Sign of the times.
, the company had to sell off 25,200 of its mining rigs to clear $67.4 million in debt — a tacit admission that, at least in the short term, the hardware to generate crypto is now more expensive than the expected mining return.of its value in the last six months alone.
And many industries, including the formerly very profitable crypto mining sector, are now feeling the heat.It's far from game over for Stronghold, though. The company still has 16,000 mining rigs, sucking up 50 to 55 megawatts of power, according toTechnically, it even has the capacity to generate 165 megawatts of power across the power generators it operates. The downside: two of those plants burn coal refuse, which is a byproduct of mining operations.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more: