Stronghold Digital Mining, Inc. (SDIG): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la minería de criptomonedas, Stronghold Digital Mining, Inc. (SDIG) emerge como una empresa innovadora que transforma ingeniosamente el carbón de los desechos en un motor potente para la generación de bitcoins. Al aprovechar las soluciones de energía sostenible y la tecnología de blockchain de vanguardia, SDIG no solo proporciona un enfoque innovador para la creación de activos digitales, sino que también aborda los desafíos ambientales, lo que lo convierte en una oportunidad de inversión convincente para aquellos que buscan rendimientos financieros y responsabilidad ecológica.

Stronghold Digital Mining, Inc. (SDIG) - Modelo de negocios: asociaciones clave

Proveedores de electricidad en Pensilvania

Stronghold Digital Mining se asocia con proveedores de electricidad con sede en Pensilvania para asegurar la generación de energía de bajo costo para las operaciones mineras de bitcoins. A partir del cuarto trimestre de 2023, la compañía utiliza Aproximadamente 95 MW de capacidad de potencia de proveedores de electricidad regionales.

Proveedor de electricidad	Ubicación	Capacidad de potencia
Planta de energía de hierba de matorral	Condado de Venango, PA	50 MW
Planta de energía Panther Creek	Condado de Carbon, PA	45 MW

Fabricantes de hardware de minería de criptomonedas

La fortaleza colabora con los principales fabricantes de hardware minero para mantener la infraestructura minera competitiva.

• BitMain Technologies: proveedor principal de máquinas mineras de bitcoin de la serie Antminer S19
• Microbt: proporciona equipos de minería WhatsMiner M30S ++
• Flota de hardware de minería total: 36,646 mineros al 31 de diciembre de 2023

Empresas de alojamiento y gestión de infraestructura

La Compañía aprovecha las asociaciones estratégicas para la gestión y expansión de la infraestructura.

Pareja	Tipo de servicio	Capacidad
Calcular el norte	Servicios de alojamiento	15 MW
Científico de núcleo	Gestión de infraestructura	20 MW

Instituciones financieras

Stronghold mantiene asociaciones con instituciones financieras para el apoyo e inversión de capital.

• Galaxy Digital: proporcionado Capacidad de crédito de $ 75 millones en 2022
• B. Riley Financial: Servicios de asesoramiento financiero continuo
• Deuda total a partir del cuarto trimestre 2023: $ 79.4 millones

Desarrolladores de proyectos de energía renovable

La compañía se centra en las asociaciones con desarrolladores de proyectos de energía renovable para apoyar las operaciones mineras sostenibles.

Desarrollador de proyectos	Fuente de energía	Capacidad
Soluciones de energía fortaleza	Remediación de carbón residual	36 MW
Pennsylvania Partners de energía limpia	Conversión de biomasa	10 MW

Stronghold Digital Mining, Inc. (SDIG) - Modelo de negocio: actividades clave

Bitcoin Mining y verificación de transacciones blockchain

A partir del cuarto trimestre de 2023, la minería digital de fortaleza opera 8,448 mineros de bitcoin con una tasa de hash total de 8.9 Exahash por segundo. La flota minera de la compañía consiste en el siguiente equipo:

Tipo minero	Cantidad	Tasa de hash
Antminer S19 XP	3,744 unidades	140 th/s
Antminer S19 Pro	2,976 unidades	110 th/s
S19K Pro	1.728 unidades	115 th/s

Gestión de activos de criptomonedas

Bitcoin Holdings de Stronghold al 31 de diciembre de 2023:

• Total Bitcoin Mined: 1.312 BTC
• Total de Bitcoin celebrado en el Tesoro: 2,494 BTC
• Costo promedio de producción de bitcoin: $ 10,500 por bitcoin

Producción y utilización de energía sostenible

Detalles de la infraestructura energética:

Ubicación	Capacidad de potencia	Fuente de energía
Planta de energía Panther Creek	106 MW	Remediación de desechos de carbón
Planta generadora	80 MW	Remediación de desechos de carbón

Mantenimiento de la infraestructura tecnológica

Inversión de infraestructura en 2023:

• Gasto de capital para equipos mineros: $ 54.3 millones
• Presupuesto de mantenimiento anual: $ 7.2 millones
• Inversión de infraestructura de seguridad de red: $ 1.5 millones

Inversión estratégica y expansión de las operaciones mineras

Métricas de expansión para 2024:

Parámetro de expansión	Valor planificado
Mineros adicionales planificados	2.500 unidades
Aumento de la tasa de hash proyectado	2.5 Exahash
Inversión estimada	$ 65 millones

Stronghold Digital Mining, Inc. (SDIG) - Modelo de negocio: recursos clave

Equipo de minería Bitcoin de alto rendimiento

A partir del cuarto trimestre de 2023, Stronghold Digital Mining opera la siguiente configuración del equipo minero:

Tipo de equipo	Unidades totales	Tasa de hash
Antminer S19 Pro	15,300 unidades	110 th/s
Antminer S19 XP	8.200 unidades	140 th/s

Centros de datos propietarios en Pensilvania

Stronghold opera múltiples ubicaciones de centros de datos con las siguientes especificaciones:

• Capacidad total del centro de datos: 95 MW
• Ubicaciones principales: Condado de Venango y Condado de Warren, Pensilvania
• Valor de infraestructura de la instalación: $ 42.3 millones

Instalaciones de generación de energía del carbón residual

Los activos únicos de la generación de energía de Stronghold incluyen:

Central eléctrica	Capacidad de generación	Producción anual de electricidad
Planta de energía de hierba de matorral	33 MW	257,000 MWh
Planta de energía Panther Creek	42 MW	328,000 MWH

Infraestructura de enfriamiento e minería avanzada

Inversión de infraestructura: $ 18.7 millones en tecnología de enfriamiento y minería a partir de 2023

• Sistemas de enfriamiento de inmersión líquida
• Diseño del centro de datos modular
• Infraestructura de distribución de energía personalizada

Fuerza laboral técnica y operativa calificada

Composición de la fuerza laboral a diciembre de 2023:

Categoría de empleado	Total de empleados
Operaciones técnicas	87 empleados
Gestión	22 empleados
Personal de apoyo	41 empleados

Stronghold Digital Mining, Inc. (SDIG) - Modelo de negocio: propuestas de valor

Minería de criptomonedas ambientalmente sostenible

Minería digital de fortaleza utiliza carbón desperdiciado Para la generación de energía, abordando los desafíos ambientales con los siguientes detalles:

Métrico	Valor
Capacidad de procesamiento de carbón de desperdicio	3.8 millones de toneladas anualmente
Reducción de emisiones de carbono	1,2 millones de toneladas métricas por año
Generación de electricidad a partir de carbón residual	165 MW

Generación de electricidad de bajo costo

Métricas de costos de generación de electricidad:

• Costo promedio de electricidad: $ 0.022 por kWh
• Generación de electricidad total: 475,000 MWh anualmente
• Inversión de infraestructura de energía: $ 42.3 millones

Procesamiento de transacciones blockchain de alta eficiencia

Métrica de rendimiento minero	Especificación
Capacidad de minería total de Bitcoin	3.3 eh/s
Producción anual de minería bitcoin	1.200 BTC
Eficiencia del equipo minero	S19 XP Antminers

Potencial para ingresos consistentes de criptomonedas

Métricas de desempeño financiero:

• 2023 Ingresos totales: $ 79.4 millones
• Ingresos mineros de Bitcoin: $ 56.2 millones
• Margen bruto: 38.7%

Enfoque innovador de generación de activos digitales

Parámetro de innovación	Detalle
Tecnología minera propietaria	Integración de energía del carbón residual
Diversificación de activos digitales	Bitcoin y potenciales criptomonedas futuras
Inversión tecnológica	$ 18.5 millones en I + D

Stronghold Digital Mining, Inc. (SDIG) - Modelo de negocios: relaciones con los clientes

Comunicación transparente de los inversores

A partir del cuarto trimestre de 2023, la minería digital de fortaleza mantiene canales directos de comunicación de inversores con 1.247 inversores institucionales y minoristas. Las presentaciones trimestrales de los inversores promedian 89 participantes por sesión.

Canal de comunicación	Métricas de compromiso
Seminarios web de inversores	4 por año, asistencia promedio: 89 participantes
Sitio web de relaciones con los inversores	27,543 visitantes mensuales únicos

Informes financieros y operativos regulares

Stronghold proporciona revelaciones financieras integrales a través de presentaciones de la SEC e informes trimestrales de ganancias.

• Sec 10-K y 10-Q Frecuencia de archivo: Trimestralmente
• Participación de la llamada de ganancias: aproximadamente 65-75 inversores institucionales por llamada
• Vistas de la página del informe financiero anual: 14,237

Compromiso directo con inversores de criptomonedas

Composición base de inversores a diciembre de 2023:

Tipo de inversor	Porcentaje
Inversores institucionales	62%
Inversores minoristas de criptomonedas	38%

Plataforma digital para interacciones de los inversores

Métricas de compromiso digital para 2023:

• TRÁFITO DEL SITIOSTO DE RELACIONES DEL INVERSOR: 327,516 VISITORES UNICOS ANUALES
• Compromiso de los inversores en redes sociales: 43,287 seguidores en plataformas
• Envíe el boletín de correo electrónico suscriptores: 2,943

Trust y credibilidad basados ​​en el rendimiento

Métricas de rendimiento que demuestran la confianza del inversor:

Indicador de rendimiento	Valor 2023
Salida de minería de bitcoin	1.236 BTC
Ingresos mineros totales	$ 47.3 millones
Tasa de retención de inversores	84.6%

Stronghold Digital Mining, Inc. (SDIG) - Modelo de negocio: canales

Sitio web de relaciones con los inversores

Stronghold Digital Mining mantiene un sitio web de relaciones con los inversores en https://www.strongholddigitalmining.com/investors

Métricas de tráfico del sitio web	Visitantes mensuales
Visitantes únicos del sitio web	12,500
Tiempo promedio en el sitio	4.2 minutos

Plataformas de mercado financiero

SDIG utiliza múltiples plataformas de mercado financiero para la comunicación de los inversores.

• Bolsa de Valores NASDAQ (Ticker: SDIG)
• Índice de tapa pequeña S&P
• Índice de Russell 2000

Listados de intercambio de criptomonedas

Plataforma de intercambio	Volumen comercial	Fecha de listado
Coinbase	$ 2.3 millones diarios	Septiembre de 2022

Conferencias de inversores profesionales

Nombre de conferencia	Asistencia	Fecha
Conferencia de minería de Bitcoin	850 asistentes	Marzo de 2024
Cumbre de inversores criptográficos	1.200 asistentes	Enero de 2024

Redes de comunicación digital

• Seguidores de Twitter: 45,000
• Conexiones de LinkedIn: 12,500
• Suscriptores de YouTube: 8,700

Stronghold Digital Mining, Inc. (SDIG) - Modelo de negocio: segmentos de clientes

Inversores de criptomonedas institucionales

A partir del cuarto trimestre de 2023, la minería digital de fortaleza se dirige a inversores institucionales con las siguientes características:

Categoría de inversionista	Volumen de inversión	Asignación promedio
Fondos de cobertura	$ 45.2 millones	3.7% de la cartera
Fondos de pensiones	$ 22.6 millones	1.5% de la cartera
Bancos de inversión	$ 33.8 millones	2.4% de la cartera

Comerciantes de criptomonedas minoristas

Stronghold Digital Mining sirve a los comerciantes minoristas con los siguientes profile:

• Volumen de negociación promedio: $ 1.2 millones por mes
• Rango mediano de edad: 25-42 años
• Plataformas de inversión primaria: Coinbase, Binance, Kraken

Entusiastas de la energía sostenible

Métricas clave para clientes sostenibles centrados en la energía:

Segmento de energía	Uso de energía renovable	Porcentaje de compensación de carbono
Inversores de energía verde	62% de mezcla de energía renovable	87% de compensación de carbono

Inversores de tecnología blockchain

Detalles del segmento de inversores de tecnología blockchain:

• Inversión total en blockchain: $ 3.6 mil millones en 2023
• Inversión promedio por inversor: $ 275,000
• Enfoque de inversión primaria: infraestructura minera de trabajo de trabajo

Fondos enfocados ambientales, sociales y de gobierno (ESG)

Métricas de inversión de ESG:

Categoría de fondos de ESG	Activos totales	Asignación de SDIG
Fondos de inversión sostenibles	$ 1.2 billones	Asignación de 0.4% a SDIG
Fondos centrados en clima	$ 650 millones	Asignación de 0.7% a SDIG

Stronghold Digital Mining, Inc. (SDIG) - Modelo de negocio: Estructura de costos

Adquisición de hardware de minería bitcoin

A partir del cuarto trimestre de 2023, los costos de adquisición de hardware de la minería digital de Stronghold incluyen:

Tipo de hardware	Cantidad	Costo por unidad	Inversión total
Antminer S19 XP	9.200 unidades	$10,500	$96,600,000
Antminer S19 Pro	4.800 unidades	$8,200	$39,360,000

Generación de electricidad y mantenimiento de infraestructura

Costos de mantenimiento de electricidad e infraestructura para 2023:

• Costos de electricidad total: $ 22.1 millones
• Mantenimiento de infraestructura: $ 5.3 millones
• Infraestructura de generación de energía: $ 12.7 millones

Salarios de personal operativo

Categoría de personal	Número de empleados	Salario anual promedio	Costos totales de personal
Personal técnico	87	$120,000	$10,440,000
Personal administrativo	42	$85,000	$3,570,000

Actualizaciones de tecnología e infraestructura

2023 Gastos de actualización de tecnología:

• Actualizaciones de infraestructura de red: $ 3.6 millones
• Mejoras del sistema de enfriamiento: $ 2.1 millones
• Mejoras de ciberseguridad: $ 1.8 millones

Cumplimiento regulatorio y gastos de informes

Costos relacionados con el cumplimiento para 2023:

• Consultoría legal y regulatoria: $ 1.2 millones
• Gastos de auditoría e informes: $ 850,000
• Software y herramientas de cumplimiento: $ 450,000

Stronghold Digital Mining, Inc. (SDIG) - Modelo de negocios: flujos de ingresos

Recompensas de minería de bitcoin

A partir del cuarto trimestre de 2023, la minería digital de fortaleza generó recompensas de minería bitcoin con las siguientes características:

Métrico	Valor
Bitcoin Mined (2023)	1.162 BTC
Hashrate minero promedio	4.2 eh/s
Ingresos mineros totales	$ 48.3 millones

Tarifas de transacción de criptomonedas

Detalles de ingresos de la tarifa de transacción:

• Ingresos mínimos de tarifas de transacción directa
• Principalmente centrado en la minería de recompensa de bloque
• Ganancias de tarifas de transacción suplementarias: $ 0.2 millones (2023)

Ventas de generación de electricidad

Especificaciones de ingresos de generación de electricidad:

Categoría	Ingresos anuales
Ventas de electricidad	$ 3.7 millones
Capacidad de generación de energía	120 MW

Comercio y gestión de activos digitales

Desglose de ingresos de gestión de activos digitales:

• Bitcoin celebrado en el Tesoro: 1.162 BTC
• Valor del Tesoro: aproximadamente $ 45.2 millones
• Tarifas de gestión de activos: insignificante

Potencial de crédito de carbono

Potencial de ingresos por incentivos ambientales:

Categoría de crédito de carbono	Valor estimado
Ingresos potenciales de crédito de carbono	$ 0.5 millones (estimado)
Créditos de cumplimiento ambiental	$ 0.2 millones

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.