Stronghold Digital Mining Highlights Environmental Stewardship in Response to Congressional Inquiry

Stronghold Digital Mining, Inc. (Nasdaq: SDIG) (“Stronghold”, or the “Company”) today responded to an inquiry from a group of United States Senators and members of Congress dated January 27, 2022, which details its commitment to fostering a positive environmental impact and the Company’s previous and ongoing reclamation and remediation efforts.

“We are excited to engage with U.S. Congressional representatives to better educate the community about our previous and ongoing positive environmental impact,” said Greg Beard, co-chairman and chief executive officer of Stronghold. “We believe that our differentiated business model demonstrates how Bitcoin mining can have a beneficial impact on the environment, local communities and grid stability.”

Excerpts from Stronghold’s full response letter:

“Pennsylvania has deemed the reclamation of coal refuse sites as an environmental priority, and since the early 1990s, an unofficial public-private-partnership has developed between the coal refuse reclamation-to-energy industry and the Commonwealth of Pennsylvania.”

“There are more than 840 coal refuse piles at these abandoned mine lands across Pennsylvania, which cover an aggregated area of 8,500 acres and contain a total volume of more than 200 million cubic yards. The total volume of coal refuse in Pennsylvania is unknown but estimates range from between 200 million and 8 billion cubic yards.”

“The Facilities represent an efficient conversion of damaging waste product into power while helping achieve governmental priorities.”

“We convert highly polluting coal refuse into power and beneficial use ash, which consists of fly ash and bottom ash that can be beneficially reused for mine reclamation efforts and as an additive in concrete production.”

“Our CFB technology helps to control emissions of sulfur dioxide (“SO2”), nitrogen oxides (“NOx”), air toxins, and total particulate matter by removing ~90% of NOx emissions, ~98% of SO2 emissions, ~99.9% of particulate emissions and ~99.9% of mercury emissions.”

“Our Facilities are capable of diligently addressing this damaging waste product and converting over 1.25 million tons of coal refuse into energy annually.”

“Bitcoin mining is a primary consumer of our power but does not preclude us from supplying power to the grid when dispatched or during periods of high power prices.”

“The Facilities currently employ over 110 individuals in the land reclamation, power management, data center and related sectors, and we plan to hire or arrange to hire approximately an additional 30 employees in Venango and Carbon Counties in 2022.”