Stronghold Digital Mining (SDIG) Provides June 2023 Bitcoin Mining Update

Stronghold Digital Mining, Inc. (NASDAQ: SDIG) (“Stronghold”, the “Company”, or “we”) today provided the following operational update:

Bitcoin Mining

During the month of June, Stronghold was awarded approximately 225 Bitcoin through its mining operations, which, when combined with April and May Bitcoin production, equates to over 626 Bitcoin mined during the second quarter of 2023. This represents approximately 43% growth compared to Bitcoin awards during the fourth quarter of 2022 and 1% sequential growth compared to the first quarter of 2023 despite Bitcoin network hash rate growth of 39% and 23% during the same periods, respectively.

During June 2023, the Company received and energized the 2,000 Avalon 1346 Bitcoin mining rigs associated with its previously announced Canaan Bitcoin Mining Agreement. The Company continues to actively evaluate incremental opportunities, representing over 1 EH/s, to fill its remaining data center slots. While no assurances can be made that Stronghold will be able to consummate any of these transactions, the Company continues to believe that it will be able to fill its existing 4 EH/s of data center capacity by the end of the third quarter of 2023. Beyond the 4 EH/s of data center capacity at the Company’s wholly owned Scrubgrass and Panther Creek plants, Stronghold has extensively evaluated opportunities to deploy its additional 25 MW of end-to-end data center equipment that it owns in inventory, which includes 20 proprietary StrongBox containers and the transformers, breakers, and switchgear to support them. The Company expects to make a decision on the location of a third site for the deployment of the data center equipment during the third quarter of 2023.

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