The crash of cryptocurrencies this year has put a squeeze on the company.
According to Tom's Hardware, the company had to sell off 25,200 of its mining rigs in order to clear $67.4 million in debt.
Things to come could be seen as a result of the move. Since the beginning of the year, the value of the digital currency has tanked, wiping out 59 percent of its value. The formerly very profitablecryptocurrencies mining sector is feeling the heat.
It isn't over for Stronghold. According to Tom's Hardware, the company still has 16,000 mining rigs.
It has the ability to generate 165megawatts of power. There are two plants that burn coal refuse.
Cheap power is one of the reasons why cryptocurrencies are drawn to it. Some companies are looking to revive dying coal plants.
What are you going to do next? Stronghold is hoping to weather the storm and make some key purchases once the markets get back to normal.
The downturn of major Cryptocurrencies has been going on for a while. Last week, the two token fell in value.
That means that the once highly-sought-after hardware used by the likes of Stronghold isn't nearly as desirable as it used to be.
It's bad news for the mining industry that they're now struggling to recover their losses, even though the price drop may be good for gaming.
The mining company sold 26,200 rigs to eliminate their debt.
Texas paid a mining company millions of dollars to not mine cryptocurrencies.
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