The Bitcoin mining firm Stronghold Digital has unveiled its financial and operational results for the quarter ending June 30, 2023. The update comes as the firm faces fierce legal troubles and a worrisome debt burden.

In the August 10 announcement, it also shared notable operational updates. The company now expects to achieve a hash rate of 4 EH/s by September 1, 2023. A hash rate is the computational power of a miner. An exahash (EH/s) represents one quintillion (10^18) hash calculations per second.

Stronghold’s Bitcoin Mining Becoming More Efficient

During the second quarter of 2023, Stronghold achieved a mining output of 626 bitcoins. A growth of around 43% compared to the fourth quarter of 2022.

This acceleration is a month ahead of the prior forecast and a four-month improvement from the estimate on March 29, 2023, according to a company statement. The firm also said its business model of wholly-owned power plants and data centers will provide fruitful as the Bitcoin halving—projected to take place in April 2024—approaches.

Following the news, the company’s shares closed 11% higher on Thursday. Its stock performance is up 69% YTD.

However, the Bitcoin mine

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Author: Josh Adams

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