About Stronghold Digital Mining
Stronghold Digital Mining is a Technology company based in Pittsburgh (United States) founded in 2021, and was acquired by Bitfarms in August 2024. Crypto mining is powered by energy from coal refuse conversion. It operates in the Technology and Financial Services sectors. Stronghold Digital Mining has raised $105 million across 5 funding rounds from investors including Bitfarms and MG Capital Group. The company has 115 employees. Its chief executive, as recorded, is Gregory A Beard. The company was acqui-hired. Its focus areas include FinTech, Cryptocurrencies, Mining and Sustainable Mining. Its legal entity is STRONGHOLD DIGITAL MINING, INC. Its competitors include TeraWulf and Sustainable Bitcoin Standard.
Company details
Stronghold Digital Mining was founded in 2021 and is headquartered in Pittsburgh, United States. Operations focus on the cryptocurrency sector, where power-generation facilities convert coal refuse into electricity for Bitcoin mining. Renewable energy sources are utilized to support these activities. Environmentally beneficial power generation facilities are also maintained to provide additional energy solutions.
- Headquarters Pittsburgh, United States
- Employees 115
- Stage Public
- SectorsTechnologyFinancial Services
- Email••••••••
- Website strongholddigitalmining.com
- Acquired by Bitfarms (Aug 2024)
- Legal Name Stronghold Digital Mining, Inc.
- Annual Revenue$74.97 M (USD)-32as on Dec 31, 2023
- Net Profit-$50.9 M (USD)43as on Dec 31, 2023
- EBITDA-$27.02 M (USD)73as on Dec 31, 2023
- Total Equity Funding$105M (USD)
in 5 rounds
- Latest Funding Round$15.43M (USD), Post-IPO
Dec 2023
- InvestorsBitfarms
& 1 more
- Employee Count115
- Acquired byBitfarms
(Aug 2024)
Funding Insights of Stronghold Digital Mining
Stronghold Digital Mining has successfully raised a total of $105M across 5 strategic funding rounds. The most recent funding activity was a Post-IPO round of $15.43 million completed in December 2023. This substantial capital infusion reflects strong investor confidence in the company's business model, growth potential, and market opportunities. The funding enables strategic expansion, product development, market penetration, and operational scaling to drive long-term value creation and competitive advantage.
- Total Funding $105M
- Total Rounds 5
- Last Round Post-IPO — $15.43M
- First Round $105M
(May 2021)
- Investors Count 1
All 5 funding rounds of Stronghold Digital Mining with amounts and investors; the two latest post-money valuations are shown, the rest are part of the premium plan.
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Dec 2023 | $15.43M | Post-IPO | – | – | – |
| Apr 2023 | $10M | Post-IPO | – | – | – |
| Sep 2022 | Post-IPO | – | – | – | |
| May 2022 | $33.75M | Post-IPO | – | – | – |
| May 2021 | $105M | Series D | – | – |
2 investors in total: 2 institutional.
Investors in Stronghold Digital Mining
Stronghold Digital Mining has secured backing from 2 investors, including institutional investors. Prominent investors backing the company include Bitfarms and MG Capital Group.
| Investor | Description | Founded Year | Domain | Location |
|---|---|---|---|---|
Financial consulting firm providing loans, investments, and credit facilitation services. | 2019 | mgcapitalgroupinc.com | Novi, United States | |
Cryptocurrency cloud mining solutions are provided via blockchain infrastructure. | 2017 | bitfarms.com | Toronto, Canada |
Investor details for Stronghold Digital Mining
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People of Stronghold Digital Mining
5 people are tracked at Stronghold Digital Mining (2 in leadership, 1 in board & advisors, 2 in team); the tracked headcount is 115.
| Name | Role | Group |
|---|---|---|
Gregory A Beard | CEO | Leadership |
Christian Ocampo | Director, Finance & Corporate Development | Leadership |
William B. Spence | Co-Chairman | Board & advisors |
Richard J. Shaffer | Asset Manager & Environmental Lead | Team |
Jordan Ferguson | Accounting Manager | Team |
Complete people profiles for Stronghold Digital Mining
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Timeline of Stronghold Digital Mining
5 dated milestones of Stronghold Digital Mining across 3 years, from founding to its latest funding, stage changes and deals.
- Founded Stronghold Digital Mining is founded.
- Funding First funding round of $105.0M.
- IPO Lists on the stock exchange (IPO).
- Funding Latest funding round, Post-IPO, of $15.4M.
- Exit Acquired by Bitfarms.
Competitors of Stronghold Digital Mining
Stronghold Digital Mining has 2 listed competitors in our database. They include TeraWulf and Sustainable Bitcoin Standard.
| Company Name | Domain | Founded | HQ Location | Total funding | Employees | Description |
|---|---|---|---|---|---|---|
| terawulf.com | 2021 | Easton, United States | Sustainable cryptocurrency mining is facilitated via an online platform. | |||
| sustainablebtc.org | 2021 | United States | Sustainable energy is used for Bitcoin mining verification and certification. |
Detailed competitors of Stronghold Digital Mining
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- Full competitor set
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Top companies in Blockchain & Decentralized Infrastructure
3 companies that operate in the same segment as Stronghold Digital Mining (Blockchain & Decentralized Infrastructure) in United States, ranked by their profile score on The Company Check.
| Company | Description | Founded | Location | Total funding | Revenue | Employees |
|---|---|---|---|---|---|---|
Decentralized exchange platform for cryptocurrency trading is operated. | 2018 | New York, New York, United States | USD 176 M | 217 | ||
Developer of blockchain and web3 software platform | 2014 | Fort Worth, Texas, United States | USD 725 M | 708 | ||
Protocols for blockchain-based solutions are provided by Aptos. | 2021 | Palo Alto, California, United States | USD 350 M | 166 |
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Frequently Asked Questions about Stronghold Digital Mining
Stronghold Digital Mining was founded in 2021.
Stronghold Digital Mining is headquartered in Pittsburgh, United States. It is registered at Pittsburgh, Pennsylvania, United States.
Gregory A Beard is the CEO of Stronghold Digital Mining, as recorded in our data.
Stronghold Digital Mining is a funded company, having raised a total of $105M across 5 funding rounds to date. The company's 1st funding round was a Series D of $105M, raised on May 2021.
Stronghold Digital Mining has 115 employees.
Annual revenue of Stronghold Digital Mining is $74.97M as on Dec 31, 2023.
Stronghold Digital Mining was founded in 2021 and is headquartered in Pittsburgh, United States. Operations focus on the cryptocurrency sector, where power-generation facilities convert coal refuse into electricity for Bitcoin mining. Renewable energy sources are utilized to support these activities. Environmentally beneficial power generation facilities are also maintained to provide additional energy solutions.
Stronghold Digital Mining's top competitors include TeraWulf and Sustainable Bitcoin Standard.
Stronghold Digital Mining has 2 investors. Key investors include Bitfarms, and MG Capital Group.
Stronghold Digital Mining operates through Stronghold Digital Mining, Inc..
Yes. Stronghold Digital Mining was acquired by Bitfarms in August 2024.