Stronghold Digital Mining is set to go public today on the Nasdaq Global Market under the ticker SDIG at $19 per share.
The Pennsylvania-based Bitcoin mining company recently acquired Scrubgrass, a financially distressed power plant.
According to reports, the plant will burn waste coal to power the on-site mining hardware in a container next to the plant.
Waste coal is low-energy waste from the coal mining industry. Despite the emission of CO2 it is considered a tier-II alternative energy source because waste coal causes major water pollution.
The company expects to receive approximately $114.8 million of net proceeds from the offering. It intends to use the proceeds to acquire new mining rigs to add to the 3,000 miners that it currently operates.
