Commentary on Stronghold Digital Mining's Q2'22 Earnings

Stronghold is a vertically integrated digital asset miner focused on mining Bitcoin. In addition to Bitcoin mining, Stronghold operates two power generation facilities, one in Scrubgrass Township, PA (a.k.a. "Scrubgrass Plant") and the second in Nesquehoning, PA (a.k.a. "Panther Creek Plant"). Stronghold's strategy revolves around removing legacy coal refuse and facilitating the remediation of land and water by employing Bitcoin mining techniques. By producing their own power, Stronghold can mine Bitcoin at lower prices by controlling the value chain. Stronghold's primary fuel source is waste coal from 3rd parties and sells its electricity into the PJM Interconnection ("PJM") Merchant Market. 

Stronghold saw robust growth in Q4'21 following Oct-21 IPO, with both its energy and Bitcoin mining segments growing +2.3x and +3.5x, respectively.