Bitcoin Miner Stronghold Digital Bolsters Balance Sheet by Cutting Costs, Slashing Debt by More Than 60%

The end of Stronghold’s deal with Northern Data will eliminate all profit sharing obligations, which it estimates would have been $10 million-$25 million (depending on the price of bitcoin) until September 2024, according to a statement on Friday. The cash outflow under the previous deal would be about 35% of miner revenue, net of a $0.027 per kilowatt-hour (kWh) in power costs, according to the statement. On top of that, Stronghold is absolved of about $2.6 million payable to Northern Data.