Bitcoin Miner Stronghold Digital Terminated a Hosting Deal Slashing Debt by 60%
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Stronghold Digital Mining (SDIG) has terminated a hosting agreement with Northern Data (NB2X:GER) and reduced some of its obligations in its latest attempt to turn around its strained balance sheet.
According to a Friday statement, the termination of Stronghold’s deal with Northern Data would erase any profit-sharing commitments, which it believes would have been $10M to $25M until September 2024.
Stronghold’s problems began earlier this year when it was unable to meet Wall Street’s profits expectations and lowered its own hash rate expectation for 2022. Since then, the firm has faced several hurdles as both the cryptocurrency and equities markets have declined.