US mining company Stronghold Digital Mining will save $10-25 million by September 2024 as a result of terminating a deal with infrastructure provider Northern Data.
The exact amount will depend on the evolution of the price of Bitcoin.
According to the company co-chairman and CEO Greg Beard, the termination of the transaction has reportedly provided Stronghold with “improved operational control to generate cash flows over the next two years and flexibility.” He has explained:
“We continue to make significant progress in strengthening our balance sheet, liquidity and cost structure to deliver shareholder value.”
Stronghold Digital Mining had to pay the partner about 35% of the proceeds minus electricity costs in the amount of $0.027 per kWh.