Stronghold Digital Mining, Inc. (SDIG): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique de l'exploitation minière des crypto-monnaies, Stronghold Digital Mining, Inc. (SDIG) émerge comme une entreprise révolutionnaire qui transforme ingénieusement le charbon de déchet en un moteur puissant pour la génération de bitcoin. En tirant parti des solutions énergétiques durables et de la technologie de la blockchain de pointe, SDIG fournit non seulement une approche innovante de la création d'actifs numériques, mais relève également des défis environnementaux, ce qui en fait une opportunité d'investissement convaincante pour ceux qui recherchent à la fois des rendements financiers et une responsabilité écologique.

Stronghold Digital Mining, Inc. (SDIG) - Modèle d'entreprise: Partenariats clés

Fournisseurs d'électricité en Pennsylvanie

Stronghold Digital Mining s'associe à des fournisseurs d'électricité basés en Pennsylvanie pour garantir la production d'électricité à faible coût pour les opérations d'extraction de Bitcoin. Au quatrième trimestre 2023, la société utilise environ 95 MW de capacité électrique des fournisseurs d'électricité régionaux.

Fournisseur d'électricité	Emplacement	Capacité électrique
Centrale électrique	Comté de Venango, PA	50 MW
Centrale électrique de Panther Creek	Carbon County, PA	45 MW

Fabricants de quincailleurs d'extraction de crypto-monnaie

Strongehold collabore avec les principaux fabricants de matériel minier pour maintenir une infrastructure minière compétitive.

• Bitmain Technologies: Fournisseur principal de machines d'extraction de Bitcoin de la série Antmin S19
• Microbt: fournit un équipement d'exploitation Whatter M30S ++
• Flotte totale de matériel minier: 36 646 mineurs au 31 décembre 2023

Hébergement et sociétés de gestion des infrastructures

La société tire parti des partenariats stratégiques pour la gestion et l'expansion des infrastructures.

Partenaire	Type de service	Capacité
Calculer le nord	Services d'hébergement	15 MW
Noyau scientifique	Gestion des infrastructures	20 MW

Institutions financières

Stronghold maintient des partenariats avec des institutions financières pour le soutien et l'investissement en capital.

• Galaxy Digital: fourni CONDITION DE CRÉDIT 75 millions de dollars en 2022
• B. Riley Financial: Services de conseil financier en cours
• Dette totale au quatrième trimestre 2023: 79,4 millions de dollars

Développeurs de projets d'énergie renouvelable

La société se concentre sur les partenariats avec les développeurs de projets d'énergie renouvelable pour soutenir les opérations minières durables.

Développeur de projet	Source d'énergie	Capacité
Solutions d'énergie forte	Déchets de rétroaction au charbon	36 MW
Pennsylvanie Clean Energy Partners	Conversion de biomasse	10 MW

Stronghold Digital Mining, Inc. (SDIG) - Modèle d'entreprise: Activités clés

Bitcoin Mining et Blockchain Transaction Vérification

Depuis le quatrième trimestre 2023, Stronghold Digital Mining exploite 8 448 mineurs de Bitcoin avec un taux de hachage total de 8,9 Exahash par seconde. La flotte minière de l'entreprise se compose de l'équipement suivant:

Type de mineur	Quantité	Taux de hachage
Antmin S19 XP	3 744 unités	140 th / s
Antmin S19 Pro	2 976 unités	110 th / s
S19k Pro	1 728 unités	115 th / s

Gestion des actifs de crypto-monnaie

Bitcoin Holdings de Strongholh au 31 décembre 2023:

• Total Bitcoin exploité: 1 312 BTC
• Bitcoin total tenu en Trésor: 2 494 BTC
• Coût de production moyen Bitcoin: 10 500 $ par bitcoin

Production et utilisation d'énergie durable

Détails de l'infrastructure énergétique:

Emplacement	Capacité électrique	Source d'énergie
Centrale électrique de Panther Creek	106 MW	Rattrapage des déchets de charbon
Plante de production d'herbe	80 MW	Rattrapage des déchets de charbon

Maintenance des infrastructures technologiques

Investissement dans les infrastructures en 2023:

• Dépenses en capital pour l'équipement minier: 54,3 millions de dollars
• Budget de maintenance annuel: 7,2 millions de dollars
• Investissement d'infrastructure de sécurité du réseau: 1,5 million de dollars

Investissement stratégique et expansion des opérations minières

Mesures d'expansion pour 2024:

Paramètre d'extension	Valeur planifiée
Mineurs supplémentaires planifiés	2 500 unités
Augmentation du taux de hachage projeté	2,5 Exahash
Investissement estimé	65 millions de dollars

Stronghold Digital Mining, Inc. (SDIG) - Modèle d'entreprise: Ressources clés

Équipement d'exploitation bitcoin haute performance

Depuis le quatrième trimestre 2023, Stronghold Digital Mining exploite la configuration des équipements miniers suivants:

Type d'équipement	Total des unités	Taux de hachage
Antmin S19 Pro	15 300 unités	110 th / s
Antmin S19 XP	8 200 unités	140 th / s

Centres de données propriétaires en Pennsylvanie

Stronghold exploite plusieurs emplacements de centre de données avec les spécifications suivantes:

• Capacité totale du centre de données: 95 MW
• Emplacements principaux: comté de Venango et comté de Warren, Pennsylvanie
• Valeur d'infrastructure des installations: 42,3 millions de dollars

Installations de production d'énergie de charbon déchet

Les actifs de production d'électricité uniques de Stronghold comprennent:

Centrale électrique	Capacité de production	Production d'électricité annuelle
Centrale électrique	33 MW	257 000 MWH
Centrale électrique de Panther Creek	42 MW	328 000 MWh

Infrastructure de refroidissement et d'exploitation avancée

Investissement dans les infrastructures: 18,7 millions de dollars en technologie de refroidissement et d'exploitation minière en 2023

• Systèmes de refroidissement à immersion liquide
• Conception du centre de données modulaire
• Infrastructure de distribution d'énergie personnalisée

Main-d'œuvre technique et opérationnelle qualifiée

Composition de la main-d'œuvre en décembre 2023:

Catégorie des employés	Total des employés
Opérations techniques	87 employés
Gestion	22 employés
Personnel de soutien	41 employés

Stronghold Digital Mining, Inc. (SDIG) - Modèle d'entreprise: propositions de valeur

Extraction de crypto-monnaie environnementale

La mine numérique forte utilise gaspiller le charbon Pour la production d'électricité, relever les défis environnementaux avec les détails suivants:

Métrique	Valeur
Capacité de transformation du charbon gaspillé	3,8 millions de tonnes par an
Réduction des émissions de carbone	1,2 million de tonnes métriques par an
Production d'électricité à partir de déchets de charbon	165 MW

Production d'électricité à faible coût

Métriques de coût de la production d'électricité:

• Coût d'électricité moyen: 0,022 $ par kWh
• Production totale d'électricité: 475 000 MWh par an
• Investissement d'infrastructure électrique: 42,3 millions de dollars

Traitement des transactions blockchain à haute efficacité

Métrique de performance minière	Spécification
Capacité d'exploration de bitcoin totale	3.3 eh / s
Sortie annuelle d'exploration de bitcoin	1 200 BTC
Efficacité de l'équipement minière	S19 XP Antminers

Potentiel de revenus de crypto-monnaie cohérents

Métriques de performance financière:

• 2023 Revenu total: 79,4 millions de dollars
• Bitcoin Mining Revenue: 56,2 millions de dollars
• Marge brute: 38,7%

Approche innovante de génération d'actifs numériques

Paramètre d'innovation	Détail
Technologie minière propriétaire	Intégration de l'énergie du charbon déchet
Diversification des actifs numériques	Bitcoin et futures crypto-monnaies potentielles
Investissement technologique	18,5 millions de dollars en R&D

Stronghold Digital Mining, Inc. (SDIG) - Modèle d'entreprise: relations clients

Communication des investisseurs transparents

Depuis le quatrième trimestre 2023, Stronghold Digital Mining maintient les canaux de communication des investisseurs directs avec 1 247 investisseurs institutionnels et de détail. Les présentations des investisseurs trimestriels en moyenne 89 participants par session.

Canal de communication	Métriques d'engagement
Webinaires des investisseurs	4 par an, fréquentation moyenne: 89 participants
Site Web de relations avec les investisseurs	27 543 visiteurs mensuels uniques

Représentations financières et opérationnelles régulières

Stronghold fournit des divulgations financières complètes par le biais des dépôts de la SEC et des rapports de bénéfices trimestriels.

• Sec 10-K et 10-Q Fréquence de dépôt: trimestriel
• Participation des appels de bénéfices: environ 65 à 75 investisseurs institutionnels par appel
• Rapport financier annuel Page Vues: 14 237

Engagement direct avec les investisseurs de crypto-monnaie

Composition de la base des investisseurs en décembre 2023:

Type d'investisseur	Pourcentage
Investisseurs institutionnels	62%
Investisseurs de crypto-monnaie au détail	38%

Plateforme numérique pour les interactions des investisseurs

Métriques d'engagement numérique pour 2023:

• Trafic de site Web des relations avec les investisseurs: 327 516 Visiteurs uniques annuels
• Engagement des investisseurs sur les réseaux sociaux: 43 287 abonnés sur toutes les plateformes
• Abonders de newsletter par e-mail: 2 943

Confiance et crédibilité basées sur les performances

Métriques de performance démontrant la confiance des investisseurs:

Indicateur de performance	Valeur 2023
Sortie d'exploration de bitcoin	1 236 BTC
Revenus minières totaux	47,3 millions de dollars
Taux de rétention des investisseurs	84.6%

Stronghold Digital Mining, Inc. (SDIG) - Modèle d'entreprise: canaux

Site Web de relations avec les investisseurs

Stronghold Digital Mining maintient un site Web de relations avec les investisseurs à https://www.strongholddigitalmining.com/investors

Métriques de trafic de site Web	Visiteurs mensuels
Visiteurs de site Web unique	12,500
Temps moyen sur place	4,2 minutes

Plateformes de marché financier

SDIG utilise plusieurs plateformes de marché financier pour la communication des investisseurs.

• Bourse du NASDAQ (Ticker: SDIG)
• Index S&P Small Cap
• Index Russell 2000

Listes d'échange de crypto-monnaie

Plate-forme d'échange	Volume de trading	Date d'inscription
Coincement	2,3 millions de dollars par jour	Septembre 2022

Conférences d'investisseurs professionnels

Nom de conférence	Présence	Date
Bitcoin Mining Conference	850 participants	Mars 2024
Crypto Investor Summit	1 200 participants	Janvier 2024

Réseaux de communication numérique

• Fondeurs Twitter: 45 000
• Connexions LinkedIn: 12 500
• Abonnés YouTube: 8 700

Stronghold Digital Mining, Inc. (SDIG) - Modèle d'entreprise: segments de clientèle

Investisseurs institutionnels de crypto-monnaie

Depuis le quatrième trimestre 2023, l'extraction de l'extraction numérique cible les investisseurs institutionnels avec les caractéristiques suivantes:

Catégorie d'investisseurs	Volume d'investissement	Allocation moyenne
Hedge funds	45,2 millions de dollars	3,7% du portefeuille
Fonds de pension	22,6 millions de dollars	1,5% du portefeuille
Banques d'investissement	33,8 millions de dollars	2,4% du portefeuille

Commerçants de crypto-monnaie au détail

Strongehold Digital Mining sert les commerçants de détail avec ce qui suit profile:

• Volume de trading moyen: 1,2 million de dollars par mois
• Tranche d'âge médiane: 25 à 42 ans
• Plateaux d'investissement primaires: Coinbase, Binance, Kraken

Antactifs énergétiques durables

Mesures clés pour les clients axés sur l'énergie durable:

Segment d'énergie	Consommation d'énergie renouvelable	Pourcentage de compensation de carbone
Investisseurs à l'énergie verte	Mélange d'énergie renouvelable de 62%	87% de décalage de carbone

Investisseurs technologiques de la blockchain

Détails du segment des investisseurs de la technologie de la blockchain:

• Investissement total dans la blockchain: 3,6 milliards de dollars en 2023
• Investissement moyen par investisseur: 275 000 $
• Focus d'investissement primaire: infrastructure minière de preuve de travail

Les fonds axés sur l'environnement, social et de gouvernance (ESG)

Métriques d'investissement ESG:

Catégorie de fonds ESG	Actif total	Allocation sdig
Fonds d'investissement durable	1,2 billion de dollars	Attribution de 0,4% à SDIG
Fonds axés sur le climat	650 millions de dollars	Attribution de 0,7% à SDIG

Stronghold Digital Mining, Inc. (SDIG) - Modèle d'entreprise: Structure des coûts

Bitcoin Mining Mardware Procurement

Au quatrième trimestre 2023, les coûts d'approvisionnement matériel de Stronghold Digital Mining comprennent:

Type de matériel	Quantité	Coût par unité	Investissement total
Antmin S19 XP	9 200 unités	$10,500	$96,600,000
Antmin S19 Pro	4 800 unités	$8,200	$39,360,000

Production d'électricité et maintenance des infrastructures

Coût de maintenance d'électricité et d'infrastructure pour 2023:

• Coût total d'électricité: 22,1 millions de dollars
• Maintenance des infrastructures: 5,3 millions de dollars
• Infrastructure de production d'électricité: 12,7 millions de dollars

Salaires du personnel opérationnel

Catégorie de personnel	Nombre d'employés	Salaire annuel moyen	Total des coûts du personnel
Personnel technique	87	$120,000	$10,440,000
Personnel administratif	42	$85,000	$3,570,000

Mises à niveau de la technologie et des infrastructures

2023 Dépenses de mise à niveau de la technologie:

• Mises à niveau des infrastructures réseau: 3,6 millions de dollars
• Améliorations du système de refroidissement: 2,1 millions de dollars
• Améliorations de la cybersécurité: 1,8 million de dollars

Compliance réglementaire et dépenses de déclaration

Coûts liés à la conformité pour 2023:

• Conseil juridique et réglementaire: 1,2 million de dollars
• Dépenses d'audit et de rapport: 850 000 $
• Logiciel et outils de conformité: 450 000 $

Stronghold Digital Mining, Inc. (SDIG) - Modèle d'entreprise: Strots de revenus

Récompenses d'exploration de bitcoin

Depuis le quatrième trimestre 2023, l'exploitation numérique digitale a généré des récompenses d'extraction de Bitcoin avec les caractéristiques suivantes:

Métrique	Valeur
Bitcoin miné (2023)	1 162 BTC
Hashrate minier moyen	4.2 EH / S
Revenus minières totaux	48,3 millions de dollars

Frais de transaction de crypto-monnaie

Détails des revenus des frais de transaction:

• Revenu minimal des frais de transaction directe
• Principalement axé sur l'exploration de récompense de blocs
• Géré de frais de transaction supplémentaire: 0,2 million de dollars (2023)

Ventes de production d'électricité

Spécificiaires des revenus de la production d'électricité:

Catégorie	Revenus annuels
Ventes d'électricité	3,7 millions de dollars
Capacité de production d'électricité	120 MW

Trading et gestion des actifs numériques

Répartition des revenus de gestion des actifs numériques:

• Bitcoin tenu en Trésor: 1 162 BTC
• Valeur du Trésor: environ 45,2 millions de dollars
• Frais de gestion des actifs: négligeable

Potentiel de crédit en carbone

Potentiel des revenus incitatifs environnementaux:

Catégorie de crédit en carbone	Valeur estimée
Revenus de crédit en carbone potentiel	0,5 million de dollars (estimé)
Crédits de conformité environnementale	0,2 million de dollars

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.