Stronghold Digital Mining, Inc. (SDIG): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico da mineração de criptomoedas, a Stronghold Digital Mining, Inc. (SDIG) surge como uma empresa inovadora que transforma engenhosamente o lixo em um motor poderoso para a geração de bitcoin. Ao alavancar soluções de energia sustentável e tecnologia blockchain de ponta, o SDIG não apenas fornece uma abordagem inovadora para a criação de ativos digitais, mas também aborda os desafios ambientais, tornando-o uma oportunidade de investimento atraente para quem busca retornos financeiros e responsabilidade ecológica.

Stronghold Digital Mining, Inc. (SDIG) - Modelo de negócios: Parcerias -chave

Provedores de eletricidade na Pensilvânia

A Stronghold Digital Mining faz parceria com os provedores de eletricidade da Pensilvânia para garantir a geração de energia de baixo custo para operações de mineração de Bitcoin. A partir do quarto trimestre 2023, a empresa utiliza Aproximadamente 95 MW de capacidade de energia de provedores regionais de eletricidade.

Provedor de eletricidade	Localização	Capacidade de energia
Planta de energia Scrubrass	Condado de Venango, PA	50 mw
Usina de pantera Creek	Condado de Carbon, PA	45 MW

Fabricantes de hardware de mineração de criptomoedas

A fortaleza colabora com os principais fabricantes de hardware de mineração para manter a infraestrutura competitiva de mineração.

• Tecnologias Bitmain: Fornecedor Primário da Série Antminer S19 Máquinas de Mineração Bitcoin
• Microbt: fornece WhatsMiner M30S ++ Equipamento de mineração
• Frota total de hardware de mineração: 36.646 mineradores em 31 de dezembro de 2023

Empresas de gerenciamento de hospedagem e infraestrutura

A empresa aproveita as parcerias estratégicas para gerenciamento e expansão de infraestrutura.

Parceiro	Tipo de serviço	Capacidade
Calcule o norte	Serviços de hospedagem	15 MW
Core Scientific	Gerenciamento de infraestrutura	20 mw

Instituições financeiras

A fortaleza mantém parcerias com instituições financeiras para apoio e investimento em capital.

• Galaxy Digital: fornecido Linha de crédito de US $ 75 milhões em 2022
• B. Riley Financial: Serviços de Consultoria Financeira em andamento
• Dívida total a partir do quarto trimestre 2023: US $ 79,4 milhões

Desenvolvedores de projetos de energia renovável

A empresa se concentra em parcerias com desenvolvedores de projetos de energia renovável para apoiar operações de mineração sustentáveis.

Desenvolvedor de projetos	Fonte de energia	Capacidade
Soluções de energia de fortaleza	Remediação de carvão desperdiçado	36 MW
Pennsylvania Clean Energy Partners	Conversão de biomassa	10 MW

Stronghold Digital Mining, Inc. (SDIG) - Modelo de negócios: Atividades -chave

Verificação de transação de mineração e blockchain de bitcoin

A partir do quarto trimestre 2023, a mineração digital de fortaleza opera 8.448 mineradores de bitcoin com uma taxa total de hash de 8,9 Exahash por segundo. A frota de mineração da empresa consiste no seguinte equipamento:

Tipo de mineiro	Quantidade	Taxa 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

Gerenciamento de ativos de criptomoeda

Bitcoin Holdings da Stronghold em 31 de dezembro de 2023:

• Total Bitcoin Minerado: 1.312 BTC
• Total Bitcoin mantido no Tesouro: 2.494 BTC
• Custo médio de produção de bitcoin: US $ 10.500 por bitcoin

Produção e utilização de energia sustentável

Detalhes da infraestrutura energética:

Localização	Capacidade de energia	Fonte de energia
Usina de pantera Creek	106 MW	Remediação de resíduos de carvão
Planta geradora de escrúpulos	80 MW	Remediação de resíduos de carvão

Manutenção de infraestrutura tecnológica

Investimento de infraestrutura em 2023:

• Despesas de capital para equipamentos de mineração: US $ 54,3 milhões
• Orçamento de manutenção anual: US $ 7,2 milhões
• Investimento de infraestrutura de segurança de rede: US $ 1,5 milhão

Investimento estratégico e expansão das operações de mineração

Métricas de expansão para 2024:

Parâmetro de expansão	Valor planejado
Mineiros adicionais planejados	2.500 unidades
Aumento da taxa de hash projetada	2.5 Exahash
Investimento estimado	US $ 65 milhões

Stronghold Digital Mining, Inc. (SDIG) - Modelo de negócios: Recursos -chave

Equipamento de mineração de bitcoin de alto desempenho

A partir do quarto trimestre 2023, a mineração digital de fortaleza opera a seguinte configuração de equipamento de mineração:

Tipo de equipamento	Unidades totais	Taxa de hash
Antminer S19 Pro	15.300 unidades	110 th/s
Antminer S19 XP	8.200 unidades	140 th/s

Data centers proprietários na Pensilvânia

A fortaleza opera vários locais de data center com as seguintes especificações:

• Capacidade total do data center: 95 MW
• Locais primários: Condado de Venango e Warren County, Pensilvânia
• Valor da infraestrutura da instalação: US $ 42,3 milhões

Resíduos de instalações de geração de energia de carvão

Os ativos exclusivos de geração de energia da Stronghold incluem:

Usina	Capacidade de geração	Produção anual de eletricidade
Planta de energia Scrubrass	33 MW	257.000 MWh
Usina de pantera Creek	42 MW	328.000 MWh

Infraestrutura avançada de resfriamento e mineração

Investimento de infraestrutura: US $ 18,7 milhões em tecnologia de refrigeração e mineração a partir de 2023

• Sistemas de resfriamento de imersão líquida
• Design de data center modular
• Infraestrutura de distribuição de energia personalizada

Força de trabalho técnica e operacional qualificada

Composição da força de trabalho em dezembro de 2023:

Categoria de funcionários	Total de funcionários
Operações técnicas	87 funcionários
Gerenciamento	22 funcionários
Equipe de apoio	41 funcionários

Stronghold Digital Mining, Inc. (SDIG) - Modelo de negócios: proposições de valor

Mineração ambientalmente sustentável de criptomoeda

A mineração digital de fortaleza utiliza desperdício de carvão Para a geração de energia, abordando os desafios ambientais com os seguintes detalhes:

Métrica	Valor
Resíduos de capacidade de processamento de carvão	3,8 milhões de toneladas anualmente
Redução de emissão de carbono	1,2 milhão de toneladas métricas por ano
Geração de eletricidade a partir de resíduos de carvão	165 MW

Geração de eletricidade de baixo custo

Métricas de custo de geração de eletricidade:

• Custo médio de eletricidade: US $ 0,022 por kWh
• Geração total de eletricidade: 475.000 mWh anualmente
• Investimento de infraestrutura de energia: US $ 42,3 milhões

Processamento de transações blockchain de alta eficiência

Métrica de desempenho de mineração	Especificação
Capacidade total de mineração de bitcoin	3.3 EH/S.
Saída anual de mineração de bitcoin	1.200 BTC
Eficiência do equipamento de mineração	S19 Antminers XP

Potencial para receita consistente de criptomoeda

Métricas de desempenho financeiro:

• 2023 Receita total: US $ 79,4 milhões
• Receita de mineração de Bitcoin: US $ 56,2 milhões
• Margem bruta: 38,7%

Abordagem inovadora de geração de ativos digitais

Parâmetro de inovação	Detalhe
Tecnologia de mineração proprietária	Desperdício de integração de energia de carvão
Diversificação de ativos digitais	Bitcoin e possíveis criptomoedas futuras
Investimento em tecnologia	US $ 18,5 milhões em P&D

Stronghold Digital Mining, Inc. (SDIG) - Modelo de negócios: Relacionamentos do cliente

Comunicação transparente do investidor

A partir do quarto trimestre 2023, a mineração digital de fortaleza mantém canais diretos de comunicação de investidores com 1.247 investidores institucionais e de varejo. As apresentações trimestrais dos investidores têm em média 89 participantes por sessão.

Canal de comunicação	Métricas de engajamento
Webinars de investidores	4 por ano, participação média: 89 participantes
Site de Relações com Investidores	27.543 visitantes mensais únicos

Relatórios financeiros e operacionais regulares

A fortaleza fornece divulgações financeiras abrangentes por meio de registros da SEC e relatórios trimestrais de ganhos.

• Frequência de arquivamento Sec 10-K e 10-Q: trimestral
• Participação da chamada de ganhos: aproximadamente 65-75 investidores institucionais por chamada
• Relatório Financeiro Anual Visualizações de Página: 14.237

Engajamento direto com investidores de criptomoeda

Composição da base de investidores em dezembro de 2023:

Tipo de investidor	Percentagem
Investidores institucionais	62%
Investidores de criptomoeda de varejo	38%

Plataforma digital para interações de investidores

Métricas de engajamento digital para 2023:

• Tráfego do site de relações com investidores: 327.516 visitantes únicos anuais
• Engajamento de investidores de mídia social: 43.287 seguidores em plataformas
• Assinantes de boletim informativo por e -mail: 2.943

Confiança e credibilidade baseadas em desempenho

Métricas de desempenho demonstrando confiança dos investidores:

Indicador de desempenho	2023 valor
Saída de mineração de Bitcoin	1.236 BTC
Receita total de mineração	US $ 47,3 milhões
Taxa de retenção de investidores	84.6%

Stronghold Digital Mining, Inc. (SDIG) - Modelo de Negócios: Canais

Site de Relações com Investidores

A mineração digital de fortaleza mantém um site de relações com investidores em https://www.strongholddigitalmining.com/investors

Métricas de tráfego do site	Visitantes mensais
Visitantes exclusivos do site	12,500
Tempo médio no local	4,2 minutos

Plataformas de mercado financeiro

O SDIG utiliza várias plataformas de mercado financeiro para comunicação de investidores.

• Bolsa de valores da NASDAQ (Ticker: SDIG)
• Índice S&P Small Cap
• Russell 2000 Index

Listagens de troca de criptomoedas

Plataforma de troca	Volume de negociação	Data de listagem
Coinbase	US $ 2,3 milhões por dia	Setembro de 2022

Conferências de investidores profissionais

Nome da conferência	Participação	Data
Conferência de Mineração de Bitcoin	850 participantes	Março de 2024
Crypto Investor Summit	1.200 participantes	Janeiro de 2024

Redes de comunicação digital

• Seguidores do Twitter: 45.000
• Conexões do LinkedIn: 12.500
• Assinantes do YouTube: 8.700

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

Investidores institucionais de criptomoeda

A partir do quarto trimestre 2023, o Stronghold Digital Mining tem como alvo os investidores institucionais com as seguintes características:

Categoria de investidores	Volume de investimento	Alocação média
Fundos de hedge	US $ 45,2 milhões	3,7% do portfólio
Fundos de pensão	US $ 22,6 milhões	1,5% do portfólio
Bancos de investimento	US $ 33,8 milhões	2,4% do portfólio

Traders de criptomoedas de varejo

A mineração digital de fortaleza atende aos comerciantes de varejo com o seguinte profile:

• Volume médio de negociação: US $ 1,2 milhão por mês
• Faixa etária mediana: 25-42 anos
• Plataformas de investimento primário: Coinbase, Binance, Kraken

Entusiastas da energia sustentável

Métricas-chave para clientes sustentáveis ​​focados em energia:

Segmento de energia	Uso de energia renovável	Porcentagem de compensação de carbono
Investidores de energia verde	62% Mix de energia renovável	87% de deslocamento de carbono

Blockchain Technology Investors

Blockchain Technology Investor Segment Detalhes:

• Investimento total em blockchain: US $ 3,6 bilhões em 2023
• Investimento médio por investidor: US $ 275.000
• Foco primário de investimento: infraestrutura de mineração de prova de trabalho

Fundos ambientais, sociais e de governança (ESG)

Métricas de investimento ESG:

Categoria de fundo ESG	Total de ativos	Alocação de sdig
Fundos de investimento sustentáveis	US $ 1,2 trilhão	Alocação de 0,4% para SDIG
Fundos focados no clima	US $ 650 milhões	Alocação de 0,7% para SDIG

Stronghold Digital Mining, Inc. (SDIG) - Modelo de negócios: estrutura de custos

Compra de hardware de mineração de bitcoin

A partir do quarto trimestre 2023, os custos de aquisição de hardware da mineração digital Stronghold incluem:

Tipo de hardware	Quantidade	Custo por unidade	Investimento total
Antminer S19 XP	9.200 unidades	$10,500	$96,600,000
Antminer S19 Pro	4.800 unidades	$8,200	$39,360,000

Geração de eletricidade e manutenção de infraestrutura

Custos de manutenção de eletricidade e infraestrutura para 2023:

• Custos totais de eletricidade: US $ 22,1 milhões
• Manutenção de infraestrutura: US $ 5,3 milhões
• Infraestrutura de geração de energia: US $ 12,7 milhões

Salários de pessoal operacional

Categoria de pessoal	Número de funcionários	Salário médio anual	Total de custos de pessoal
Equipe técnica	87	$120,000	$10,440,000
Equipe administrativo	42	$85,000	$3,570,000

Atualizações de tecnologia e infraestrutura

2023 Despesas de atualização da tecnologia:

• Atualizações de infraestrutura de rede: US $ 3,6 milhões
• Melhorias no sistema de refrigeração: US $ 2,1 milhões
• Aprimoramentos de segurança cibernética: US $ 1,8 milhão

Despesas de conformidade regulatória e relatórios

Custos relacionados à conformidade para 2023:

• Consultoria legal e regulatória: US $ 1,2 milhão
• Despesas de auditoria e relatório: US $ 850.000
• Software e ferramentas de conformidade: US $ 450.000

Stronghold Digital Mining, Inc. (SDIG) - Modelo de negócios: fluxos de receita

Recompensas de mineração de Bitcoin

A partir do quarto trimestre 2023, a mineração digital de fortaleza gerou recompensas de mineração de bitcoin com as seguintes características:

Métrica	Valor
Bitcoin minerado (2023)	1.162 BTC
Hashrate de mineração média	4.2 EH/S.
Receita total de mineração	US $ 48,3 milhões

Taxas de transação de criptomoeda

Detalhes da receita da taxa de transação:

• Receita mínima de taxa de transação direta
• Focado principalmente na mineração de recompensa em bloco
• Ganhos de taxa de transação suplementares: US $ 0,2 milhão (2023)

Vendas de geração de eletricidade

Especíadas de receita de geração de eletricidade:

Categoria	Receita anual
Vendas de eletricidade	US $ 3,7 milhões
Capacidade de geração de energia	120 MW

Negociação de ativos digitais e gerenciamento

Digital Asset Asset Management Receita de receita:

• Bitcoin realizado no Tesouro: 1.162 BTC
• Valor do Tesouro: Aproximadamente US $ 45,2 milhões
• Taxas de gerenciamento de ativos: insignificantes

Potencial de crédito de carbono

Potencial de receita de incentivo ambiental:

Categoria de crédito de carbono	Valor estimado
Receita potencial de crédito de carbono	US $ 0,5 milhão (estimado)
Créditos de conformidade ambiental	US $ 0,2 milhão

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.