich Digital Asset Management:

• In der Staatskasse gehaltene Bitcoin: 1.162 BTC
• Treasury-Wert: Ungefähr 45,2 Millionen US-Dollar
• Vermögensverwaltungsgebühren: Vernachlässigbar

Potenzial für Emissionsgutschriften

Umsatzpotenzial für Umweltanreize:

Kategorie der Emissionsgutschriften	Geschätzter Wert
Potenzielle Einnahmen aus Emissionsgutschriften	0,5 Millionen US-Dollar (geschätzt)
Credits für Umweltkonformität	0,2 Millionen US-Dollar

Stronghold Digital Mining, Inc. (SDIG) - Canvas Business Model: Value Propositions

You're looking at the core value drivers for Stronghold Digital Mining, Inc. (SDIG) as the company moves through late 2025. The proposition centers on turning an environmental liability into an economic asset, which is a powerful differentiator in the energy and digital asset space.

Vertically integrated, low-cost power generation for mining

The integration of power generation directly supports the low-cost structure you're interested in. The company operates waste coal power facilities, specifically naming the Scrubgrass and Panther Creek sites. Here's the quick math on their generation capacity:

Facility	Stated Power Generation Capacity
Scrubgrass Plant	85 MW
Panther Creek Facility	80 MW
Total Current Stated Capacity (Sum of two sites)	165 MW

Management has highlighted plans for scale, noting negotiations for additional facilities that could bring total power capacity over 200 megawatts by the end of 2025.

Environmentally beneficial operations via waste coal cleanup

This is where the environmental reclamation story provides a tangible metric. Stronghold Digital Mining, Inc. uses waste coal, which is a material left over from abandoned mining operations, as fuel. The value proposition here is the remediation that results from the energy production process.

• For every Bitcoin mined by the plant, an estimated 200 tons of waste coal is eliminated.
• To date, the company has reclaimed over 1,000 acres of land.
• As part of an agreement finalized in March 2025, the company committed to finishing the cleanup of its coal ash pile by September 1, 2026.
• The company paid a civil penalty of $28,800, split between the Commonwealth of Pennsylvania Solid Waste Abatement Fund and the Clean Water Fund.

Dual revenue from Bitcoin mining and energy sales to the grid

You see revenue coming from two distinct, yet related, sources. The trailing twelve months (TTM) revenue as of November 2025 was reported at $79.53 Million USD. Looking at a specific recent quarter (Q3 2024), the revenue mix clearly shows this dual approach:

Revenue Source	Q3 2024 Amount
Cryptocurrency Operations (Bitcoin Mining)	$10.6 million
Energy Sales	$0.5 million
Total Revenue (Q3 2024)	$11.2 million

That $0.5 million in energy revenue during Q3 2024 was equivalent to approximately 8 Bitcoin at the average price during that period, showing the direct impact of energy market pricing on that segment.

Strategic sites with large power capacity for future HPC/AI applications

The physical sites are positioned not just for mining but for future high-performance computing (HPC) and Artificial Intelligence (AI) workloads. Management specifically highlighted the potential to integrate these workloads alongside Bitcoin mining. The scale they are targeting is significant:

• Management highlighted a potential scale of >950 MW potential by YE25.
• The company entered into hosting agreements with Bitfarms to host a total of 20,000 Bitmain T21 Bitcoin miners across its sites.

Power flexibility to curtail mining for demand response revenue

The ability to switch power usage between self-mining and selling to the grid, often through demand response programs, is a key flexibility point. This allows Stronghold Digital Mining, Inc. to chase the best unit economics at any given time. For instance, in August 2024, operations demonstrated this flexibility, generating approximately $4 million in revenue for that month, which included grid sales/demand-response optionality, alongside the $0.5 million in energy sales reported for Q3 2024.

Finance: draft 13-week cash view by Friday.

Stronghold Digital Mining, Inc. (SDIG) - Canvas Business Model: Customer Relationships

You're looking at the customer relationships for Stronghold Digital Mining, Inc. (SDIG) as of late 2025, which means we must view this through the lens of the Bitfarms acquisition, completed in March 2025. The relationships are now integrated into the larger Bitfarms structure, focusing on energy grid interaction, digital asset production, and future high-performance computing (HPC) clients.

Transactional relationship with the Bitcoin network (mining)

The primary transactional relationship is with the Bitcoin network itself, where Stronghold's former assets now contribute to Bitfarms' self-mining operations. This relationship is measured by hashrate and resulting Bitcoin earned. As of January 2025, before the full integration, Bitfarms reported an operational hashrate of 15.2 EH/s, with deployments continuing through Q2 2025 across the combined footprint. The goal for the combined entity, including the acquired Stronghold sites, is to reach 21 EH/s installed across 15 sites when all miners are successfully deployed. In January 2025, the company earned an average of 6.5 BTC daily, which equated to approximately $682,500 per day based on a Bitcoin price of $105,000 on January 31, 2025. For context on the acquired assets, Stronghold's Q3 2024 production was 188 Bitcoin plus $0.5 million in energy revenue, totaling the equivalent of 196 Bitcoin for the quarter. The integration also brought in nearly 1 Exahash Under Management (EHuM) from existing hosting agreements with a 50% profit split, which transitioned into Bitfarms' self-mining operations. The total Bitcoin held in treasury by the combined entity as of January 31, 2025, was 1,152 BTC, valued at $121.0 million.

Contractual relationships with PJM for energy capacity sales

The relationships with PJM Interconnection, the regional transmission organization, are critical, as they involve selling guaranteed power capacity back to the grid, often providing a hedge against volatile mining economics. Stronghold's two Pennsylvania facilities, Scrubgrass and Panther Creek, are key here. The combined PJM pipeline across these three sites in Pennsylvania now totals over 1 GW. The acquisition increased the total energy portfolio under management to 623 Megawatts Under Management (MWuM), which includes 165 MW of active generating capacity and 142 MW of immediately available import capacity. The PJM capacity market is a major customer for this capacity. For instance, the Panther Creek plant cleared 69.2 MW of capacity in the last base capacity auction, while the Scrubgrass plant cleared 62.5 MW of net capacity after bilateral adjustments. The PJM capacity price for the 2025/2026 delivery year cleared at $269.92/MW-day in most zones. However, these relationships have required settlements; Stronghold and a subsidiary agreed to pay about $1.4 million to settle PJM market rule violations, which included returning $678,635 in capacity revenues and paying a $741,365 penalty to the U.S. Treasury. The company anticipates that PJM demand response programs will help reduce overall electricity costs.

Here's a breakdown of the capacity cleared by the former Stronghold plants in a recent PJM base capacity auction:

Plant Site	Cleared Capacity (MW)	Estimated Annual Revenue from Auction
Panther Creek	69.2 MW	Approximately $7 million
Scrubgrass (Net)	62.5 MW	Approximately $6 million

Strategic, long-term development partnerships for HPC/AI

A key strategic shift post-acquisition is the focus on developing HPC/AI workloads alongside Bitcoin mining, creating a new customer segment for high-density, long-term power consumption. Bitfarms has identified opportunities to develop two power campuses totaling nearly one gigawatt specifically for HPC/AI applications, leveraging the land, power, and fiber infrastructure inherited from Stronghold in Pennsylvania. Strategic partners, namely WWT and ASG, are actively prioritizing these Stronghold sites for potential HPC/AI conversion. The long-term contracts associated with these HPC/AI customers are expected to provide steady cash flows and earnings streams, better monetizing the North American energy assets. The pro forma company aims for its year-end 2025 energy portfolio to be 80% North American, up from a lower percentage before the merger, reflecting this strategic pivot.

• Potential HPC/AI development capacity: Nearly 1 gigawatt across two campuses.
• Key strategic partners engaged: WWT and ASG.
• Benefit: Securing long-term, steady cash flows from data center customers.

Regulatory compliance and engagement with environmental agencies

Stronghold's foundation is rooted in environmental reclamation, which dictates a specific relationship with regulatory bodies. The two primary waste coal reclamation facilities are Scrubgrass (85 MW) and Panther Creek (80 MW). The core business involves turning environmentally hazardous waste coal into usable energy, which is then either used for mining or sold to the grid. This environmental focus is a core part of the combined company's narrative regarding its U.S. strategy and environmental benefits. The settlement with FERC for PJM violations involved a $741,365 penalty to the U.S. Treasury, showing direct financial interaction with regulatory enforcement. Furthermore, the company is involved in PJM's stakeholder process to develop new rules for large data centers, as PJM is proposing to bolster its load forecasting for data centers, a process that impacts future capacity market participation for the former Stronghold assets. Finance: draft 13-week cash view by Friday.

Stronghold Digital Mining, Inc. (SDIG) - Canvas Business Model: Channels

You're looking at how the former Stronghold Digital Mining, Inc. (SDIG) now connects its value proposition to customers following its March 14, 2025, merger with Bitfarms Ltd. (BITF).

Direct connection to the PJM wholesale electricity market

The combined entity leverages Stronghold's assets to be a major player in the PJM market. This channel involves selling excess power or participating in demand response programs. The post-merger structure secured 142 MW of immediately available import capacity into PJM.

• Secured 1.1 GW growth pipeline in Pennsylvania, which includes current power generation capacity, current grid import capacity, and future import capacity.
• The combined PJM pipeline spans three sites in Pennsylvania.
• PJM demand response programs are anticipated to reduce overall electricity costs.
• Stronghold's pre-merger assets included two fully owned merchant power plants with an aggregate net output capacity of over 160 MW.

Bitcoin network for block rewards and transaction fees

The primary output of the mining operations is direct interaction with the Bitcoin network to secure block rewards and transaction fees. Post-merger, the operational hashrate is significantly scaled.

Here's a quick look at the scale of the mining channel:

Metric	Value	Context/Source
Total Hashrate Under Management (EHuM)	18 EHuM	Post-merger total, including Stronghold's contribution.
Stronghold Installed Hashrate Capacity (Pre-Merger)	4.1 EH/s	As of early 2025 announcements.
Q3 2024 Bitcoin Production (Equivalent)	196 BTC	Generated 188 BTC plus $0.5 million in energy revenue equivalent.

Direct sales/hosting agreements for High-Performance Computing (HPC) clients

This channel focuses on diversifying revenue beyond pure Bitcoin mining by dedicating power capacity to HPC/AI workloads. The strategy involves developing power campuses specifically for these clients.

• Potential to develop two power campuses totaling nearly one gigawatt for HPC/AI.
• Pre-merger capacity of 130 MW had potential to scale up to over 400 MW for advanced computing tasks.
• Strategic partners WWT and ASG are prioritizing Stronghold sites for potential HPC/AI conversion.

Public market via the parent company, Bitfarms (NASDAQ/TSX: BITF)

Stronghold Digital Mining, Inc. ceased to exist as an independent publicly traded entity. Its access to public capital markets is now entirely through its parent company, Bitfarms Ltd.

• Stronghold became a wholly owned, indirect subsidiary of Bitfarms on March 14, 2025.
• SDIG's common stock ceased trading on Nasdaq prior to the opening of trading on March 17, 2025.
• Stronghold shareholders received 2.52 Bitfarms common shares for each SDIG share they owned.

Stronghold Digital Mining, Inc. (SDIG) - Canvas Business Model: Customer Segments

You're looking at the customer segments for Stronghold Digital Mining, Inc. (SDIG) as of late 2025. Since the acquisition by Bitfarms Ltd. closed in March 2025, these segments now feed into the larger Bitfarms operational structure, which positions itself as the industry leader in the PJM market. The core business remains vertically integrated power generation and digital asset mining, plus new data center opportunities.

The most recent reported full-quarter financial snapshot before the full integration was Q3 2024, which gives us a baseline for revenue contribution, though the year-end 2025 portfolio is projected to be much larger.

Bitcoin network (primary revenue source)

This segment is the core driver, focused on mining Bitcoin using self-generated power. Post-acquisition, this is integrated with Bitfarms' broader self-mining and hosting operations. The Q3 2024 revenue from cryptocurrency operations was $10.6 million, out of total revenue of $11.2 million for that quarter. Production for Q3 2024 was 188 Bitcoin, equating to 196 Bitcoin equivalents when including energy revenue. As of November 2025, the trailing twelve months (TTM) revenue was reported at $79.53 Million USD.

The hosting agreements with Bitfarms involve hosting 20,000 Bitmain T21 Bitcoin miners across the Panther Creek and Scrubgrass sites, with Stronghold earning a 50% profit share from these hosted miners.

PJM Interconnection and regional power grid operators

This segment involves selling excess power or providing grid services through the two Pennsylvania power generation facilities, Panther Creek and Scrubgrass. The Q3 2024 energy sales revenue was $0.5 million, which was equivalent to approximately 8 Bitcoin at the average price during that period. The company has secured capacity revenue streams from PJM auctions:

Facility	Cleared Capacity (MW)	Estimated Annual Revenue Yield
Panther Creek	69.2 MW	About $7 million
Scrubgrass	62.5 MW	About $6 million

The combined entity under Bitfarms secures a PJM pipeline spanning three sites in Pennsylvania, totaling over 1 GW, which is anticipated to include PJM demand response programs to lower electricity costs. However, historical compliance issues resulted in a Federal Energy Regulatory Commission (FERC) settlement where Stronghold agreed to pay about $1.4 million total, which included returning $678,635 in capacity revenues to PJM and paying a $741,365 penalty to the U.S. Treasury for violations between 2018 and 2022.

Institutional clients requiring large-scale, low-cost power for HPC/AI

This is a key growth area for the combined entity, leveraging the power infrastructure near metropolitan areas and fiber lines. The strategy includes the potential to develop two power campuses totaling nearly one gigawatt for High-Performance Computing (HPC) and Artificial Intelligence (AI) workloads. Strategic partners WWT and ASG are prioritizing these Stronghold sites for potential HPC/AI conversion. The hosting agreements with Bitfarms also involved $7.8 million deposits per site (two sites) to cover approximately 3 months of power costs, which aids near-term working capital.

Environmental regulators and local Pennsylvania communities

Stronghold Digital Mining, Inc. differentiates itself by focusing on environmentally beneficial operations. The company owns and operates coal refuse power generation facilities in Pennsylvania.

• The power generation process involves converting waste coal left over from mining operations into electricity.
• The business explicitly provides environmental remediation and reclamation services as part of its Energy Operations segment.
• The combined energy portfolio is projected to be 80% North American by year-end 2025, rebalancing from previous international exposure.

Finance: draft 13-week cash view by Friday.

Stronghold Digital Mining, Inc. (SDIG) - Canvas Business Model: Cost Structure

Fuel costs, which primarily cover trucking waste coal refuse to the Panther Creek and Scrubgrass power plants, represented a significant operational outlay. For instance, in the first quarter of 2023, the Fuel Operating Expense was reported at $7,414,014.

Significant debt servicing was a major cost component, culminating in the assumption of $50 million of Stronghold Digital Mining, Inc.'s debt by Bitfarms as part of the merger agreement expected to close in Q1 2025. Prior to the transaction, Stronghold Digital Mining, Inc. carried approximately $50 million in high-interest debt against only $5 million in cash.

Electricity generation and data center operational expenses were substantial, reflecting the energy-intensive nature of Bitcoin mining co-located with power generation facilities. In the first quarter of 2023, total Operating Expenses, which included fuel, operations and maintenance, and general and administrative costs, amounted to $15.9 million for that quarter. The company operated two major plants in Pennsylvania, Panther Creek (80 MW) and Scrubgrass (85 MW) as of early 2025, which had capacity obligations in PJM markets.

Regulatory compliance and environmental remediation costs materialized as direct cash outlays. Stronghold Digital Mining, Inc. and a subsidiary agreed to a settlement in January 2025 totaling about $1.4 million for violating PJM Interconnection market rules. This settlement involved returning $678,635 in capacity revenues to PJM and paying a $741,365 penalty to the U.S. Treasury.

Capital expenditures for miner fleet upgrades and site expansion were historically funded through equity raises and lease financing, though post-acquisition these costs would transition to the acquirer. For context, a $74 million lease financing round in late 2025 was intended to fund purchases of Bitcoin miners and scale expansion.

Cost Component	Financial Figure / Context
Assumed Debt Obligation (Post-Acquisition)	$50 million assumed by Bitfarms
Pre-Acquisition Debt Level	Approximately $50 million
Fuel Cost (Q1 2023 Proxy)	$7,414,014 (Fuel Operating Expense)
Total Operating Expenses (Q1 2023 Proxy)	$15.9 million (Fuel, O&M, G&A)
Regulatory Settlement Penalty (Jan 2025)	$741,365 penalty to U.S. Treasury
Regulatory Capacity Revenue Return (Jan 2025)	$678,635 returned to PJM
Capacity Obligation (Scrubgrass Plant)	75.6 MW cleared in auction
Capacity Obligation (Panther Creek Plant)	69.2 MW cleared in auction

The company's cost structure was heavily influenced by its unique power generation model, which involved both the cost of fuel (waste coal trucking) and the cost of managing grid capacity obligations.

• Trucking costs for waste coal remain a variable input cost.
• Operational costs include maintenance for the two Pennsylvania power plants.
• Debt servicing was a fixed, high-priority cash outflow prior to the March 2025 acquisition.
• Compliance costs resulted in a $1.4 million settlement in early 2025.

Stronghold Digital Mining, Inc. (SDIG) - Canvas Business Model: Revenue Streams

The revenue streams for Stronghold Digital Mining, Inc. (SDIG), particularly as the entity existed leading up to its late 2025 status following the Bitfarms acquisition, centered on vertically integrated power generation and digital asset mining, supplemented by grid services.

Trailing Twelve Months (TTM) revenue for the former SDIG entity was approximately $79.53 Million USD as of November 2025. This figure represents the top-line income generated across all operational segments before any expenses are subtracted.

The primary driver remains Bitcoin mining revenue, which is a function of mined volume and the prevailing market price of Bitcoin, plus any associated transaction fees.

• Bitcoin mining revenue from block rewards and transaction fees: For the third quarter of 2024, cryptocurrency operations generated $10.6 million in revenue.
• During that same quarter, Stronghold generated 188 Bitcoin, equating to 196 Bitcoin equivalents when including energy revenues.

Energy sales and capacity payments from the PJM grid provide a crucial, often counter-cyclical, revenue component by monetizing the power generation assets owned by Stronghold Digital Mining, Inc.

• Energy sales revenue for Q3 2024 was approximately $0.5 million.
• The Scrubgrass plant previously operated as a capacity resource in PJM with a 'must offer requirement' of approximately 85 MW between 2018 and 2022.
• In a prior capacity auction, the Panther Creek plant cleared 69.2 MW, which was expected to increase revenue by about $7 million.
• The Scrubgrass plant cleared 62.5 MW of capacity, which was set to yield about $6 million in revenue.

Hosting revenue from third-party miners served as a significant near-term liquidity support mechanism, especially ahead of the Bitfarms merger close in early 2025.

• Stronghold signed Hosting Agreements with Bitfarms to host a total of 20,000 Bitmain T21 Bitcoin miners.
• Revenue from hosting is structured as a 50 percent profit-share arrangement.
• Bitfarms provided a deposit of $7.8 million, which represented the estimated cost of power for three months of operations under the hosting agreement.

Potential future revenue from High-Performance Computing (HPC) leases is an area of strategic focus, leveraging the existing power infrastructure for non-mining data center load.

Here's a quick look at some key financial metrics related to the revenue generation structure, based on the latest available data points:

Metric	Value	Context/Date
TTM Revenue	$79.53 Million USD	As of November 2025
Q3 2024 Crypto Operations Revenue	$10.6 million	Q3 2024
Q3 2024 Energy Revenue	$0.5 million	Q3 2024
Hosting Deposit Received	$7.8 million	From Bitfarms
Scrubgrass Cleared Capacity (Prior Auction)	62.5 MW	Capacity Market

The business model is designed to pivot between selling power into the PJM wholesale market or using that power to mine Bitcoin, depending on which offers better profitability at any given time. This flexibility is a core component of the revenue strategy.

Finance: draft 13-week cash view by Friday.