0001628280-24-010049 | 10-K | XBRL Viewer | Stronghold Digital Mining INC

RELATED-PARTY TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 2023

Fuel purchases under these agreements for the years ended December 31, 2023, and 2022, were as follows:


	December 31, 2023		December 31, 2022
Coal Purchases:
Northampton Fuel Supply Company, Inc.	$	3,139,414	$	3,121,423
Coal Valley Sales, LLC	855,605		733,458
Total	$	3,995,019	$	3,854,881

Amounts due to related parties as of December 31, 2023, and 2022, were as follows:


	December 31, 2023		December 31, 2022
Due to related parties:
Coal Valley Properties, LLC	$	—	$	134,452
Q Power LLC	—		500,000
Coal Valley Sales, LLC	433,195		—
Panther Creek Operating LLC	14,511		—
Panther Creek Energy Services LLC	—		10,687
Panther Creek Fuel Services LLC	—		53,482
Northampton Generating Fuel Supply Company, Inc.	226,951		594,039
Olympus Power LLC and other subsidiaries	44,181		78,302
Scrubgrass Energy Services LLC	—		4,087
Scrubgrass Fuel Services LLC	—		—
Totals	$	718,838	$	1,375,049

SEGMENT REPORTING - Results from Operating Segments (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
OPERATING REVENUES:	$ 74,966,300	$ 110,223,818
NET OPERATING LOSS:	(62,436,465)	(147,266,155)
OTHER EXPENSE	(39,389,028)	(47,905,812)
Net loss	(101,825,493)	(195,171,967)
DEPRECIATION AND AMORTIZATION:	(35,415,286)	(47,235,344)
INTEREST EXPENSE:	(9,846,359)	(13,911,008)
CAPITAL EXPENDITURES:	15,915,398	81,030,503
Energy Operations
Segment Reporting Information [Line Items]
OPERATING REVENUES:	7,466,255	51,000,381
NET OPERATING LOSS:	(37,718,403)	(38,992,034)
DEPRECIATION AND AMORTIZATION:	(5,337,828)	(5,189,071)
INTEREST EXPENSE:	(481,124)	(100,775)
CAPITAL EXPENDITURES:	932,898	1,735,392
Cryptocurrency Operations
Segment Reporting Information [Line Items]
OPERATING REVENUES:	67,500,045	59,223,437
NET OPERATING LOSS:	(24,718,062)	(108,274,121)
DEPRECIATION AND AMORTIZATION:	(30,077,458)	(42,046,273)
INTEREST EXPENSE:	(9,365,235)	(13,810,233)
CAPITAL EXPENDITURES:	$ 14,982,500	$ 79,295,111

REDEEMABLE COMMON STOCK - Narrative (Details) - Stronghold LLC - vote	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Temporary Equity [Line Items]
Number of votes	1
Q Power LLC
Temporary Equity [Line Items]
Ownership interest (in percent)	17.80%	45.10%

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	Dec. 31, 2023	Dec. 31, 2022
OPERATING REVENUES:
Operating revenues	$ 74,966,300	$ 110,223,818
OPERATING EXPENSES:
Fuel	28,590,348	32,970,826
Operations and maintenance	32,836,172	57,030,189
General and administrative	31,430,280	44,460,810
Depreciation and amortization	35,415,286	47,235,344
Loss on disposal of fixed assets	3,818,307	2,511,262
Realized gain on sale of digital currencies	(967,995)	(1,102,220)
Realized (gain) loss on sale of miner assets	(52,000)	8,012,248
Impairments on miner assets	0	40,683,112
Impairments on digital currencies	910,029	8,339,660
Impairments on equipment deposits	5,422,338	17,348,742
Total operating expenses	137,402,765	257,489,973
NET OPERATING LOSS	(62,436,465)	(147,266,155)
OTHER INCOME (EXPENSE):
Interest expense	(9,846,359)	(13,911,008)
Loss on debt extinguishment	(28,960,947)	(40,517,707)
Gain on extinguishment of PPP loan	0	841,670
Changes in fair value of warrant liabilities	(646,722)	4,226,171
Realized gain on sale of derivative contract	0	90,953
Changes in fair value of forward sale derivative	0	3,435,639
Changes in fair value of convertible note	0	(2,167,500)
Other	65,000	95,970
Total other income (expense)	(39,389,028)	(47,905,812)
NET LOSS	(101,825,493)	(195,171,967)
NET LOSS attributable to noncontrolling interest	(30,428,749)	(105,910,737)
Deemed contribution from exchange of Series C convertible preferred stock	20,492,568	0
NET LOSS attributable to Stronghold Digital Mining, Inc.	$ (50,904,176)	$ (89,261,230)
NET LOSS attributable to Class A common shareholders:
Basic (in USD per share)	$ (7.46)	$ (34.53)
Diluted (in USD per share)	$ (7.46)	$ (34.53)
Weighted average number of Class A common shares outstanding:
Basic (in shares)	6,821,173	2,584,907
Diluted (in shares)	6,821,173	2,584,907
Cryptocurrency mining
OPERATING REVENUES:
Operating revenues	$ 52,885,456	$ 58,763,565
Cryptocurrency hosting
OPERATING REVENUES:
Operating revenues	14,614,589	459,872
Energy
OPERATING REVENUES:
Operating revenues	5,814,251	45,384,953
Capacity
OPERATING REVENUES:
Operating revenues	1,442,067	5,469,648
Other
OPERATING REVENUES:
Operating revenues	$ 209,937	$ 145,780

ACCRUED LIABILITIES

12 Months Ended

Dec. 31, 2023

Payables and Accruals [Abstract]

ACCRUED LIABILITIES

NOTE 6 – ACCRUED LIABILITIES

Accrued liabilities consisted of the following as of December 31, 2023, and 2022:


	December 31, 2023		December 31, 2022
Accrued legal and professional fees	$	733,115	$	1,439,544
Accrued interest	22,101		1,343,085
Accrued sales and use tax	5,660,028		5,150,659
Accrued plant utilities and fuel	3,505,203		—
Accrued salaries and benefits	—		285,300
Other	867,448		674,660
Accrued liabilities	$	10,787,895	$	8,893,248

SEGMENT REPORTING - Narrative (Details)	12 Months Ended
SEGMENT REPORTING - Narrative (Details)	Dec. 31, 2023 segment
Segment Reporting [Abstract]
Number of operating segments	2

INCOME TAXES - Narrative (Details) - USD ($)	12 Months Ended
INCOME TAXES - Narrative (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Operating Loss Carryforwards [Line Items]
Income tax expense (benefit)	$ 0	$ 0
Total deferred income tax assets	55,001,970	40,920,175
Operating loss carryforwards, prior to ownership change	2,100,000
Deferred income tax expense (benefit)	0	$ 0
Domestic Tax Authority
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	90,300,000
State and Local Jurisdiction
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	$ 76,100,000

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

SUPPLEMENTAL CASH AND NON-CASH INFORMATION (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Class of Warrant or Right [Line Items]
Income tax payments	$ 0	$ 0
Interest payments	9,562,034	9,636,505
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract]
Equipment financed with debt	1,303,935	0
McClymonds arbitration award – paid by Q Power	0	5,038,122
Purchases of property, plant and equipment through finance leases	60,679	938,902
Purchases of property, plant and equipment included in accounts payable or accrued liabilities	10,582	6,614,671
Operating lease right-of-use assets exchanged for lease liabilities	291,291	630,831
Reclassifications from deposits to property, plant and equipment	4,658,970	63,363,287
Convertible note payment via warrants	0	3,340,078
Redemption of Series A convertible preferred units	1,210,000	0
Return of miners to settle debt	0	39,008,651
Warrants – WhiteHawk	0	1,150,000
Warrants – convertible note	0	6,604,881
Extinguishment of convertible note	16,812,500	0
Extinguishment of accrued interest	655,500	0
Issuance of Series C convertible preferred stock, net of issuance costs	45,386,944	0
Warrants – B&M	1,739,882	0
Return of transformers to settle outstanding payable	6,007,500	0
Issuance of B&M Note	3,500,000	0
Elimination of accounts payable	11,426,720	0
Financed insurance premiums	5,386,695	5,484,449
Class A common stock issued to settle outstanding payables or accrued liabilities	1,044,774	0
Exchange of Series C convertible preferred stock for Series D convertible preferred stock	20,492,568	0
Warrants – April 2023 Private Placement
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract]
Warrants issued, private placement	8,882,914	0
Warrants – December 2023 Private Placement
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract]
Warrants issued, private placement	13,548,834	0
Preferred Stock
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract]
Redemption of Series A convertible preferred units	$ 0	$ 33,529,837

EQUITY ISSUANCES - Narrative (Details)									2 Months Ended		12 Months Ended
EQUITY ISSUANCES - Narrative (Details)	Dec. 21, 2023 USD ($) $ / shares shares	Nov. 13, 2023 $ / shares shares	May 23, 2023 USD ($)	Apr. 20, 2023 USD ($) $ / shares shares	Feb. 20, 2023 USD ($) shares	Sep. 19, 2022 USD ($) $ / shares shares	Aug. 16, 2022 USD ($) day $ / shares shares	May 15, 2022 USD ($) $ / shares shares	Mar. 08, 2024 shares	Feb. 29, 2024 shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Jan. 31, 2024 $ / shares	Apr. 30, 2023 $ / shares	Mar. 28, 2023 $ / shares	Dec. 30, 2022 $ / shares	Aug. 15, 2022 $ / shares	Dec. 31, 2021 shares
Debt Instrument [Line Items]
Warrants issued during period (in shares)								631,800
Warrant exercise price of warrants (in USD per share) \| $ / shares								$ 25.00			$ 0.01
Proceeds from private placements, net of issuance costs paid in cash \| $								$ 27,000,000			$ 25,257,567	$ 8,599,440
New issues (in shares)					23,102
Deemed contribution from exchange of Series C convertible preferred stock \| $											$ 20,492,568	$ 0
Common stock, par value (in USD per share) \| $ / shares	$ 0.0001			$ 0.0001		$ 0.0001					$ 0.0001	$ 0.0001			$ 0.0001
Proceeds from ATM, net of issuance costs paid in cash \| $											$ 11,175,989	$ 0
Convertible Preferred Stock, Series C
Debt Instrument [Line Items]
Offering costs incurred \| $											$ 1,221,339
Exchange of Series C convertible preferred stock for Series D convertible preferred stock (in shares)		(15,582)
Preferred stock, par value (in USD per share) \| $ / shares											$ 0.0001	$ 0.0001
Convertible Preferred Stock, Series D
Debt Instrument [Line Items]
Offering costs incurred \| $											$ 148,904
Exchange of Series C convertible preferred stock for Series D convertible preferred stock (in shares)		15,582
Preferred stock, par value (in USD per share) \| $ / shares		$ 0.0001									$ 0.0001	$ 0.0001
Preferred Stock
Debt Instrument [Line Items]
Conversion of stock (in shares)					(1,530)
Shares outstanding (in shares)												0						115,200
Preferred Stock \| Convertible Preferred Stock, Series C
Debt Instrument [Line Items]
New issues (in shares)											23,102
Conversion of stock (in shares)											(1,530)
Shares outstanding (in shares)											5,990	0
Exchange of Series C convertible preferred stock for Series D convertible preferred stock (in shares)											(15,582)
Preferred Stock \| Convertible Preferred Stock, Series D
Debt Instrument [Line Items]
Conversion of stock (in shares)											(7,972)
Shares outstanding (in shares)											7,610	0
Exchange of Series C convertible preferred stock for Series D convertible preferred stock (in shares)											15,582
Preferred Stock \| Convertible Preferred Stock, Series D \| Subsequent Event
Debt Instrument [Line Items]
Conversion of stock (in shares)									(7,610)
Common Stock
Debt Instrument [Line Items]
New issues (in shares)											200,000	100,000
Conversion of stock (in shares)					382,500
Shares outstanding (in shares)											11,115,561	3,171,022						2,001,607
Common Stock \| Convertible Preferred Stock, Series C
Debt Instrument [Line Items]
Conversion of stock (in shares)											382,500
Common Stock \| Convertible Preferred Stock, Series D
Debt Instrument [Line Items]
Conversion of stock (in shares)											1,481,409
Common Stock \| Convertible Preferred Stock, Series D \| Subsequent Event
Debt Instrument [Line Items]
Conversion of stock (in shares)									1,414,117
Pre-Funded Warrants
Debt Instrument [Line Items]
Warrants issued during period (in shares)						272,565
Warrant exercise price of warrants (in USD per share) \| $ / shares						$ 0.001
Warrant purchase price of warrants (in USD per share) \| $ / shares						$ 16.00
2022 Warrants
Debt Instrument [Line Items]
Warrant exercise period						5 years 6 months
April 2023 Warrants
Debt Instrument [Line Items]
Warrant exercise price of warrants (in USD per share) \| $ / shares				$ 11.00							$ 7.00
Warrant exercise period				5 years 6 months
April 2023 Warrants \| Institutional Investor
Debt Instrument [Line Items]
Warrants issued during period (in shares)				900,000
April 2023 Warrants \| Greg Beard
Debt Instrument [Line Items]
Warrants issued during period (in shares)				100,000
Warrants – December 2023 Private Placement
Debt Instrument [Line Items]
Warrant exercise price of warrants (in USD per share) \| $ / shares	$ 7.00
Warrant exercise period				5 years 6 months
Warrants – December 2023 Private Placement \| Institutional Investor
Debt Instrument [Line Items]
Warrants issued during period (in shares)	2,300,000
September 2022 Warrants
Debt Instrument [Line Items]
Warrants issued during period (in shares)						560,241
Warrant exercise price of warrants (in USD per share) \| $ / shares						$ 17.50
September 2022 Warrants \| Subsequent Event
Debt Instrument [Line Items]
Warrant exercise price of warrants (in USD per share) \| $ / shares													$ 7.51
Note and Warrant Purchase Agreement
Debt Instrument [Line Items]
Warrants issued during period (in shares)								631,800
Warrant exercise price of warrants (in USD per share) \| $ / shares								$ 25.00
Proceeds from private placements, net of issuance costs paid in cash \| $								$ 27,000,000
Stock issued and sold during period (in shares)							631,800
Share price (in USD per share) \| $ / shares							$ 0.10										$ 25.00
Purchase agreement, discount percentage							20.00%
Purchase agreement, consecutive trading days after payment (in days) \| day							20
Note and Warrant Purchase Agreement \| May 2022 Warrants
Debt Instrument [Line Items]
Warrant exercise period								5 years
September 2022 Private Placement
Debt Instrument [Line Items]
Proceeds from ATM, net of issuance costs paid in cash \| $						$ 9,000,000
September 2022 Private Placement \| Pre-Funded Warrants
Debt Instrument [Line Items]
Warrants issued during period (in shares)						272,565
Warrant exercise price of warrants (in USD per share) \| $ / shares						$ 0.001
Warrant purchase price of warrants (in USD per share) \| $ / shares						$ 16.00
September 2022 Private Placement \| September 2022 Warrants
Debt Instrument [Line Items]
Warrants issued during period (in shares)						560,241
Warrant exercise price of warrants (in USD per share) \| $ / shares				$ 10.10		$ 17.50
Private Placement With Armistice Capital Master Fund Ltd.
Debt Instrument [Line Items]
Stock issued and sold during period (in shares)						227,435
Sale of stock (in USD per share) \| $ / shares						$ 16.00
Private placement With Greg Beard, Co-Chairman And Chief Executive Officer
Debt Instrument [Line Items]
Stock issued and sold during period (in shares)						60,241
Sale of stock (in USD per share) \| $ / shares						$ 16.60
April 2023 Private Placement
Debt Instrument [Line Items]
Sale of stock (in USD per share) \| $ / shares				$ 10.00
Sale of stock, consideration received \| $				$ 10,000,000
April 2023 Private Placement \| Class A common stock
Debt Instrument [Line Items]
Offering costs incurred \| $											$ 175,000
April 2023 Private Placement \| Institutional Investor
Debt Instrument [Line Items]
Stock issued and sold during period (in shares)				900,000
Sale of stock (in USD per share) \| $ / shares				$ 10.00
Sale of stock, consideration received \| $				$ 9,000,000
April 2023 Private Placement \| Greg Beard
Debt Instrument [Line Items]
Stock issued and sold during period (in shares)				100,000
Sale of stock (in USD per share) \| $ / shares				$ 10.00
Sale of stock, consideration received \| $				$ 1,000,000
April 2023 Private Placement \| Pre-Funded Warrants
Debt Instrument [Line Items]
Warrant exercise price of warrants (in USD per share) \| $ / shares				$ 0.001
April 2023 Private Placement \| April 2023 Warrants
Debt Instrument [Line Items]
Warrant exercise price of warrants (in USD per share) \| $ / shares				$ 11.00
Period after issuance before warrants are exercisable				6 months
April 2023 Private Placement \| April 2023 Warrants \| Institutional Investor
Debt Instrument [Line Items]
Warrants issued during period (in shares)				900,000
April 2023 Private Placement \| April 2023 Warrants \| Greg Beard
Debt Instrument [Line Items]
Warrants issued during period (in shares)				100,000
December 2023 Private Placement
Debt Instrument [Line Items]
Sale of stock (in USD per share) \| $ / shares	$ 6.71
Sale of stock, consideration received \| $	$ 15,400,000
December 2023 Private Placement \| Class A common stock
Debt Instrument [Line Items]
Offering costs incurred \| $											$ 50,592
December 2023 Private Placement \| Institutional Investor
Debt Instrument [Line Items]
Stock issued and sold during period (in shares)	2,300,000
Sale of stock (in USD per share) \| $ / shares	$ 6.71
Sale of stock, consideration received \| $	$ 15,400,000
December 2023 Private Placement \| Greg Beard
Debt Instrument [Line Items]
Sale of stock (in USD per share) \| $ / shares	$ 6.71
December 2023 Private Placement \| Pre-Funded Warrants
Debt Instrument [Line Items]
Warrant exercise price of warrants (in USD per share) \| $ / shares	0.001
December 2023 Private Placement \| Warrants – December 2023 Private Placement
Debt Instrument [Line Items]
Warrant exercise price of warrants (in USD per share) \| $ / shares	$ 7.00
Period after issuance before warrants are exercisable	6 months
December 2023 Private Placement \| Warrants – December 2023 Private Placement \| Institutional Investor
Debt Instrument [Line Items]
Warrants issued during period (in shares)	2,300,000
December 2023 Private Placement \| September 2022 Warrants
Debt Instrument [Line Items]
Warrant exercise price of warrants (in USD per share) \| $ / shares											$ 7.00			$ 10.10
At-The-Market Offering Agreement
Debt Instrument [Line Items]
Stock issued and sold during period (in shares)											1,794,587
Offering costs incurred \| $											$ 388,106
Sale of stock (in USD per share) \| $ / shares											$ 6.47
Sale of stock, consideration received \| $											$ 11,200,000
Sale of stock, potential consideration to be received \| $			$ 15,000,000
Sale of stock, percentage of gross proceeds to counterparty			3.00%
Sale of stock, gross proceeds \| $											$ 11,600,000
At-The-Market Offering Agreement \| Subsequent Event
Debt Instrument [Line Items]
Stock issued and sold during period (in shares)										0
Unsecured Convertible Promissory Notes \| Unsecured Debt
Debt Instrument [Line Items]
Debt face amount \| $							$ 11,250,000	$ 33,750,000
Interest rate								10.00%
Conversion price (in USD per share) \| $ / shares																$ 250
Convertible, liquidation preference (in USD per share) \| $ / shares																$ 1,000
Principal and interest settled upon issuance of equity \| $					$ 17,893,750
Unsecured Convertible Promissory Notes \| Unsecured Debt \| Note and Warrant Purchase Agreement
Debt Instrument [Line Items]
Debt face amount \| $							$ 11,250,000	$ 33,750,000
Interest rate								10.00%

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Schedule of Accounting Standards Update and Change in Accounting Principle

The reclassification increased energy revenues and fuel expenses for the year ended December 31, 2022, as shown in the table below.


	December 31, 2022
Energy revenues – previously disclosed	$	41,194,237
Reclassification: imported power charges	4,190,716
Energy revenues – reclassified	$	45,384,953

Fuel expenses – previously disclosed	$	28,780,110
Reclassification: imported power charges	4,190,716
Fuel expenses – reclassified	$	32,970,826

INCOME TAXES - Components of Provision for Income Taxes (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Current income tax provision expense (benefit):
Federal	$ 0	$ 0
State	0	0
Total current income tax provision expense (benefit)	0	0
Deferred income tax provision expense (benefit):
Federal	0	0
State	0	0
Total deferred income tax provision expense (benefit)	0	0
Total income tax provision (benefit) expense	$ 0	$ 0

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

ACCRUED LIABILITIES (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Accrued legal and professional fees	$ 733,115	$ 1,439,544
Accrued interest	22,101	1,343,085
Accrued sales and use tax	5,660,028	5,150,659
Accrued plant utilities and fuel	3,505,203	0
Accrued salaries and benefits	0	285,300
Accrued salaries and benefits	867,448	674,660
Accrued liabilities	$ 10,787,895	$ 8,893,248

SEGMENT REPORTING (Tables)

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The Company functions in two operating segments, Energy Operations and Cryptocurrency Operations, about which separate financial information is presented below.


	For the years ended
	December 31, 2023		December 31, 2022
OPERATING REVENUES:
Energy Operations	$	7,466,255	$	51,000,381
Cryptocurrency Operations	67,500,045		59,223,437
Total operating revenues	$	74,966,300	$	110,223,818
NET OPERATING LOSS:
Energy Operations	$	(37,718,403)	$	(38,992,034)
Cryptocurrency Operations	(24,718,062)		(108,274,121)
Total net operating (loss) income	$	(62,436,465)	$	(147,266,155)
OTHER EXPENSE [A]	(39,389,028)		(47,905,812)
NET LOSS	$	(101,825,493)	$	(195,171,967)

DEPRECIATION AND AMORTIZATION:
Energy Operations	$	(5,337,828)	$	(5,189,071)
Cryptocurrency Operations	(30,077,458)		(42,046,273)
Total depreciation and amortization	$	(35,415,286)	$	(47,235,344)
INTEREST EXPENSE:
Energy Operations	$	(481,124)	$	(100,775)
Cryptocurrency Operations	(9,365,235)		(13,810,233)
Total interest expense	$	(9,846,359)	$	(13,911,008)
CAPITAL EXPENDITURES:
Energy Operations	$	932,898	$	1,735,392
Cryptocurrency Operations	14,982,500		79,295,111
Total capital expenditures	$	15,915,398	$	81,030,503

[A] The Company does not allocate other income (expense) for segment reporting purposes. Amount is shown as a reconciling item between net operating income/(losses) and consolidated income before taxes. Refer to the accompanying consolidated statements of operations for further details.

Total assets by energy operations and cryptocurrency operations as of December 31, 2023, and 2022, are presented in the table below.


	December 31, 2023						December 31, 2022
	Energy Operations		Cryptocurrency Operations		Total		Energy Operations		Cryptocurrency Operations		Total
Cash and cash equivalents	$	231,108	$	3,983,505	$	4,214,613	$	693,805	$	12,602,898	$	13,296,703
Digital currencies	—		3,175,595		3,175,595		—		109,827		109,827
Accounts receivable	485,956		21,073		507,029		10,628,570		208,556		10,837,126
Due from related parties	97,288		—		97,288		73,122		—		73,122
Prepaid insurance	1,893,524		1,893,524		3,787,048		2,438,967		2,438,968		4,877,935
Inventory	4,196,812		—		4,196,812		4,471,657		—		4,471,657
Other current assets	433,612		1,241,472		1,675,084		—		1,975,300		1,975,300
Equipment deposits	—		8,000,643		8,000,643		—		10,081,307		10,081,307
Property, plant and equipment, net	41,538,240		103,104,531		144,642,771		45,645,205		121,559,476		167,204,681
Land	1,748,440		—		1,748,440		1,748,440		—		1,748,440
Road bond	299,738		—		299,738		211,958		—		211,958
Operating lease right-of-use assets	494,601		978,146		1,472,747		1,045,365		673,672		1,719,037
Security deposits	348,888		—		348,888		348,888		—		348,888
Other noncurrent assets	43,488		127,000		170,488		—		—		—
	$	51,811,695	$	122,525,489	$	174,337,184	$	67,305,977	$	149,650,004	$	216,955,981

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Reclassifications (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating revenues	$ 74,966,300	$ 110,223,818
Fuel expense	28,590,348	32,970,826
Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Fuel expense		28,780,110
Revision of Prior Period, Reclassification, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Fuel expense		4,190,716
Energy
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating revenues	$ 5,814,251	45,384,953
Energy \| Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating revenues		41,194,237
Energy \| Revision of Prior Period, Reclassification, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating revenues		$ 4,190,716

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

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+ Details

EARNINGS (LOSS) PER SHARE - Potentially Dilutive Securities (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	May 15, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	9,253,082	3,381,788
Warrant exercise price of warrants (in USD per share)	$ 0.01		$ 25.00
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	68,136	172,182
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	1,659	31,996
Warrants (excluding those with a $0.01 exercise price)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	3,865,910	571,850
Preferred Stock \| Convertible Preferred Stock, Series C
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	1,497,500	0
Preferred Stock \| Convertible Preferred Stock, Series D
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	1,414,117	0
Common Stock - Class V \| Common Class V
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	2,405,760	2,605,760

EQUIPMENT DEPOSITS (Details)	3 Months Ended			12 Months Ended
EQUIPMENT DEPOSITS (Details)	Sep. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2023 USD ($) miner	Dec. 31, 2022 USD ($)
Property, Plant and Equipment [Line Items]
Equipment deposits \| $		$ 10,081,307		$ 8,000,643	$ 10,081,307
Number of miners for deposit				5,000
Impairments on equipment deposits \| $	$ 5,422,338			$ 5,422,338	$ 17,348,742
Miner Equipment, MicroBT Whatsminer M50
Property, Plant and Equipment [Line Items]
Number of miners for deposit				1,100
Miner Equipment, Bitmain Antminer S19k Pro
Property, Plant and Equipment [Line Items]
Number of miners for deposit				2,800
Miner Equipment, Canaan Avalon A1346
Property, Plant and Equipment [Line Items]
Number of miners for deposit				1,100
MinerVa, MinerVA
Property, Plant and Equipment [Line Items]
Impairments on equipment deposits \| $		$ 5,120,000	$ 12,228,742

INCOME TAXES - Effective Income Tax Rate Reconciliation (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income tax provision (benefit) expense at 21% federal statutory rate	$ (21,383,354)	$ (40,986,113)
Income attributable to nontaxable noncontrolling interest	6,390,037	22,241,255
State income tax provision (benefit) expense, net of federal tax effect	(2,731,180)	(3,495,720)
Change in valuation allowance	17,280,477	20,934,443
Change in state income tax rate	0	1,430,670
Other, net	444,020	(124,535)
Total income tax provision (benefit) expense	$ 0	$ 0

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

REDEEMABLE COMMON STOCK - Schedule of Mezzanine Equity (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance (in shares)	2,605,760
Net loss attributable to noncontrolling interest	$ (30,428,749)	$ (105,910,737)
Ending balance (in shares)	2,405,760	2,605,760
Series A Shares
Increase (Decrease) in Temporary Equity [Roll Forward]
Net loss attributable to noncontrolling interest	$ (30,428,749)	$ (101,770,413)
Common Stock - Class V
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance (in shares)	2,605,760
Beginning balance	$ 11,754,587
Net loss attributable to noncontrolling interest	$ (30,428,749)
Redemption of Class V shares (in shares)	(200,000)
Redemption of Class V shares	$ (1,210,000)
Maximum redemption right valuation	$ 40,300,278
Ending balance (in shares)	2,405,760	2,605,760
Ending balance	$ 20,416,116	$ 11,754,587

- Definition

Amount of Net Income (Loss) attributable to noncontrolling interest.

+ References + Details

- Definition

Carrying amount, attributable to parent and noncontrolling interests, of an entity's issued and outstanding stock which is not included within permanent equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. Includes stock with a put option held by an ESOP and stock redeemable by a holder only in the event of a change in control of the issuer.

+ References + Details

FAIR VALUE (Details) - Bitcoin	Dec. 31, 2023 USD ($) bitcoin	Dec. 31, 2022 USD ($) bitcoin
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Crypto-asset, number of units \| bitcoin	77	7
Crypto-asset fair value \| $	$ 3,274,887	$ 115,836

DEBT (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of Debt

Total debt consisted of the following as of December 31, 2023, and 2022:


	December 31, 2023		December 31, 2022
$499,520 finance lease loan, with interest at 2.74%, due February 2024.	$	26,522	$	124,023
$499,895 finance lease loan, with interest at 3.20%, due November 2023.	—		121,470
$517,465 finance lease loan, with interest at 4.79%, due November 2024.	158,027		339,428
$119,000 finance lease loan, with interest at 7.40%, due December 2026.	119,000		—
$585,476 finance lease loan, with interest at 4.99%, due November 2025.	345,665		513,334
$431,825 finance lease loan, with interest at 7.60%, due April 2024.	31,525		121,460
$58,149,411 Credit Agreement, with interest at 10.00% plus SOFR, due October 2025.	51,060,896		56,114,249
$33,750,000 Convertible Note, with interest at 10.00%, due May 2024.	—		16,812,500
$92,381 finance lease loan, with interest at 1.49%, due April 2026.	56,470		79,249
$64,136 finance lease loan, with interest at 11.85%, due May 2024.	13,795		39,056
$196,909 finance lease loan, with interest at 6.49%, due October 2025.	134,845		184,895
$60,679 finance lease loan, with interest at 7.60%, due March 2025.	48,672		—
$3,500,000 Promissory Note, with interest at 7.50% due October 2025.	3,000,000		—
$1,184,935 Promissory Note, due June 2024.	592,468		—
$552,024 Promissory Note, due July 2024.	552,024		—
Total outstanding borrowings	$	56,139,909	$	74,449,664

Current portion of long-term debt, net of discounts and issuance fees	7,936,147		17,422,546
Long-term debt, net of discounts and issuance fees	$	48,203,762	$	57,027,118

Future Scheduled Maturities on the Outstanding Borrowings

Future scheduled maturities on the outstanding borrowings for each of the next five years as of December 31, 2023, are as follows:


Years ending December 31:
2024	$	7,936,147
2025	48,151,254
2026	52,508
2027	—
2028 and thereafter	—
Total outstanding borrowings	$	56,139,909

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details

DEBT - Narrative (Details)							3 Months Ended	12 Months Ended
DEBT - Narrative (Details)	Feb. 15, 2024 USD ($)	Dec. 26, 2023 USD ($) $ / bitcoin installment	Jul. 19, 2023 USD ($) $ / bitcoin installment	Apr. 30, 2023 USD ($) installment	Feb. 20, 2023 USD ($)	Feb. 06, 2023 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Sep. 30, 2023 USD ($)	Mar. 28, 2023 USD ($) transformer shares	Dec. 30, 2022 $ / shares	Oct. 27, 2022 USD ($)	May 15, 2022 shares
Extinguishment of Debt [Line Items]
Loss on debt extinguishment							$ 28,960,947	$ 28,960,947	$ 40,517,707
Warrants issued during period (in shares) \| shares														631,800
Bruce - Merrilees Electric Co.
Extinguishment of Debt [Line Items]
Payable eliminated											$ 11,400,000
Number of transformers released \| transformer											10
Number of transformers cancelled \| transformer											90
Series C Convertible Preferred Stock
Extinguishment of Debt [Line Items]
Preferred stock, par value (in USD per share) \| $ / shares												$ 0.0001
Loans payable \| Canaan Inc
Extinguishment of Debt [Line Items]
Number of installments \| installment		6	10
Upfront payment		$ 828,036	$ 1,777,402
Promissory note		$ 552,024	$ 1,184,935							$ 592,467
Loans payable \| Canaan Inc \| Miner Equipment, A1346 Bitcoin Miners
Extinguishment of Debt [Line Items]
Miners purchased (in miners) \| $ / bitcoin		1,100	2,000
Purchases		$ 1,380,060	$ 2,962,337
$58,149,411 Credit Agreement, with interest at 10.00% plus SOFR, due October 2025. \| Loans payable
Extinguishment of Debt [Line Items]
Debt face amount								$ 58,149,411
Period of pause on triggered monthly debt repayments						5 months
Monthly prepayments, average daily cash percentage in excess of triggering amount						50.00%
Monthly prepayments, triggering daily cash balance amount (in excess)						$ 7,500,000
Loan prepayment						$ 250,000
Maximum leverage ratio						4.0
Interest rate								10.00%
$58,149,411 Credit Agreement, with interest at 10.00% plus SOFR, due October 2025. \| Loans payable \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Extinguishment of Debt [Line Items]
Basis spread on variable rate						10.00%
Reference rate						3.00%
$58,149,411 Credit Agreement, with interest at 10.00% plus SOFR, due October 2025. \| Loans payable \| Fed Funds Effective Rate Overnight Index Swap Rate
Extinguishment of Debt [Line Items]
Basis spread on variable rate						0.50%
$58,149,411 Credit Agreement, with interest at 10.00% plus SOFR, due October 2025. \| Loans payable \| Term Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Debt Instrument, Basis Spread On Variable Rate, One
Extinguishment of Debt [Line Items]
Basis spread on variable rate						1.00%
$58,149,411 Credit Agreement, with interest at 10.00% plus SOFR, due October 2025. \| Loans payable \| Term Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Debt Instrument, Basis Spread On Variable Rate, Two
Extinguishment of Debt [Line Items]
Basis spread on variable rate						9.00%
$58,149,411 Credit Agreement, with interest at 10.00% plus SOFR, due October 2025. \| Loans payable \| Until March 31, 2024
Extinguishment of Debt [Line Items]
Minimum liquidity requirement						$ 2,500,000
$58,149,411 Credit Agreement, with interest at 10.00% plus SOFR, due October 2025. \| Loans payable \| During The Period April 1, 2024 Through December 31, 2024
Extinguishment of Debt [Line Items]
Minimum liquidity requirement						5,000,000
$58,149,411 Credit Agreement, with interest at 10.00% plus SOFR, due October 2025. \| Loans payable \| From And After January 1, 2025
Extinguishment of Debt [Line Items]
Minimum liquidity requirement						$ 7,500,000
Amended And Restated 10% Notes \| Loans payable
Extinguishment of Debt [Line Items]
Interest rate												10.00%
Debt extinguished, paid-in-kind					$ 16,900,000
$3,500,000 Promissory Note, with interest at 7.50% due October 2025. \| Loans payable
Extinguishment of Debt [Line Items]
Debt face amount								$ 3,500,000			$ 3,500,000
Interest rate								7.50%
Warrants issued during period (in shares) \| shares											300,000
Debt repayments								$ 500,000
B&M Note Due October 2025, Tranche One \| Loans payable
Extinguishment of Debt [Line Items]
Debt face amount				$ 500,000
Number of installments \| installment				4
Principal installment				$ 125,000
Secured Debt \| $58,149,411 Credit Agreement, with interest at 10.00% plus SOFR, due October 2025. \| Loans payable
Extinguishment of Debt [Line Items]
Debt face amount													$ 35,100,000
Secured Debt \| $58,149,411 Credit Agreement, with interest at 10.00% plus SOFR, due October 2025. \| Loans payable \| Subsequent Event
Extinguishment of Debt [Line Items]
Repayments of line of credit	$ 3,230,523
Line of Credit \| $58,149,411 Credit Agreement, with interest at 10.00% plus SOFR, due October 2025. \| Loans payable
Extinguishment of Debt [Line Items]
Debt face amount													$ 23,000,000
Interest rate during period								15.25%

PROPERTY, PLANT AND EQUIPMENT - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Depreciation and amortization	$ 35,415,286	$ 47,235,344
Depreciation of assets under finance leases	484,704	406,411
Finance lease, gross	2,797,265	2,890,665
Finance lease, accumulated amortization	1,420,736	1,074,091
Impairments on miner assets	0	40,683,112
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 11,562,170	$ 19,553,826

DIGITAL CURRENCIES (Details) - USD ($)	12 Months Ended
DIGITAL CURRENCIES (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Indefinite-lived Intangible Assets [Roll Forward]
Digital currencies at beginning of period	$ 109,827
Realized gain on sale of digital currencies	967,995	$ 1,102,220
Impairment losses	(910,029)	(8,339,660)
Digital currencies at end of period	3,175,595	109,827
Digital Currencies
Indefinite-lived Intangible Assets [Roll Forward]
Digital currencies at beginning of period	109,827	10,417,865
Additions of digital currencies	62,236,771	58,763,565
Realized gain on sale of digital currencies	967,995	1,102,220
Impairment losses	(910,029)	(8,339,660)
Proceeds from sale of digital currencies	(59,228,969)	(57,274,268)
Collateral sold to close derivative	0	(4,559,895)
Digital currencies at end of period	$ 3,175,595	$ 109,827

DEBT

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

DEBT

NOTE 7 – DEBT

Total debt consisted of the following as of December 31, 2023, and 2022:


	December 31, 2023		December 31, 2022
$499,520 finance lease loan, with interest at 2.74%, due February 2024.	$	26,522	$	124,023
$499,895 finance lease loan, with interest at 3.20%, due November 2023.	—		121,470
$517,465 finance lease loan, with interest at 4.79%, due November 2024.	158,027		339,428
$119,000 finance lease loan, with interest at 7.40%, due December 2026.	119,000		—
$585,476 finance lease loan, with interest at 4.99%, due November 2025.	345,665		513,334
$431,825 finance lease loan, with interest at 7.60%, due April 2024.	31,525		121,460
$58,149,411 Credit Agreement, with interest at 10.00% plus SOFR, due October 2025.	51,060,896		56,114,249
$33,750,000 Convertible Note, with interest at 10.00%, due May 2024.	—		16,812,500
$92,381 finance lease loan, with interest at 1.49%, due April 2026.	56,470		79,249
$64,136 finance lease loan, with interest at 11.85%, due May 2024.	13,795		39,056
$196,909 finance lease loan, with interest at 6.49%, due October 2025.	134,845		184,895
$60,679 finance lease loan, with interest at 7.60%, due March 2025.	48,672		—
$3,500,000 Promissory Note, with interest at 7.50% due October 2025.	3,000,000		—
$1,184,935 Promissory Note, due June 2024.	592,468		—
$552,024 Promissory Note, due July 2024.	552,024		—
Total outstanding borrowings	$	56,139,909	$	74,449,664

Current portion of long-term debt, net of discounts and issuance fees	7,936,147		17,422,546
Long-term debt, net of discounts and issuance fees	$	48,203,762	$	57,027,118

WhiteHawk Refinancing Agreement

On October 27, 2022, the Company entered into a secured credit agreement (the “Credit Agreement”) with WhiteHawk Finance LLC ("WhiteHawk") to refinance an existing equipment financing agreement, dated June 30, 2021, by and between Stronghold Digital Mining Equipment, LLC and WhiteHawk (the “WhiteHawk Financing Agreement”). Upon closing, the Credit Agreement consisted of approximately $35.1 million in term loans and approximately $23.0 million in additional commitments.

The financing pursuant to the Credit Agreement (such financing, the “WhiteHawk Refinancing Agreement”) was entered into by Stronghold Digital Mining Holdings, LLC ("Stronghold LLC"), as Borrower (in such capacity, the “Borrower”), and is secured by substantially all of the assets of the Company and its subsidiaries and is guaranteed by the Company and each of its material subsidiaries. The WhiteHawk Refinancing Agreement requires equal monthly amortization payments resulting in full amortization at maturity. The WhiteHawk Refinancing Agreement has customary representations, warranties and covenants including restrictions on indebtedness, liens, restricted payments and dividends, investments, asset sales and similar covenants and contains customary events of default.

On February 6, 2023, the Company, Stronghold LLC, as borrower, their subsidiaries and WhiteHawk Capital Partners LP ("WhiteHawk Capital"), as collateral agent and administrative agent, and the other lenders thereto, entered into an amendment to the Credit Agreement (the “First Amendment”) in order to modify certain covenants and remove certain prepayment requirements contained therein. As a result of the First Amendment, amortization payments for the period from February 2023 through July 2024 are not required, with monthly amortization resuming July 31, 2024. Beginning June 30, 2023, following a five-month holiday, Stronghold LLC will make monthly prepayments of the loan in an amount equal to 50% of its average daily cash balance (including cryptocurrencies) in excess of $7,500,000 for such month. Consistent with the First Amendment, the Company made a loan prepayment of $250,000 during the year ended December 31, 2023, in addition to two amortization payments totaling $3,230,523 during December 2023 that were not due until the third quarter of 2024. Refer to Note 22 – Subsequent Events for additional details. The First Amendment also modified the financial covenants to (i) in the case of the requirement of the Company to maintain a leverage ratio no greater than 4.0:1.00, such covenant will not be tested until the fiscal quarter ending September 30, 2024, and (ii) in the case of the minimum liquidity covenant, modified to require minimum liquidity at any time to be not less than: (A) until March 31, 2024, $2,500,000; (B) during the period beginning April 1, 2024, through and including December 31, 2024, $5,000,000; and (C) from and after January 1, 2025, $7,500,000. The Company was in compliance with all applicable covenants under the WhiteHawk Refinancing Agreement as of and for the year ended December 31, 2023.

The borrowings under the WhiteHawk Refinancing Agreement mature on October 26, 2025, and bear interest at a rate of either (i) the Secured Overnight Financing Rate ("SOFR") plus 10% or (ii) a reference rate equal to the greater of (x) 3%, (y) the federal funds rate plus 0.5%, and (z) the term SOFR rate plus 1%, plus 9%. Borrowings under the WhiteHawk

Refinancing Agreement may also be accelerated in certain circumstances. The average interest rate for borrowings under the WhiteHawk Refinancing Agreement approximated 15.25% for the year ended December 31, 2023.

Convertible Note Exchange

On December 30, 2022, the Company entered into an exchange agreement with the holders (the “Purchasers”) of the Company’s Amended and Restated 10% Notes (the “Amended May 2022 Notes”), providing for the exchange of the Amended May 2022 Notes (the “Exchange Agreement”) for shares of the Company’s newly-created Series C Convertible Preferred Stock, par value $0.0001 per share (the “Series C Preferred Stock”). On February 20, 2023, the transactions contemplated under the Exchange Agreement were consummated, and the Amended May 2022 Notes were deemed paid in full. Approximately $16.9 million of principal amount of debt was extinguished in exchange for the issuance of the shares of Series C Preferred Stock. As a result of this transaction, the Company incurred a loss on debt extinguishment of $28,960,947 during the first quarter of 2023.

Bruce & Merrilees Promissory Note

On March 28, 2023, the Company and Stronghold LLC entered into a settlement agreement (the “B&M Settlement”) with its electrical contractor, Bruce & Merrilees Electric Co. (“B&M”). Pursuant to the B&M Settlement, B&M agreed to eliminate an approximately $11.4 million outstanding payable in exchange for a promissory note in the amount of $3,500,000 (the "B&M Note") and a stock purchase warrant for the right to purchase from the Company 300,000 shares of Class A common stock (the "B&M Warrant"). The B&M Note has no definitive payment schedule or term. Pursuant to the B&M Settlement, B&M released ten (10) 3000kva transformers to the Company and fully cancelled ninety (90) transformers remaining under a pre-existing order with a third-party supplier. The terms of the B&M Settlement included a mutual release of all claims. Simultaneous with the B&M Settlement, the Company and each of its subsidiaries entered into a subordination agreement with B&M and WhiteHawk Capital pursuant to which all obligations, liabilities and indebtedness of every nature of the Company and each of its subsidiaries owed to B&M shall be subordinate and subject in right and time of payment, to the prior payment of full of the Company's obligation to WhiteHawk Capital pursuant to the Credit Agreement. This subordination agreement became effective on March 28, 2023, with the Second Amendment to the Credit Agreement.

Pursuant to the B&M Note, the first $500,000 of the principal amount of the loan was payable in four equal monthly installments of $125,000 beginning on April 30, 2023, so long as (i) no default or event of default had occurred or is occurring under the WhiteHawk Credit Agreement and (ii) no PIK Option (as such term is defined in the WhiteHawk Refinancing Agreement) had been elected by the Company. The principal amount under the B&M Note bears interest at seven and one-half percent (7.5%). As of December 31, 2023, the Company paid $500,000 of principal pursuant to the B&M Note.

Canaan Promissory Notes

On July 19, 2023, the Company entered into a Sales and Purchase Contract with Canaan Inc. ("Canaan") whereby the Company purchased 2,000 A1346 Bitcoin miners for a total purchase price of $2,962,337. The purchase price was payable to Canaan via an upfront payment of $1,777,402 on or before August 1, 2023, which the Company paid on July 25, 2023, and a promissory note of $1,184,935 due to Canaan in ten (10) equal, interest-free installments on the first day of each consecutive month thereafter until the remaining promissory note balance is fully repaid. The miners were delivered and installed during the third quarter of 2023 at the Company's Panther Creek Plant. As of December 31, 2023, the Company paid $592,467 of the promissory note due to Canaan.

On December 26, 2023, the Company entered into a second Sales and Purchase Contract with Canaan whereby the Company purchased 1,100 A1346 Bitcoin miners for a total purchase price of $1,380,060. The purchase price was payable to Canaan via an upfront payment of $828,036 on or before December 26, 2023, which the Company paid on December 26, 2023, and a promissory note of $552,024 due to Canaan in six (6) equal, interest-free installments on the first day of

each consecutive month thereafter, beginning in 2024, until the remaining promissory note balance is fully repaid. The miners were delivered and installed during the first quarter of 2024 at the Company's Scrubgrass Plant.

Future scheduled maturities on the outstanding borrowings for each of the next five years as of December 31, 2023, are as follows:


Years ending December 31:
2024	$	7,936,147
2025	48,151,254
2026	52,508
2027	—
2028 and thereafter	—
Total outstanding borrowings	$	56,139,909

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

EQUITY ISSUANCES (Tables)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Schedule of Black Scholes Input Assumptions

The fair value of the warrant liabilities was estimated as of December 31, 2023, using a Black-Scholes model with significant inputs as follows:


	December 31, 2023
Expected volatility	131.6		%
Expected life (in years)	6
Risk-free interest rate	3.8		%
Expected dividend yield	0		%
Fair value	$	3,665,457

The fair value of the warrant liabilities was estimated as of December 31, 2023, using a Black-Scholes model with significant inputs as follows:


	December 31, 2023
Expected volatility	131.6		%
Expected life (in years)	6
Risk-free interest rate	3.8		%
Expected dividend yield	0		%
Fair value	$	6,571,494

The fair value of the warrant liabilities was estimated as of December 31, 2023, using a Black-Scholes model with significant inputs as follows:


	December 31, 2023
Expected volatility	131.6		%
Expected life (in years)	5.5
Risk-free interest rate	3.8		%
Expected dividend yield	0		%
Fair value	$	14,973,478

STOCK-BASED COMPENSATION

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION

NOTE 14 – STOCK-BASED COMPENSATION

On October 19, 2021, the board of directors of the Company (the "Board") and the stockholders of the Company approved a new long-term incentive plan the Stronghold Digital Mining, Inc. Omnibus Incentive Plan (the “New LTIP”) for employees, consultants and directors. The New LTIP provides for the grant of options (including incentive stock options and non-qualified stock options), stock appreciation rights, restricted stock units ("RSUs"), dividend equivalents, other stock-based awards, and substitute awards intended to align the interests of service providers, including our named executive officers, with those of our stockholders. Pursuant to the New LTIP, the remaining shares of Class A common stock under the prior long-term incentive plan that was effective April 28, 2021, that were reserved and available for delivery, were assumed and reserved for issuance under the New LTIP. In addition, the New LTIP raised the aggregate number of shares of common stock that may be issued or used for reference purposes or with respect to which awards may be granted under the plan to not exceed 4,752,000 shares. As of October 19, 2021, the Company now grants all equity-based awards under the New LTIP. On January 18, 2023, the stockholders of the Company approved an amendment to the New LTIP to increase the amount of shares of Class A common stock available for delivery with respect to awards by 6,000,000 shares. The numbers of shares available under the New LTIP was proportionately reduced to reflect the Reverse Stock Split.

The Board is duly authorized to administer the New LTIP. The Company accounts for share-based payment awards exchanged for services at the estimated grant date fair value of the award.

Stock options issued under the Company’s New LTIP are granted with an exercise price no less than the market price of the Company’s stock at the date of grant and expire up to ten years from the date of the grant. The Company accounts for share-based payment awards exchanged for services at the estimated grant date fair value of the award. Stock options issued under the LTIP were granted with an exercise price equal to the fair market value of the Company’s stock, as determined with reference to third-party valuations as of the date of option grants, and expire up to ten years from the date of grant. Options granted under the New LTIP and the LTIP vest over various terms.

RSUs are subject to restrictions on transferability, risk of forfeiture and other restrictions imposed by the Compensation Committee of the Board (the "Committee"). Settlement of vested RSUs will occur upon vesting or upon expiration of the deferral period specified for such RSUs by the Committee (or, if permitted by the Committee, as elected by the participant). RSUs may be settled in cash or a number of shares of stock (or a combination of the two), as determined by the Committee at the date of grant or thereafter.

Stock-Based Compensation

Stock-based compensation expense, including share-based expenses associated with non-employee directors, was $9,238,826 and $13,890,350 for the years ended December 31, 2023, and 2022, respectively, and is included in general and administrative expense in the consolidated statements of operations. There is no tax benefit related to stock compensation expense due to the Company having a full valuation allowance recorded against its deferred income tax assets as of December 31, 2023.

The Company recognized total stock-based compensation expense for the years ended December 31, 2023, and 2022, from the following categories:


	For the years ended
	December 31, 2023		December 31, 2022
Restricted stock awards under the Plan	$	7,167,680	$	3,592,641
Stock option awards under the Plan	2,071,146		10,297,709
Total stock-based compensation expense	$	9,238,826	$	13,890,350

Stock Options

There were no stock options granted during 2023. The following are the weighted-average assumptions used in calculating the fair value of the total stock options granted during 2022 using the Black-Scholes method.


	December 31, 2022
Weighted-average fair value of options granted	$	102.10
Expected volatility	125.85		%
Expected life (in years)	5.81
Risk-free interest rate	1.69		%
Expected dividend yield	0		%

Expected Volatility – The Company estimates its expected stock volatility based on the historical volatility of a publicly traded set of peer companies, as the Company does not currently have sufficient history for the volatility of its own stock.

Expected Term – The expected term of options represents the period that the Company’s stock-based awards are expected to be outstanding based on the simplified method, which is the half-life from vesting to the end of the contractual term.

Risk-Free Interest Rate – The Company bases the risk-free interest rate on the implied yield available on U.S. Treasury zero-coupon issues with an equivalent remaining term.

Expected Dividend Yield – The Company has never declared or paid any cash dividends on its common shares and does not plan to pay cash dividends in the foreseeable future and, therefore, uses an expected dividend yield of zero in its valuation models.

The Company elected to account for forfeited awards as they occur, as permitted by ASU 2016-09.

As of December 31, 2023, the total future compensation expense related to unvested options not yet recognized in the consolidated statements of operations was approximately $787,683, and the weighted-average period over which these awards are expected to be recognized is approximately 0.52 years.

The following table summarizes the Company's stock option activity for the years ended December 31, 2023, and 2022.


	Number of Shares	Weighted- Average Exercise Price		Weighted- Average Contractual Term	Aggregate Intrinsic Value
Outstanding at January 1, 2022	337,908	$	89.10	9.61	$	30,906,003
Granted	20,597	106.10		9.11	—
Exercised	—	—		—	—
Expired	—	—		—	—
Cancelled / Forfeited	(3,500)	180.60		8.68	—
Outstanding at December 31, 2022	355,005	$	90.30	9.00	$	—
Granted	—	—		—	—
Exercised	—	—		—	—
Expired	(25,203)	82.02		7.59	—
Cancelled / Forfeited	(248,370)	93.96		7.63	—
Outstanding at December 31, 2023	81,432	$	82.44	7.59	$	—
Shares vested and expected to vest	81,432	$	82.44	7.59	$	—
Exercisable as of December 31, 2023	68,136	$	82.67	7.58	$	—

RSUs

The following table summarizes the Company's RSU activity for the years ended December 31, 2023, and 2022.


	Number of Shares	Weighted-Average Grant Date Fair Value
Unvested at January 1, 2022	6,074	$	111.00
Vested	(31,996)	53.60
Granted	168,711	37.60
Cancelled / Forfeited	(836)	38.80
Unvested at December 31, 2022	141,953	$	43.50
Vested	(82,795)	22.49
Granted	547,178	8.38
Cancelled / Forfeited	(53,692)	36.02
Unvested at December 31, 2023	552,644	$	6.93

The value of RSUs are measured based on their fair value on the date of grant and amortized over their respective vesting periods. As of December 31, 2023, total future compensation expense related to unvested RSUs not yet recognized in the consolidated statements of operations was approximately $2,735,625, and the weighted-average vesting period over which these awards are expected to be recognized is approximately 1.02 years.

NATURE OF OPERATIONS	12 Months Ended
NATURE OF OPERATIONS	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
NATURE OF OPERATIONS	NATURE OF OPERATIONS Stronghold Digital Mining, Inc. ("Stronghold Inc." or the "Company") was incorporated as a Delaware corporation on March 19, 2021. The Company is a low-cost, environmentally beneficial, vertically integrated crypto asset mining company focused on mining Bitcoin and environmental remediation and reclamation services. The Company wholly owns and operates two coal refuse power generation facilities that it has upgraded: (i) the Company's first reclamation facility located on a 650-acre site in Scrubgrass Township, Venango County, Pennsylvania, which the Company acquired the remaining interest of in April 2021, and has the capacity to generate approximately 83.5 megawatts (“MW”) of electricity (the "Scrubgrass Plant"); and (ii) a facility located near Nesquehoning, Pennsylvania, which the Company acquired in November 2021, and has the capacity to generate approximately 80 MW of electricity (the "Panther Creek Plant," and collectively with the Scrubgrass Plant, the "Plants"). Both facilities qualify as an Alternative Energy System because coal refuse is classified under Pennsylvania law as a Tier II Alternative Energy Source (large-scale hydropower is also classified in this tier). The Company is committed to generating energy and managing its assets sustainably, and the Company believes that it is one of the first vertically integrated crypto asset mining companies with a focus on environmentally beneficial operations. Stronghold Inc. operates in two business segments – the Energy Operations segment and the Cryptocurrency Operations segment. Operating segments are defined as components of an enterprise for which separate financial information is evaluated regularly by the chief operating decision maker ("CODM"). This segment presentation is consistent with how the Company's CODM, its chief executive officer, evaluates financial performance and makes resource allocation and strategic decisions about the business. Energy Operations The Company operates as a qualifying cogeneration facility (“Facility”) under the provisions of the Public Utilities Regulatory Policies Act of 1978 and sells its electricity into the PJM Interconnection Merchant Market ("PJM") under a Professional Services Agreement (“PSA”) with Customized Energy Solutions (“CES”), effective July 27, 2022. Under the PSA, CES agreed to act as the exclusive provider of services for the benefit of the Company related to interfacing with PJM, including handling daily marketing, energy scheduling, telemetry, capacity management, reporting, and other related services for the Plants. The initial term of the agreement is two years, and then will extend automatically on an annual basis unless terminated by either party with 60 days written (or electronic) notice prior to the current term end. The Company’s primary fuel source is waste coal which is provided by various third parties. Waste coal tax credits are earned by the Company by generating electricity utilizing coal refuse. In addition to the Company earning Tier II Renewable Energy Credits ("RECs") for its use of coal refuse as its primary fuel source, the Company also earns waste coal tax credits for generating electricity utilizing coal refuse. Cryptocurrency Operations The Company is also a vertically-integrated digital currency mining business. The Company buys and maintains a fleet of Bitcoin miners, as well as the required infrastructure, and provides power to third-party digital currency miners under hosting agreements. The digital currency mining operations are in their early stages, and digital currencies and energy pricing mining economics are volatile and subject to uncertainty. The Company’s current strategy will continue to expose it to the numerous risks and volatility associated with the digital mining and power generation sectors, including fluctuating Bitcoin-to-U.S.-Dollar prices, the costs and availability of miners, the number of market participants mining Bitcoin, the availability of other power generation facilities to expand operations, and regulatory changes.

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Property and Equipment, Revenue Recognition, Waste Coal Tax Credits, Renewable Energy Credits and Ash Sales (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Impairments on miner assets	$ 0	$ 40,683,112
Revenue recognized	294,789	0
Waste coal tax credits	2,861,829	1,836,823
Renewable energy credits	19,212,021	9,960,655
Waste ash sales	$ 123,178	$ 51,453
Cryptocurrency machines
Property, Plant and Equipment [Line Items]
Useful life	3 years

INVENTORY (Tables)

12 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

Schedule of Inventory

Inventory consisted of the following components as of December 31, 2023, and 2022:


	December 31, 2023		December 31, 2022
Waste coal	$	4,066,201	$	4,147,369
Limestone	72,969		180,696
Fuel oil	57,642		143,592
Inventory	$	4,196,812	$	4,471,657

NONCONTROLLING INTERESTS - Narrative (Details) - Stronghold LLC - vote	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Noncontrolling Interest [Line Items]
Number of votes	1
Q Power LLC
Noncontrolling Interest [Line Items]
Ownership interest (in percent)	17.80%	45.10%

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

NOTE 1 – BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”). The financial information included herein reflects the consolidated financial position of the Company as of December 31, 2023, and 2022, and its consolidated results of operations and cash flows for the years then ended. Certain reclassifications of amounts previously reported have been made to the accompanying consolidated financial statements in order to conform to current presentation. Additionally, since there are no differences between net income (loss) and

comprehensive income (loss), all references to comprehensive income (loss) have been excluded from the consolidated financial statements.

On May 15, 2023, following approval by the Board of Directors (the "Board") and stockholders of the Company, the Company effected a 1-for-10 reverse stock split ("Reverse Stock Split") of its Class A common stock, par value $0.0001 per share, and Class V common stock, par value $0.0001 per share. The par values of the Company's Class A and Class V common stock were not adjusted as a result of the Reverse Stock Split. All share and per share amounts and related stockholders' equity balances presented herein have been retroactively adjusted to reflect the Reverse Stock Split.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent liabilities as of the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

A summary of the significant accounting policies followed by the Company is presented below.

Reclassification

During the first quarter of 2023, the Company revised its accounting policy to reclassify the presentation of imported power charges. Imported power charges are now recorded within fuel expenses, whereas they were previously netted against energy revenue. The prior period has been reclassified to conform to the current period presentation. The reclassification had no impact on net operating income (loss), earnings per share or equity. The reclassification increased energy revenues and fuel expenses for the year ended December 31, 2022, as shown in the table below.


	December 31, 2022
Energy revenues – previously disclosed	$	41,194,237
Reclassification: imported power charges	4,190,716
Energy revenues – reclassified	$	45,384,953

Fuel expenses – previously disclosed	$	28,780,110
Reclassification: imported power charges	4,190,716
Fuel expenses – reclassified	$	32,970,826

Cash and Cash Equivalents

Cash and cash equivalents consists of short-term, highly-liquid investments with original maturities of three months or less. As of December 31, 2023, the Company's cash and cash equivalents balance does not include any restricted cash. The Company maintains its cash in non-interest bearing accounts that are insured by the Federal Deposit Insurance Corporation up to $250,000. The Company’s deposits may, from time to time, exceed the $250,000 limit; however, management believes that there is no unusual risk present, as the Company places its cash with, what management considers to be, high-quality financial institutions.

Digital Currencies

Digital currencies are classified in the consolidated balance sheet as current assets and are considered an intangible asset with an indefinite useful life. Although indefinite-lived intangible assets are generally considered noncurrent assets, the Company classifies its digital currencies as current assets because the Company expects to realize the cash flows associated with such assets within a year. The cryptocurrency awards it earns are regularly converted into U.S. dollars, without limitations or restrictions, to support the Company's ongoing operations in the normal course of business. Digital currencies are recorded at cost less any impairments. Bitcoin is the only cryptocurrency the Company mines or holds. Bitcoin is highly liquid, fungible and readily converted into U.S. dollars similar to the Company's cash and cash equivalents.

An intangible asset with an indefinite useful life is not amortized but assessed for impairment annually, or more frequently, when events or changes in circumstances indicate that it is more likely than not that the indefinite-lived asset is impaired. Impairment exists when the carrying amount exceeds its fair value, which is measured using the lowest quoted price of the cryptocurrency at the time its fair value is being measured (i.e., daily). In testing for impairment, the Company has the option to first perform a qualitative assessment to determine whether it is more likely than not (that is, a likelihood of more than 50 percent) that an impairment exists. If it is determined that it is not more likely than not that an impairment exists, a quantitative impairment test is not necessary. However, given the existence of a quoted price for Bitcoin on active markets,

the Company exercises its unconditional option to bypass the qualitative assessment for any indefinite-lived intangible asset in any period when the market price is below the carrying value and proceed directly to performing the quantitative impairment test. To the extent an impairment loss is recognized, the loss establishes the new cost basis of the asset. Subsequent reversal of impairment losses is not permitted.

Accounts Receivable

Accounts receivable is stated at the amount management expects to collect from trade receivable or other balances outstanding at period end. An allowance for doubtful accounts is provided when necessary and is based on management’s evaluation of outstanding accounts receivable at period end. The potential risk of collectability is limited to the amount recorded in the consolidated financial statements.

Inventory

Waste coal, fuel oil and limestone are valued at the lower of average cost or net realizable value and include all related transportation and handling costs. The Company performs periodic assessments to determine the existence of obsolete, slow-moving and unusable inventory and records provisions to reduce such inventories to net realizable value as necessary.

Property, Plant and Equipment

Property, plant and equipment are recorded at cost, including those assets associated with the Cryptocurrency Operations segment, such as cryptocurrency miners, storage trailers and related electrical components. Expenditures for major additions and improvements are capitalized, and minor replacements, maintenance and repairs are charged to expenses as incurred. When property, plant and equipment are retired or otherwise disposed of, the cost and accumulated depreciation are removed from the accounts, and any resulting gain or loss is recognized in the consolidated statements of operations. Depreciation is recognized over the remaining estimated useful lives (“EUL”) of the related assets using the straight-line method.

The Company’s depreciation is based on its Facility being considered a single property unit. Certain components of the Facility may require a replacement or overhaul several times over its EUL. Costs associated with overhauls are generally recorded as expenses in the period incurred. However, in instances where a replacement of a Facility component is significant and the Company can reasonably estimate the original cost of the component being replaced, the Company will write-off the replaced component and capitalize the cost of the replacement. The component will be depreciated over the lesser of the EUL of the component or the remaining EUL of the Facility.

In conjunction with ASC 360, Property, Plant, and Equipment, the Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of a long-lived asset or asset group to be held and used is measured by a comparison of the carrying amount of the long-lived asset or asset group to undiscounted future cash flows expected to be generated by the long-lived asset or asset group. The factors considered by management in performing this assessment include current operating results, trends and prospects, the manner in which the asset is used, and the effects of obsolescence, demand, competition, and other economic factors. If such a long-lived asset or asset group is considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the long-lived asset or asset group exceeds its fair value. Based on the Company’s analysis, the Company's long-lived assets were recoverable as of December 31, 2023; however, impairment indicators existed throughout 2022, and as of December 31, 2022, that resulted in impairments on miner assets of $40,683,112 for the year then ended.

Management has assessed the basis of depreciation of the Company’s Bitcoin miners used to verify digital currency transactions and generate digital currencies and believes they should be depreciated over a three-year period. The rate at which the Company generates digital assets, and therefore, consumes the economic benefits of its transaction verification servers, is influenced by a number of factors including the following:

1.The complexity of the transaction verification process which is driven by the algorithms contained within the Bitcoin open source software;

2.The general availability of appropriate computer processing capacity on a global basis (commonly referred to as hash rate capacity); and

3.Technological obsolescence reflecting rapid development in the transaction verification server industry such that more recently developed hardware is more economically efficient to run in terms of digital assets generated as a function of operating costs, primarily power costs (i.e., the speed of hardware evolution in the industry is such that later hardware models generally have faster processing capacity combined with lower operating costs and a lower cost of purchase).

The Company operates in an emerging industry for which limited data is available to make estimates of the useful economic lives of specialized equipment. Management has determined that three years best reflects the current expected useful life of its Bitcoin miners. This assessment takes into consideration the availability of historical data and management’s expectations regarding the direction of the industry including potential changes in technology. Management reviews this estimate annually and will revise this estimate, as necessary, if and when the available supporting data changes.

To the extent that any of the assumptions underlying management’s estimate of useful life for its transaction verification servers are subject to revision in a future reporting period, either as a result of changes in circumstances or through the availability of greater quantities of data, the estimated useful life could change and have a prospective impact on depreciation expense and the carrying amounts of these Bitcoin miner assets.

Right-of-Use Assets

A right-of-use (“ROU”) asset represents the right to use an underlying asset for the term of the lease, and the corresponding liability represents an obligation to make periodic payments arising from the lease. A determination of whether an arrangement includes a lease is made at the inception of the arrangement. ROU assets and liabilities are recognized on the consolidated balance sheet, at the commencement date of the lease, in an amount equal to the present value of the lease payments over the term of the lease, calculated using the interest rate implicit in the lease arrangement or, if not known, the Company's incremental borrowing rate. The present value of a ROU asset also includes any lease payments made prior to commencement of the lease and excludes any lease incentives received or to be received under the arrangement. The lease term includes options to extend or terminate the lease when it is reasonably certain that such options will be exercised. Operating leases that have original terms of less than 12 months, inclusive of options to extend that are reasonably certain to be exercised, are classified as short-term leases and are not recognized on the consolidated balance sheet.

Operating lease ROU assets are recorded as noncurrent assets on the consolidated balance sheet. The corresponding liabilities are recorded as operating lease liabilities, either current or noncurrent, as applicable, on the consolidated balance sheet. Operating lease costs are recognized on a straight-line basis over the lease term within operations and maintenance or general and administrative expenses based on the use of the related ROU asset.

Debt

The Company records its debt balances net of any discounts or premiums and issuance fees. Discounts and premiums are amortized as interest expense or income over the life of the debt in such a way as to result in a constant rate of interest when applied to the amount outstanding at the beginning of any given period. Debt issuance costs are amortized as interest expense over the scheduled maturity of the debt. Unamortized debt issuance costs are recognized as direct deduction from the carrying of the related debt in the consolidated balance sheet.

Asset Retirement Obligations

Asset retirement obligations, including those conditioned on future events, are recorded at fair value in the period in which they are incurred, if a reasonable estimate of fair value can be made. The associated asset retirement costs are capitalized as part of the carrying amount of the related long-lived asset in the same period. In each subsequent period, the liability is accreted to its present value, and the capitalized cost is depreciated over the EUL of the long-lived asset. If the asset retirement obligation is settled for an amount other than the carrying amount of the liability, the Company recognizes a gain or loss on settlement. The Company’s asset retirement obligation represents the cost the Company would incur to perform environmental clean-up or dismantle certain portions of the Facility.

Warrants

Accounting for warrants includes an initial assessment of whether the warrants qualify as debt or equity. For warrants that meet the definition of debt instruments, the Company records the warrant liabilities at fair value as of the issuance date and recognizes changes in the fair value of the warrants each reporting period within other income (expense). For warrants that meet the definition of equity instruments, the Company records the warrants at fair value as of the issuance date within stockholders' equity.

Derivative Contracts

In accordance with guidance on accounting for derivative instruments and hedging activities, all derivatives should be recognized at fair value. Derivatives, or any portion thereof, that are not designated as, and effective as, hedges must be adjusted to fair value through earnings. Derivative contracts are classified as either assets or liabilities on the consolidated

balance sheets. Certain contracts that require physical delivery may qualify or be designated as normal purchases and normal sales. Such contracts are accounted for on an accrual basis.

The Company may use derivative instruments to mitigate its exposure to various energy commodity market risks. The Company does not enter into any derivative contracts or similar arrangements for speculative or trading purposes. The Company will, at times, sell its forward unhedged electricity capacity to stabilize its future operating margins. As of December 31, 2023, and 2022, there were no open energy commodity derivatives outstanding.

The Company may also use derivative instruments to mitigate the risks of Bitcoin market pricing volatility. The Company entered into a variable prepaid forward sale contract that mitigated Bitcoin market pricing volatility risks between a low and high collar of Bitcoin market prices during the contract term, which settled in September 2022. The contract met the definition of a derivative transaction pursuant to guidance under ASC 815, Derivatives and Hedging, and the contract was considered a compound derivative instrument that required fair value presentation subject to remeasurement each reporting period. The changes in fair value of the forward sale derivative were recorded in the consolidated statement of operations for the year ended December 31, 2022. As of December 31, 2023, and 2022, there were no open Bitcoin derivatives outstanding.

Fair Value Measurements

The Company measures at fair value certain of its financial and non-financial assets and liabilities by using a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, essentially an exit price, based on the highest and best use of the asset or liability. The levels of the fair value hierarchy are:

Level 1: Observable inputs such as quoted market prices in active markets for identical assets or liabilities;

Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data; and

Level 3: Unobservable inputs for which there is little or no market data, which require the use of the reporting entity’s own assumptions.

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.

Revenue Recognition

The Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers. The core principle of this revenue standard is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The following five steps are applied to achieve that core principle:

Step 1: Identify the contract with the customer;

Step 2: Identify the performance obligations in the contract;

Step 3: Determine the transaction price;

Step 4: Allocate the transaction price to the performance obligations in the contract; and

Step 5: Recognize revenue when the company satisfies the performance obligations.

In order to identify the performance obligations in a contract with a customer, a company must assess the promised goods or services in the contract and identify each promised good or service that is distinct. Per ASC 606, a performance obligation meets the definition of a “distinct” good or service (or bundle of goods or services) if both of the following criteria are met: (i) the customer can benefit from the good or service either on its own or together with other resources that are readily available to the customer (i.e., the good or service is capable of being distinct); and (ii) the entity’s promise to transfer the good or service to the customer is separately identifiable from other promises in the contract (i.e., the promise to transfer the good or service is distinct within the context of the contract).

If a good or service is not distinct, the good or service is combined with other promised goods or services until a bundle of goods or services is identified that is distinct.

The transaction price is the amount of consideration to which an entity expects to be entitled in exchange for transferring promised goods or services to a customer. The consideration promised in a contract with a customer may include fixed amounts, variable amounts or both.

When determining the transaction price, an entity must consider the effects of all of the following:

•Variable consideration;

•Constraining estimates of variable consideration;

•The existence of a significant financing component in the contract;

•Non-cash consideration; and

•Consideration payable to a customer.

Variable consideration is included in the transaction price only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. The transaction price is allocated to each performance obligation on a relative standalone selling price basis. The transaction price allocated to each performance obligation is recognized when that performance obligation is satisfied, at a point in time or over time as appropriate.

The Company’s policies with respect to its revenue streams are detailed below.

Cryptocurrency Mining Revenue

The Company has entered into digital asset mining pools by executing contracts, as amended from time to time, with mining pool operators to provide computing power and perform hash computations for the mining pool operators. The contracts are terminable at any time by either party without penalty, and therefore, the duration of the contracts does not extend beyond the services already transferred. The Company’s enforceable right to compensation begins when, and lasts as long as, the Company performs hash computations for the mining pool operator. Given the cancellation terms of the contracts with mining pool operators, and our customary business practice, such contracts effectively provide the option to renew for successive contract terms continuously throughout each day. The customer's renewal option does not represent a material right because the terms are offered at the standalone selling price of computing power. The terms of the agreement provide that neither party can dispute settlement terms after thirty-five days following settlement. In exchange for performing hash computations for the mining pool operator, the Company is entitled to either:

1.a Full-Pay-Per-Share ("FPPS") payout of Bitcoin based on a contractual formula (less mining pool operator fees which are immaterial and are recorded as a reduction to cryptocurrency mining revenues), which primarily calculates the hash rate provided by the Company to the mining pool as a percentage of total network hash rate, multiplied by the daily network block subsidies awarded globally and the normalized network transaction fee for the day. The normalized network transaction fee is calculated as the total network transaction fees divided by the total network block subsidies, excluding the blocks that represent the three highest and three lowest transaction fees for the day. The Company is entitled to consideration even if a block is not successfully placed by the mining pool operator. The contract is in effect until terminated by either party.

•The consideration is all variable. Because it is probable that a significant reversal of cumulative revenue will not occur and the Company is able to calculate the payout based on the contractual formula, revenue is recognized, and noncash consideration is measured at fair value at contract inception. Fair value of the cryptocurrency asset consideration is determined using the quoted spot price of Bitcoin on the Company's primary trading platform for Bitcoin at the end of the day of contract inception (i.e., 4:00pm EST each day) at the single Bitcoin level. This amount is recognized in revenue on the same day that control of the contracted service transfers to the mining pool, which is the same day as contract inception and when hash rate is provided.

Or:

2. a Pay-Per-Share ("PPS") payout of a fractional share of the fixed Bitcoin award the mining pool operator receives (less mining pool operator fees which are immaterial and are recorded as a reduction to cryptocurrency mining revenues) for successfully adding a block to the blockchain. The Company’s fractional share of the Bitcoin award is based on the proportion of computing power the Company contributed to the mining pool operator to the total computing power contributed by all mining pool participants in solving the current algorithm.

•Because the consideration to which the Company expects to be entitled for providing computing power is entirely variable, as well as being noncash consideration, the Company assesses the estimated amount of the variable noncash consideration to which it expects to be entitled for providing computing power at contract inception. Subsequently, the Company also determines when and to what extent it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur once the uncertainty or "constraint" associated with the variable consideration is subsequently resolved. Only when a significant revenue reversal is probable of not occurring can estimated variable consideration be included in revenue. Based on the Company's evaluation of likelihood and magnitude of a revenue

reversal, the estimated variable noncash consideration is constrained from inclusion in revenue until the end of the contract term, when the underlying uncertainties have been resolved and the number of Bitcoin to which the Company is entitled becomes known (i.e., the mining pool operator successfully places a block by being the first to solve an algorithm and the Company receives confirmation of the consideration it will receive). Revenue is recognized on the same day that control of the contracted service transfers to the mining pool, which is the same day as contract inception.

As of and for the year ended December 31, 2023, the Company participated in one mining pool, which utilized the FPPS payout methodology. As of and for the year ended December 31, 2022, the Company participated in three mining pools, which also utilized the FPPS payout methodology.

Performing hash computations for the mining pool operator is an output of the Company’s ordinary activities. The provision of providing such computing power to perform hash computations is the only performance obligation in the Company’s contracts with mining pool operators. There is no significant financing component in these transactions.

Cryptocurrency Hosting Revenue

The Company has entered into customer hosting contracts whereby the Company provides electrical power to cryptocurrency mining customers, and the customers pay a stated amount per MWh (“Contract Capacity”). This amount is paid monthly in advance. Amounts used in excess of the Contract Capacity are billed monthly based on calculated formulas as contained in the contracts. If any shortfalls occur due to outages, make-whole payment provisions contained in the contracts are used to offset the billings to the customer which prevented them from cryptocurrency mining. Advanced payments and customer deposits are recorded as contract liabilities in the consolidated balance sheet.

The Company recognizes revenue over time throughout the terms of the underlying hosting agreements. The consideration is variable. Cryptocurrency hosting revenues are comprised of the following two components: (i) the variable cost-of-power fee that is earned each month consistent with the performance of the hosting services (i.e., supplying electrical power and Internet access to the Bitcoin miners provided by customers); and (ii) the Company's portion of the Bitcoin mined.

The Company’s only performance obligation is to supply electrical power and Internet access (i.e., hosting services) to the Bitcoin miners provided by its cryptocurrency mining customers in accordance with the terms of the hosting agreements. Beyond power supply and Internet access, these hosting services also include racking infrastructure, general maintenance and operations as instructed in writing by the customer, ambient cooling, and miner reboots; however, none of these ancillary hosting services are significant or capable of being distinct per ASC 606-10-25-19(a), and therefore, only one performance obligation exists under the hosting agreements.

The Company also shares in the Bitcoin mined from the miners provided by its hosting customers. This separate transaction price is denominated in Bitcoin and recognized in revenue in accordance with our accounting policy described above regarding cryptocurrency mining revenues because the Company considers the mining portion of its cryptocurrency hosting revenues a separate contract between the Company and its mining pool operators. Because it is probable that a significant reversal of cumulative revenue will not occur and the Company is able to calculate the FPPS payout based on the contractual formula, revenue is recognized, and noncash consideration is measured at fair value at contract inception. Fair value of the cryptocurrency asset consideration is determined using the quoted spot price of Bitcoin on the Company's primary trading platform for Bitcoin at the end of the day of contract inception (i.e., 4:00pm EST each day) at the single Bitcoin level. This amount is recognized in revenue on the same day that control of the contracted service transfers to the mining pool, which is the same day as contract inception and when hash rate is provided.

Neither the Company nor the customer can cancel or terminate the hosting agreements without penalty before the initial terms elapse. In such a period-to-period contract, the contract term does not extend beyond the period that can be cancelled without penalty. Furthermore, the options to renew for additional one-year periods are not material rights because they are offered at the standalone selling price of electrical power.

For the years ended December 31, 2023, and 2022, the Company recognized $294,789 and $0 of revenues, respectively, that were included in contract liabilities at the beginning of each period.

Energy Revenue

The Company operates as a market participant through PJM Interconnection, a Regional Transmission Organization (“RTO”) that coordinates the movement of wholesale electricity. The Company sells energy in the wholesale generation market in the PJM RTO. Energy revenues are delivered as a series of distinct units that are substantially the same and have the same pattern of transfer to the customer over time and are, therefore, accounted for as a distinct performance obligation.

Energy revenue is recognized over time as energy volumes are generated and delivered to the RTO (which is contemporaneous with generation), using the output method for measuring progress. The Company applies the invoice practical expedient in recognizing energy revenue. Under the invoice practical expedient, energy revenue is recognized based on the invoiced amount which is considered equal to the value provided to the customer for the Company’s performance obligation completed to date.

Prior to June 2022, the Plants were committed as "capacity resources" through the annual Base Residual Auction process. In this process, a generator agrees to support the PJM capacity market and, if called upon, is required to deliver its power to the market and receive a capped selling price based on pricing published in the day ahead market. In return for this committed capacity that is deliverable on demand to support the reliability of the PJM grid, generators receive additional capacity revenue on a monthly basis. As the Bitcoin mining opportunity grew for Stronghold Inc., being a capacity resource increasingly prevented the Company from being able to consistently power its mining operation when PJM called for the capacity. Beginning in June 2022, the Company withdrew from its capacity commitment and the Plants became "energy resources" able to sell power to the grid in the real-time, location marginal pricing market or use that power for its data centers.

Reactive energy power is provided to maintain a continuous voltage level. Revenue from reactive power is recognized ratably over time as the Company stands ready to provide it if called upon by the PJM RTO.

Capacity Revenue

Prior to June 2022, the Company provided capacity to a customer through participation in capacity auctions held by the PJM RTO. Capacity revenues are a series of distinct performance obligations that are substantially the same and have the same pattern of transfer to the customer over time and are, therefore, accounted for as a distinct performance obligation. The transaction price for capacity is market-based and constitutes the standalone selling price. As capacity represents the Company’s stand-ready obligation, capacity revenue is recognized as the performance obligation is satisfied ratably over time, on a monthly basis, since the Company stands ready equally throughout the period to deliver power to the PJM RTO if called upon. The Company applies the invoice practical expedient in recognizing capacity revenue. Under the invoice practical expedient, capacity revenue is recognized based on the invoiced amount which is considered equal to the value provided to the customer for the Company’s performance obligation completed to date. Penalties may be assessed by the PJM RTO against generation facilities if the facility is not available during the capacity period. The penalties assessed by the PJM RTO, if any, are recorded as a reduction to capacity revenue when incurred.

Waste Coal Tax Credits

Waste coal tax credits are issued by the Commonwealth of Pennsylvania. Facilities that generate electricity by using coal refuse for power generation, control acid gases for emission control, and use the ash produced to reclaim mining-affected sites are eligible for such credits. Proceeds related to these credits are recorded upon cash receipt and accounted for as a reduction to fuel costs within operating expenses. For the years ended December 31, 2023, and 2022, waste coal tax credits reduced fuel expenses in the consolidated statements of operations by $2,861,829 and $1,836,823, respectively.

Renewable Energy Credits

The Company uses coal refuse, which is classified as a Tier II Alternative Energy Source under Pennsylvania law, to produce energy to sell to the open market (i.e., “the grid”). A third party acts as the benefactor, on behalf of the Company, in the open market and is invoiced as renewable energy credits ("RECs") are realized. These credits are recognized as a contra-expense within operating expenses to offset the fuel costs incurred to produce this refuse. For the years ended December 31, 2023, and 2022, RECs reduced fuel expenses in the consolidated statements of operations by $19,212,021 and $9,960,655, respectively.

Ash Sales

The Company sells fly ash and scrubber material collected, which are by-products from its coal refuse reclamation used as fuel. The Company realized waste ash sales of $123,178 and $51,453 for the years ended December 31, 2023, and 2022, respectively, which has been recorded as other operating revenues in the consolidated statements of operations.

Legal Costs

Legal costs expected to be incurred in connection with loss contingencies are accrued when such costs are probable and estimable.

Stock-Based Compensation

For equity-classified awards, compensation expense is recognized over the requisite service period based on the computed fair value on the grant date of the award. Equity-classified awards include the issuance of stock options, restricted stock units (“RSUs”) and performance share units ("PSUs"). For stock options, the fair value is determined by the Black-Scholes option pricing model and is expensed over the service or vesting period. For RSUs, the fair value is equal to the closing price of the Company's Class A common stock on Nasdaq on the date of grant and is expensed over the service or vesting period. For PSUs, the fair value is determined based on the underlying market or performance conditions and expensed over the performance period when it is probable that the conditions will be achieved.

Earnings Per Common Share

Basic earnings (loss) per share of common stock (“EPS”) is computed by dividing net income (loss) by the weighted average number of Class A shares of common stock outstanding or shares subject to exercise for a nominal value during the period. Diluted EPS reflects the potential dilution that could occur if securities, or other contracts to issue common stock, were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity, calculated using the treasury stock method. The computation of diluted EPS would not assume the exercise of an outstanding stock award or warrant if the effect on the EPS would be antidilutive. Similarly, the computation of diluted EPS would not assume the exercise of outstanding stock awards and warrants if the Company incurred a net loss since the effect on EPS would be antidilutive. Since the Company incurred a net loss for the years ended December 31, 2023, and 2022, basic and diluted net loss per share are the same for each of the years then ended.

Income Taxes

The Company is organized as an “Up-C” structure in which substantially all of the assets and business of the consolidated entity are held by the Company through its subsidiaries, and the Company’s sole material asset consists of its equity interest in Stronghold LLC. For U.S. federal and applicable state income tax purposes, the portion of the Stronghold LLC’s net income or loss allocable to the Company is subject to corporate income taxation at the U.S. federal and applicable state rates.

The Company accounts for income taxes under the asset and liability method, in which deferred income tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and for operating loss and tax credit carry forwards. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred income tax assets and liabilities is recognized in operations in the period that includes the enactment date. A valuation allowance is required when it is "more likely than not" that deferred income tax assets will not be realized after considering all positive and negative evidence available. Factors contributing to this assessment included the Company’s cumulative and current losses, as well as the evaluation of other sources of income as outlined in ASC 740, Income Taxes ("ASC 740") and potential limitations imposed by Section 382 of the Internal Revenue Code of 1986 (as amended, the "Code") on the utilization of tax losses.

The accounting for deferred income tax assets and liabilities is often based on assumptions that are subject to significant judgment by management. These assumptions are reviewed and adjusted as facts and circumstances change. Material changes to the Company's income tax accruals may occur in the future based on the potential for income tax audits, changes in legislation or resolution of pending matters.

ASC 740 also clarifies the accounting for uncertainty in income taxes recognized in an enterprise's financial statements and prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be "more likely than not" to be sustained upon examination by taxing authorities. The Company acknowledges the respective taxing authorities may take contrary positions based on their interpretation of the law. A tax position successfully challenged by a taxing authority could result in an adjustment to the Company's provision or benefit for income taxes in the period in which a final determination is made.

Stronghold LLC and certain of its subsidiaries are structured as flow-through entities that are not generally subject to income taxation at the entity level, but instead, the taxable income or loss of such subsidiaries is allocated to and included in the income tax returns of their direct or indirect owners, including the Company. Application of ASC 740 to these entities results in no recognition of U.S. federal or state income taxes at the entity level. The portion of such subsidiaries’ taxable income or loss that is allocable to the Company will increase the Company’s taxable income or loss and be accounted for under ASC 740 by the Company.

Recently Implemented Accounting Pronouncements

In September 2016, the Financial Accounting Standards Board issued ASU 2016-13, Financial Instruments – Credit Losses, which adds a new impairment model, known as the current expected credit loss ("CECL") model, that is based on expected losses rather than incurred losses. Under the new guidance, an entity recognizes an allowance for its estimate of expected credit losses at the initial recognition of an in-scope financial instrument and applies it to most debt instruments, trade receivables, lease receivables, financial guarantee contracts, and other loan commitments. The CECL model does not have a minimum threshold for recognition of impairment losses and entities will need to measure expected credit losses on assets that have a low risk of loss. Since the Company is a smaller reporting company, as defined by the U.S. Securities and Exchange Commission (the "SEC"), the new guidance became effective on January 1, 2023. The Company adopted ASU 2016-13 effective January 1, 2023, but the adoption of ASU 2016-13 did not have an impact on the Company's consolidated financial statements.

Recently Issued Accounting Pronouncements

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosure, which requires public entities to disclose significant segment expenses and other segment items on an annual and interim basis and to provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. Additionally, public entities with a single reportable segment will be required to provide the new disclosures and all the disclosures required under ASC 280, Segment Reporting. Although early adoption is permitted, this new guidance becomes effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, on a retrospective basis. The Company is currently evaluating the impact of adopting this new guidance on its interim and annual consolidated financial statements and related disclosures.

In December 2023, the FASB issued ASU 2023-08, Intangibles – Goodwill and Other - Crypto Assets (Subtopic 350-60), which requires all entities holding crypto assets that meet certain requirements to subsequently measure those in-scope crypto assets at fair value, with the remeasurement recorded in net income. Among other things, the new guidance also requires separate presentation of (i) the gain or loss associated with remeasurement of crypto assets on the income statement and (ii) crypto assets from other intangible assets on the balance sheet. Before this new guidance, crypto assets were generally accounted for as indefinite-lived intangible assets, which follow a cost-less-impairment accounting model that only reflects decreases, but not increases, in the fair value of crypto assets holdings until sold. Although early adoption is permitted, the new guidance becomes effective on January 1, 2025, and should be applied using a modified retrospective transition method with a cumulative-effect adjustment recorded to the opening balance of retained earnings as of the beginning of the year of adoption. The Company expects the cumulative adjustment to increase retained earnings as of January 1, 2024, by approximately $0.1 million, as a result of adopting this guidance in 2024.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, to enhance the transparency and decision-usefulness of income tax disclosures, particularly in the rate reconciliation table and disclosures about income taxes paid. Although early adoption is permitted, this new guidance becomes effective for annual periods beginning after December 15, 2024, on a prospective basis. The Company is currently evaluating the impact of adopting this new guidance on its consolidated financial statements and related disclosures.

INVENTORY

12 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

INVENTORY

NOTE 3 – INVENTORY

Inventory consisted of the following components as of December 31, 2023, and 2022:


	December 31, 2023		December 31, 2022
Waste coal	$	4,066,201	$	4,147,369
Limestone	72,969		180,696
Fuel oil	57,642		143,592
Inventory	$	4,196,812	$	4,471,657

EARNINGS (LOSS) PER SHARE

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

EARNINGS (LOSS) PER SHARE

NOTE 18 – EARNINGS (LOSS) PER SHARE

Basic EPS is computed by dividing the Company’s net income (loss) by the weighted average number of Class A shares of common stock outstanding during the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity.

The following table sets forth reconciliations of the numerators and denominators used to compute basic and diluted net loss per share of Class A common stock for the years ended December 31, 2023, and 2022.


	For the years ended
	December 31, 2023		December 31, 2022
Numerator:
Net loss	$	(101,825,493)	$	(195,171,967)
Less: net loss attributable to noncontrolling interest	(30,428,749)		(105,910,737)
Plus: Deemed contribution from exchange of Series C convertible preferred stock	20,492,568		—
Net loss attributable to Stronghold Digital Mining, Inc.	$	(50,904,176)	$	(89,261,230)
Denominator:
Weighted average number of Class A common shares outstanding	6,821,173		2,584,907
Basic net loss per share	$	(7.46)	$	(34.53)
Diluted net loss per share	$	(7.46)	$	(34.53)

Securities that could potentially dilute earnings (loss) per share in the future were not included in the computation of diluted net loss per share for the years ended December 31, 2023, and 2022, because their inclusion would be anti-dilutive. The following table summarizes the potentially dilutive impact of such securities.


	December 31, 2023	December 31, 2022
Stock options	68,136	172,182
RSUs	1,659	31,996
Warrants (excluding those with a $0.01 exercise price)	3,865,910	571,850
Series C Preferred Stock not yet exchanged for shares of Class A common stock	1,497,500	—
Series D Preferred Stock not yet exchanged for shares of Class A common stock	1,414,117	—
Class V common shares not yet exchanged for shares of Class A common stock	2,405,760	2,605,760
Total potentially dilutive securities	9,253,082	3,381,788

The impact of the deemed contribution resulting from the extinguishment of shares of Series C Preferred Stock associated with the Series D Exchange Transaction, as described above in Note 16 – Equity Issuances, has been excluded from the computation of diluted earnings per share for the year ended December 31, 2023, because the impact would be anti-

dilutive. Subsequent to December 31, 2023, the remaining 7,610 shares of Series D Convertible Preferred Stock were converted to 1,414,117 shares of Class A common stock.

DIGITAL CURRENCIES (Tables)

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Changes in Digital Currencies

As of December 31, 2023, the Company held an aggregate amount of $3,175,595 in digital currencies comprised of unrestricted Bitcoin. Changes in digital currencies consisted of the following for the years ended December 31, 2023, and 2022:


	For the years ended
	December 31, 2023		December 31, 2022
Digital currencies at beginning of period	109,827		10,417,865
Additions of digital currencies	62,236,771		58,763,565
Realized gain on sale of digital currencies	967,995		1,102,220
Impairment losses	(910,029)		(8,339,660)
Proceeds from sale of digital currencies	(59,228,969)		(57,274,268)
Collateral sold to close derivative	—		(4,559,895)
Digital currencies at end of period	$	3,175,595	$	109,827

STOCK-BASED COMPENSATION - Valuation Assumptions (Details) - Stock options - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average fair value of options granted (in USD per share)		$ 102.10
Expected volatility		125.85%
Expected life (in years)		5 years 9 months 21 days
Risk-free interest rate		1.69%
Expected dividend yield	0.00%	0.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

+ Details

INCOME TAXES - Components of Deferred Tax Assets and Liabilities (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Deferred income tax assets (liabilities):
Net operating loss and other carryforwards	$ 22,519,017	$ 25,852,100
Investment in Stronghold LLC	32,482,953	15,068,075
Total deferred income tax assets	55,001,970	40,920,175
Valuation allowance	(55,001,970)	(40,920,175)
Net deferred tax assets	0	0
Net deferred income tax assets (liabilities)	$ 0	$ 0

WARRANTS (Tables)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Outstanding Warrants

The following table summarizes outstanding warrants as of December 31, 2023, and 2022, and activity for the years then ended.


			Number of Warrants
Outstanding as of January 1, 2022			29,780
Issued			2,139,356
Exercised			(581,625)
Outstanding as of December 31, 2022			1,587,511
Issued			5,403,347
Exercised			(1,712,873)
Outstanding as of December 31, 2023			5,277,985

RELATED-PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2023

RELATED-PARTY TRANSACTIONS

NOTE 9 – RELATED-PARTY TRANSACTIONS

Waste Coal Agreement

The Company is obligated under a Waste Coal Agreement (the “WCA”) to take minimum annual delivery of 200,000 tons of waste coal as long as there is a sufficient quantity of waste coal that meets the Average Quality Characteristics (as defined in the WCA). Under the terms of the WCA, the Company is not charged for the waste coal itself but is charged a $6.07 per ton base handling fee as it is obligated to mine, process, load, and otherwise handle the waste coal for itself and also for other customers of Coal Valley Sales, LLC (“CVS”) from the Russellton site specifically. The Company is also obligated to unload and properly dispose of ash at the Russellton site. The Company is charged a reduced handling fee of $1.00 per ton for any tons in excess of the minimum take of 200,000 tons. The Company is the designated operator at the Russellton site and, therefore, is responsible for complying with all state and federal requirements and regulations.

The Company purchases coal from Coal Valley Properties, LLC, a single-member limited liability company which is entirely owned by one individual who has ownership in Q Power, and from CVS. CVS is a single-member limited liability company which is owned by a coal reclamation partnership of which an owner of Q Power has a direct and an indirect interest in the partnership of 16.26%.

The Company expensed $855,605 and $733,458 for the years ended December 31, 2023 and 2022 respectively, associated with coal purchases from CVS, which is included in fuel expense in the consolidated statements of operations. See the composition of the due to related parties balance as of December 31, 2023, and 2022, below.

Fuel Service and Beneficial Use Agreement

The Company has a Fuel Service and Beneficial Use Agreement (“FBUA”) with Northampton Fuel Supply Company, Inc. (“NFS”), a wholly-owned subsidiary of Olympus Power. The Company buys fuel from and sends ash to NFS, for the mutual benefit of both facilities, under the terms and rates established in the FBUA. The FBUA expires December 31, 2023. The Company expensed $3,139,414 and $3,121,423 for the years ended December 31, 2023, and 2022, respectively, which is included in fuel expense in the consolidated statements of operations. See the composition of the due to related parties balance as of December 31, 2023, and 2022, below.

Fuel purchases under these agreements for the years ended December 31, 2023, and 2022, were as follows:


	December 31, 2023		December 31, 2022
Coal Purchases:
Northampton Fuel Supply Company, Inc.	$	3,139,414	$	3,121,423
Coal Valley Sales, LLC	855,605		733,458
Total	$	3,995,019	$	3,854,881

Fuel Management Agreements

Panther Creek Fuel Services LLC

Effective August 1, 2021, the Company entered into the Fuel Management Agreement (the “Fuel Agreement”) with Panther Creek Fuel Services LLC, a wholly-owned subsidiary of Olympus Services LLC which, in turn, is a wholly-owned subsidiary of Olympus Power LLC. Under the Fuel Agreement, Panther Creek Fuel Services LLC provides the Company with operations and maintenance services with respect to the Facility. The Company reimburses Panther Creek Energy Services LLC for actual wages and salaries. The Company expensed $929,942 and $1,697,850 for the years ended December 31, 2023, and 2022, respectively, which is included in operations and maintenance expense in the consolidated statements of operations. See the composition of the due to related parties balance as of December 31, 2023, and 2022, below.

Scrubgrass Fuel Services LLC

Effective February 1, 2022, the Company entered into the Fuel Management Agreement (the “Scrubgrass Fuel Agreement”) with Scrubgrass Fuel Services LLC, a wholly-owned subsidiary of Olympus Services LLC, which, in turn, is a wholly owned subsidiary of Olympus Power LLC. Under the Scrubgrass Fuel Agreement, Scrubgrass Fuel Services LLC provides the Company with operations and maintenance services with respect to the Facility. The Company reimburses Scrubgrass Energy Services LLC for actual wages and salaries. The Company expensed $374,944 and $780,410 for the years ended December 31, 2023 and 2022, respectively, which is included in operations and maintenance expense in the consolidated statements of operations. See the composition of the due to related parties balance as of December 31, 2023, and 2022, below.

O&M Agreements

Olympus Power LLC

On November 2, 2021, Stronghold LLC entered into an Operations, Maintenance and Ancillary Services Agreement (the “Omnibus Services Agreement”) with Olympus Stronghold Services, LLC (“Olympus Stronghold Services”), whereby Olympus Stronghold Services currently provides certain operations and maintenance services to Stronghold LLC and currently employs certain personnel to operate the Panther Creek Plant and the Scrubgrass Plant. Stronghold LLC reimburses Olympus Stronghold Services for those costs incurred by Olympus Stronghold Services and approved by Stronghold LLC in the course of providing services under the Omnibus Services Agreement, including payroll and benefits

costs and insurance costs. The material costs incurred by Olympus Stronghold Services shall be approved by Stronghold LLC. From November 2, 2021, until October 1, 2023, Stronghold LLC also agreed to pay Olympus Stronghold Services a management fee at the rate of $1,000,000 per year, payable monthly for services provided at each of the Panther Creek Plant and Scrubgrass Plant, and an additional one-time mobilization fee of $150,000 upon the effective date of the Omnibus Services Agreement, which was deferred until 2023. Effective October 1, 2022, Stronghold LLC began paying Olympus Stronghold Services a management fee for the Panther Creek Plant in the amount of $500,000 per year, payable monthly for services provided at the Panther Creek Plant. This is a reduction of $500,000 from the $1,000,000 per year management fee that the Company was previously scheduled to pay Olympus Stronghold Services. The Company expensed $669,095 and $1,086,649 for the years ended December 31, 2023, and 2022, respectively, which includes the monthly management fees plus reimbursable costs incurred by Olympus Stronghold Services for payroll, benefits and insurance. On February 13, 2024, Stronghold LLC and Olympus Services entered into a Termination and Release Agreement (the “Termination and Release”) whereby the Omnibus Services Agreement was terminated. The Termination and Release contained a mutual customary release. The Company expects to continue to pay Olympus Power LLC $10,000 per month for ongoing assistance at each of the Scrubgrass Plant and Panther Creek Plant.

Panther Creek Energy Services LLC

Effective August 2, 2021, the Company entered into the Operations and Maintenance Agreement (the “O&M Agreement”) with Panther Creek Energy Services LLC, a wholly-owned subsidiary of Olympus Services LLC which, in turn, is a wholly-owned subsidiary of Olympus Power LLC. Under the O&M Agreement, Panther Creek Energy Services LLC provides the Company with operations and maintenance services with respect to the Facility. The Company reimburses Panther Creek Energy Services LLC for actual wages and salaries. The Company also agreed to pay a management fee of $175,000 per operating year, which is payable monthly, and is adjusted by the consumer price index on each anniversary of the effective date. The Company expensed $1,856,501 and $1,697,850 for the years ended December 31, 2023, and 2022, respectively, which includes the monthly management fees plus reimbursable costs incurred by Olympus Stronghold Services for payroll, benefits and insurance. See the composition of the due to related parties balance as of December 31, 2023, and 2022, below.

In connection with the equity contribution agreement, effective July 9, 2021 (the "Equity Contribution Agreement"), the Company entered into the Amended and Restated Operations and Maintenance Agreement (the “Amended O&M Agreement”) with Panther Creek Energy Services LLC. Under the Amended O&M Agreement, the management fee is $250,000 for the twelve-month period following the effective date and $325,000 per year thereafter. The effective date of the Amended O&M Agreement was the closing date of the Equity Contribution Agreement.

Scrubgrass Energy Services LLC

Effective February 1, 2022, the Company entered into the Operations and Maintenance Agreement (the “Scrubgrass O&M Agreement”) with Scrubgrass Energy Services LLC, a wholly-owned subsidiary of Olympus Services LLC which, in turn, is a wholly-owned subsidiary of Olympus Power LLC. Under the Scrubgrass O&M Agreement, Scrubgrass Energy Services LLC provides the Company with operations and maintenance services with respect to the Facility. The Company reimburses Scrubgrass Energy Services LLC for actual wages and salaries. The Company also agreed to pay a management fee of $175,000 per operating year, which is payable monthly, and is adjusted by the consumer price index on each anniversary date of the effective date. The Company expensed $2,269,290 and $6,476,968 for the years ended December 31, 2023, and 2022, respectively, which includes the monthly management fees plus reimbursable costs incurred by Olympus Stronghold Services for payroll, benefits and insurance. See the composition of the due to related parties balance as of December 31, 2023, and 2022, below.

In connection with the Equity Contribution Agreement effective July 9, 2021, the Company entered into the Amended and Restated Operations and Maintenance Agreement (the “Scrubgrass Amended O&M Agreement”) with Scrubgrass Energy Services LLC. Under the Scrubgrass Amended O&M Agreement, the management fee is $250,000 for the twelve-month period following the effective date and $325,000 per year thereafter. The effective date of the Scrubgrass Amended O&M Agreement was the closing date of the Equity Contribution Agreement.

Effective October 1, 2022, Stronghold LLC no longer pays Olympus Stronghold Services a management fee for the Scrubgrass Plant.

Management Services Agreement

On April 19, 2023, pursuant to an independent consulting agreement the Company entered into with William Spence in connection with his departure from the Board (the "Spence Consulting Agreement"), Mr. Spence's annualized management fee of $600,000 decreased to the greater of $200,000 or 10% of any economic benefits derived from the sale of beneficial

use ash, carbon sequestration efforts or alternative fuel arrangements, in each case, arranged by Mr. Spence. The previous consulting and advisory agreement with Mr. Spence was terminated in connection with entry into the Spence Consulting Agreement.

In April 2023, as part of the compensation pursuant to the Spence Consulting Agreement, Mr. Spence also received a one-time grant of 250,000 fully vested shares of the Company's Class A common stock, which has been recorded as stock-based compensation for the year ended December 31, 2023, within general and administrative expense in the consolidated statement of operations.

Warrants

On September 13, 2022, the Company entered into a Securities Purchase Agreement with Greg Beard, the Company's chairman and chief executive officer, for the purchase and sale of 60,241 shares of Class A common stock and warrants to purchase 60,241 shares of Class A common stock, at an initial exercise price of $17.50 per share, subsequently amended to $10.10 per share and, in January 2024, to $7.51 per share. Refer to Note 16 – Equity Issuances for additional details.

Additionally, on April 20, 2023, Mr. Beard invested $1.0 million in exchange for 100,000 shares of Class A common stock and 100,000 pre-funded warrants. Refer to Note 16 – Equity Issuances for additional details.

Amounts due to related parties as of December 31, 2023, and 2022, were as follows:


	December 31, 2023		December 31, 2022
Due to related parties:
Coal Valley Properties, LLC	$	—	$	134,452
Q Power LLC	—		500,000
Coal Valley Sales, LLC	433,195		—
Panther Creek Operating LLC	14,511		—
Panther Creek Energy Services LLC	—		10,687
Panther Creek Fuel Services LLC	—		53,482
Northampton Generating Fuel Supply Company, Inc.	226,951		594,039
Olympus Power LLC and other subsidiaries	44,181		78,302
Scrubgrass Energy Services LLC	—		4,087
Scrubgrass Fuel Services LLC	—		—
Totals	$	718,838	$	1,375,049

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

SEGMENT REPORTING - Schedule of Assets, Operating Segments (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Cash and cash equivalents	$ 4,214,613	$ 13,296,703
Digital currencies	3,175,595	109,827
Accounts receivable	507,029	10,837,126
Due from related parties	97,288	73,122
Prepaid insurance	3,787,048	4,877,935
Inventory	4,196,812	4,471,657
Other current assets	1,675,084	1,975,300
Equipment deposits	8,000,643	10,081,307
Property, plant and equipment, net	144,642,771	167,204,681
Land	1,748,440	1,748,440
Road bond	299,738	211,958
Operating lease right-of-use assets	1,472,747	1,719,037
Security deposits	348,888	348,888
Other noncurrent assets	170,488	0
TOTAL ASSETS	174,337,184	216,955,981
Energy Operations
Segment Reporting Information [Line Items]
Cash and cash equivalents	231,108	693,805
Digital currencies	0	0
Accounts receivable	485,956	10,628,570
Due from related parties	97,288	73,122
Prepaid insurance	1,893,524	2,438,967
Inventory	4,196,812	4,471,657
Other current assets	433,612	0
Equipment deposits	0	0
Property, plant and equipment, net	41,538,240	45,645,205
Land	1,748,440	1,748,440
Road bond	299,738	211,958
Operating lease right-of-use assets	494,601	1,045,365
Security deposits	348,888	348,888
Other noncurrent assets	43,488	0
TOTAL ASSETS	51,811,695	67,305,977
Cryptocurrency Operations
Segment Reporting Information [Line Items]
Cash and cash equivalents	3,983,505	12,602,898
Digital currencies	3,175,595	109,827
Accounts receivable	21,073	208,556
Due from related parties	0	0
Prepaid insurance	1,893,524	2,438,968
Inventory	0	0
Other current assets	1,241,472	1,975,300
Equipment deposits	8,000,643	10,081,307
Property, plant and equipment, net	103,104,531	121,559,476
Land	0	0
Road bond	0	0
Operating lease right-of-use assets	978,146	673,672
Security deposits	0	0
Other noncurrent assets	127,000	0
TOTAL ASSETS	$ 122,525,489	$ 149,650,004

STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Total Stock-Based Compensation Expense

The Company recognized total stock-based compensation expense for the years ended December 31, 2023, and 2022, from the following categories:


	For the years ended
	December 31, 2023		December 31, 2022
Restricted stock awards under the Plan	$	7,167,680	$	3,592,641
Stock option awards under the Plan	2,071,146		10,297,709
Total stock-based compensation expense	$	9,238,826	$	13,890,350

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The following are the weighted-average assumptions used in calculating the fair value of the total stock options granted during 2022 using the Black-Scholes method.


	December 31, 2022
Weighted-average fair value of options granted	$	102.10
Expected volatility	125.85		%
Expected life (in years)	5.81
Risk-free interest rate	1.69		%
Expected dividend yield	0		%

Schedule of Stock Options Roll Forward

The following table summarizes the Company's stock option activity for the years ended December 31, 2023, and 2022.


	Number of Shares	Weighted- Average Exercise Price		Weighted- Average Contractual Term	Aggregate Intrinsic Value
Outstanding at January 1, 2022	337,908	$	89.10	9.61	$	30,906,003
Granted	20,597	106.10		9.11	—
Exercised	—	—		—	—
Expired	—	—		—	—
Cancelled / Forfeited	(3,500)	180.60		8.68	—
Outstanding at December 31, 2022	355,005	$	90.30	9.00	$	—
Granted	—	—		—	—
Exercised	—	—		—	—
Expired	(25,203)	82.02		7.59	—
Cancelled / Forfeited	(248,370)	93.96		7.63	—
Outstanding at December 31, 2023	81,432	$	82.44	7.59	$	—
Shares vested and expected to vest	81,432	$	82.44	7.59	$	—
Exercisable as of December 31, 2023	68,136	$	82.67	7.58	$	—

Nonvested Restricted Stock Shares Activity

The following table summarizes the Company's RSU activity for the years ended December 31, 2023, and 2022.


	Number of Shares	Weighted-Average Grant Date Fair Value
Unvested at January 1, 2022	6,074	$	111.00
Vested	(31,996)	53.60
Granted	168,711	37.60
Cancelled / Forfeited	(836)	38.80
Unvested at December 31, 2022	141,953	$	43.50
Vested	(82,795)	22.49
Granted	547,178	8.38
Cancelled / Forfeited	(53,692)	36.02
Unvested at December 31, 2023	552,644	$	6.93

DEBT - Schedule of Debt (Details) - USD ($)	Dec. 31, 2023	Mar. 28, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Long-term debt, gross	$ 56,139,909		$ 74,449,664
Current portion of long-term debt, net of discounts and issuance fees	7,936,147		17,422,546
Long-term debt, net of discounts and issuance fees	48,203,762		57,027,118
Loans payable \| $499,520 finance lease loan, with interest at 2.74%, due February 2024.
Debt Instrument [Line Items]
Debt face amount	$ 499,520
Interest rate	2.74%
Long-term debt, gross	$ 26,522		124,023
Loans payable \| $499,895 finance lease loan, with interest at 3.20%, due November 2023.
Debt Instrument [Line Items]
Debt face amount	$ 499,895
Interest rate	3.20%
Long-term debt, gross	$ 0		121,470
Loans payable \| $517,465 finance lease loan, with interest at 4.79%, due November 2024.
Debt Instrument [Line Items]
Debt face amount	$ 517,465
Interest rate	4.79%
Long-term debt, gross	$ 158,027		339,428
Loans payable \| $119,000 finance lease loan, with interest at 7.40%, due December 2026.
Debt Instrument [Line Items]
Debt face amount	$ 119,000
Interest rate	7.40%
Long-term debt, gross	$ 119,000		0
Loans payable \| $585,476 finance lease loan, with interest at 4.99%, due November 2025.
Debt Instrument [Line Items]
Debt face amount	$ 585,476
Interest rate	4.99%
Long-term debt, gross	$ 345,665		513,334
Loans payable \| $431,825 finance lease loan, with interest at 7.60%, due April 2024.
Debt Instrument [Line Items]
Debt face amount	$ 431,825
Interest rate	7.60%
Long-term debt, gross	$ 31,525		121,460
Loans payable \| $58,149,411 Credit Agreement, with interest at 10.00% plus SOFR, due October 2025.
Debt Instrument [Line Items]
Debt face amount	$ 58,149,411
Interest rate	10.00%
Long-term debt, gross	$ 51,060,896		56,114,249
Loans payable \| $33,750,000 Convertible Note, with interest at 10.00%, due May 2024.
Debt Instrument [Line Items]
Debt face amount	$ 33,750,000
Interest rate	10.00%
Long-term debt, gross	$ 0		16,812,500
Loans payable \| $92,381 finance lease loan, with interest at 1.49%, due April 2026.
Debt Instrument [Line Items]
Debt face amount	$ 92,381
Interest rate	1.49%
Long-term debt, gross	$ 56,470		79,249
Loans payable \| $64,136 finance lease loan, with interest at 11.85%, due May 2024.
Debt Instrument [Line Items]
Debt face amount	$ 64,136
Interest rate	11.85%
Long-term debt, gross	$ 13,795		39,056
Loans payable \| $196,909 finance lease loan, with interest at 6.49%, due October 2025.
Debt Instrument [Line Items]
Debt face amount	$ 196,909
Interest rate	6.49%
Long-term debt, gross	$ 134,845		184,895
Loans payable \| $60,679 finance lease loan, with interest at 7.60%, due March 2025.
Debt Instrument [Line Items]
Debt face amount	$ 60,679
Interest rate	7.60%
Long-term debt, gross	$ 48,672		0
Loans payable \| $3,500,000 Promissory Note, with interest at 7.50% due October 2025.
Debt Instrument [Line Items]
Debt face amount	$ 3,500,000	$ 3,500,000
Interest rate	7.50%
Long-term debt, gross	$ 3,000,000		0
Loans payable \| $1,184,935 Promissory Note, due June 2024.
Debt Instrument [Line Items]
Debt face amount	1,184,935
Long-term debt, gross	592,468		0
Loans payable \| $552,024 Promissory Note, due July 2024.
Debt Instrument [Line Items]
Debt face amount	552,024
Long-term debt, gross	$ 552,024		$ 0

NONCONTROLLING INTERESTS - Redeemable Common Stock Adjustments (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Noncontrolling Interest [Line Items]
Common stock - Class V, outstanding (in shares)	2,405,760	2,605,760
Increase (Decrease) in Temporary Equity [Roll Forward]
Redeemable common stock, beginning balance	$ 11,754,587
Less: net loss attributable to noncontrolling interest	(30,428,749)	$ (105,910,737)
Redeemable common stock, ending balance	$ 20,416,116	$ 11,754,587
Common Stock - Class V
Noncontrolling Interest [Line Items]
Common stock - Class V, outstanding (in shares)	2,405,760	2,605,760
Fair valuation price (in USD per share)	$ 8.49	$ 4.51
Increase (Decrease) in Temporary Equity [Roll Forward]
Redeemable common stock, beginning balance	$ 11,754,587
Less: net loss attributable to noncontrolling interest	$ (30,428,749)
Redemption of Class V shares (in shares)	(200,000)
Redemption of Class V shares	$ (1,210,000)
Adjustment of redeemable common stock to redemption amount	40,300,278
Redeemable common stock, ending balance	$ 20,416,116	$ 11,754,587

AUDIT INFORMATION	12 Months Ended
AUDIT INFORMATION	Dec. 31, 2023
Audit Information [Abstract]
Auditor Name	Urish Popeck & Co., LLC
Auditor Location	Pittsburgh, PA
Auditor Firm ID	1013

CONCENTRATIONS	12 Months Ended
CONCENTRATIONS	Dec. 31, 2023
Risks and Uncertainties [Abstract]
CONCENTRATIONS	NOTE 10 – CONCENTRATIONS Credit risk is the risk of loss the Company would incur if counterparties fail to perform their contractual obligations (including accounts receivable). The Company primarily conducts business with counterparties in the cryptocurrency mining and energy industry. This concentration of counterparties may impact the Company’s overall exposure to credit risk, either positively or negatively, in that its counterparties may be similarly affected by changes in economic, regulatory or other conditions. The Company mitigates potential credit losses by dealing, where practical, with counterparties that are rated at investment grade by a major credit agency or have a history of reliable performance within the cryptocurrency mining and energy industry. Financial instruments which potentially expose the Company to concentrations of credit risk consist primarily of cash and accounts receivable. Cash and cash equivalents customarily exceed federally insured limits. The Company’s significant credit risk is primarily concentrated with CES. Over the course of 2022, the Company transitioned entirely to CES from Direct Energy Business Marketing, LLC. CES accounted for approximately 97% of the Company's energy operations segment revenues for the year ended December 31, 2023. Additionally, CES accounted for approximately 100% of the Company’s accounts receivable balance as of December 31, 2022, including approximately $5.1 million which CES received from PJM on the Company's behalf and forwarded to the Company upon receipt during the third quarter of 2023. During 2023, the Company was notified of updated calculations from PJM and a FERC settlement with various parties that were assessed penalties for failing to deliver on capacity commitments during the performance assessment interval of December 2022. As a result, the Company recorded a decrease in the value of accounts receivable of $1,867,506 within general and administrative expense related to expected reduced bonus payments in the consolidated statement of operations for the year ended December 31, 2023. Approximately 11% of the Company's total revenue for the year ended December 31, 2023, was derived from services provided to one customer. Approximately 17% and 17% of the Company's fuel expenses were purchased from two related parties for the years ended December 31, 2023, and 2022, respectively. See Note 9 – Related-Party Transactions for further information.

STOCK-BASED COMPENSATION - Nonvested Restricted Stock Activity (Details) - RSUs - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Number of Shares
Outstanding, beginning balance (in shares)	141,953	6,074
Vested (in shares)	(82,795)	(31,996)
Granted (in shares)	547,178	168,711
Cancelled / Forfeited (in shares)	(53,692)	(836)
Outstanding, ending balance (in shares)	552,644	141,953
Weighted-Average Grant Date Fair Value
Outstanding, beginning balance (in USD per share)	$ 43.50	$ 111.00
Vested (in USD per share)	22.49	53.60
Granted (in USD per share)	8.38	37.60
Cancelled / Forfeited (in USD per share)	36.02	38.80
Outstanding, ending balance (in USD per share)	$ 6.93	$ 43.50

RELATED-PARTY TRANSACTIONS - Narrative (Details)												1 Months Ended	12 Months Ended		24 Months Ended
RELATED-PARTY TRANSACTIONS - Narrative (Details)	Feb. 13, 2024 USD ($)	Apr. 20, 2023 USD ($) $ / shares shares	Apr. 19, 2023 USD ($)	Oct. 01, 2022 USD ($)	Sep. 19, 2022 $ / shares shares	Sep. 13, 2022 $ / shares shares	Jul. 09, 2022 USD ($)	Feb. 01, 2022 USD ($)	Nov. 02, 2021 USD ($)	Aug. 02, 2021 USD ($)	Jul. 09, 2021 USD ($)	Apr. 30, 2023 shares	Dec. 31, 2023 USD ($) $ / T owner T $ / shares shares	Dec. 31, 2022 USD ($) shares	Oct. 31, 2023 USD ($)	Jan. 31, 2024 $ / shares	May 15, 2022 $ / shares shares
Related Party Transaction [Line Items]
Fuel													$ 28,590,348	$ 32,970,826
Operations and maintenance													$ 32,836,172	$ 57,030,189
Granted (in shares) \| shares													0	20,597
Warrants issued during period (in shares) \| shares																	631,800
Warrant exercise price of warrants (in USD per share) \| $ / shares													$ 0.01				$ 25.00
September 2022 Warrants
Related Party Transaction [Line Items]
Warrants issued during period (in shares) \| shares					560,241
Warrant exercise price of warrants (in USD per share) \| $ / shares					$ 17.50
September 2022 Warrants \| Subsequent Event
Related Party Transaction [Line Items]
Warrant exercise price of warrants (in USD per share) \| $ / shares																$ 7.51
Pre-Funded Warrants
Related Party Transaction [Line Items]
Warrants issued during period (in shares) \| shares					272,565
Warrant exercise price of warrants (in USD per share) \| $ / shares					$ 0.001
Private placement With Greg Beard, Co-Chairman And Chief Executive Officer
Related Party Transaction [Line Items]
Stock issued and sold during period (in shares) \| shares					60,241
Coal Valley Properties, LLC \| Coal Valley Properties, LLC
Related Party Transaction [Line Items]
Number of owners \| owner													1
Q Power LLC \| Coal Reclamation Partnership
Related Party Transaction [Line Items]
Ownership percentage by noncontrolling owners													16.26%
Management Fee, Panther Creek Plant \| Olympus Stronghold Services, LLC
Related Party Transaction [Line Items]
Related party transaction				$ 500,000									$ 1,000,000
Independent Consulting Agreement, Management Fee After Adjustment
Related Party Transaction [Line Items]
Related party transaction			$ 200,000
Related party transaction, percentage			0.10
Independent Consulting Agreement, Management Fee Before Adjustment
Related Party Transaction [Line Items]
Related party transaction			$ 600,000
Related party
Related Party Transaction [Line Items]
Fuel													$ 3,995,019	$ 3,854,881
Related party \| Olympus Stronghold Services, LLC \| Subsequent Event
Related Party Transaction [Line Items]
Related party, ongoing monthly assistance	$ 10,000
Related party \| Waste Coal Agreement (the “WCA”) \| Coal Valley Sales, LLC
Related Party Transaction [Line Items]
Waste coal annual quantity committed (in ton) \| T													200,000
Waste coal, handling fee (in USD per ton) \| $ / T													6.07
Waste coal commitment, units in excess of annual commitment, price per unit (in USD per ton) \| $ / T													1.00
Fuel													$ 855,605	733,458
Related party \| Fuel Service and Beneficial Use Agreement ("FBUA") \| Northampton Fuel Supply Company, Inc.
Related Party Transaction [Line Items]
Fuel													3,139,414	3,121,423
Related party \| Fuel Management Agreement \| Panther Creek Fuel Services LLC
Related Party Transaction [Line Items]
Operations and maintenance													929,942	1,697,850
Related party \| Fuel Management Agreement \| Scrubgrass Fuel Services LLC
Related Party Transaction [Line Items]
Operations and maintenance													374,944	780,410
Related party \| Management Fee \| Olympus Stronghold Services, LLC
Related Party Transaction [Line Items]
Related party transaction															$ 1,000,000
Related party \| Management Fee \| Panther Creek Energy Services LLC
Related Party Transaction [Line Items]
Related party transaction										$ 175,000
Related party \| Management Fee \| Scrubgrass Energy Services LLC
Related Party Transaction [Line Items]
Related party transaction							$ 325,000	$ 175,000			$ 250,000
Related party transaction, period											12 months
Related party \| Mobilization Fee \| Olympus Stronghold Services, LLC
Related Party Transaction [Line Items]
Related party transaction									$ 150,000
Related party \| Management Services Agreement \| William Spence
Related Party Transaction [Line Items]
Related party transaction													669,095	1,086,649
Related party \| Termination of Omnibus Services Agreement \| Olympus Stronghold Services, LLC \| Subsequent Event
Related Party Transaction [Line Items]
Related party, ongoing monthly assistance	$ 10,000
Related party \| Operations and Maintenance Agreement \| Panther Creek Energy Services LLC
Related Party Transaction [Line Items]
Related party transaction							$ 325,000				$ 250,000		1,856,501	1,697,850
Related party transaction, period											12 months
Related party \| Operations and Maintenance Agreement \| Scrubgrass Energy Services LLC
Related Party Transaction [Line Items]
Operations and maintenance													$ 2,269,290	$ 6,476,968
Related party \| Independent Consulting Agreement
Related Party Transaction [Line Items]
Granted (in shares) \| shares												250,000
Chief Executive Officer \| September 2022 Warrants
Related Party Transaction [Line Items]
Warrants issued during period (in shares) \| shares						60,241
Warrant exercise price of warrants (in USD per share) \| $ / shares		$ 10.10				$ 17.50
Chief Executive Officer \| Private placement With Greg Beard, Co-Chairman And Chief Executive Officer
Related Party Transaction [Line Items]
Stock issued and sold during period (in shares) \| shares		100,000				60,241
Sale of stock, consideration received		$ 1,000,000
Chief Executive Officer \| Private placement With Greg Beard, Co-Chairman And Chief Executive Officer \| Pre-Funded Warrants
Related Party Transaction [Line Items]
Warrants issued during period (in shares) \| shares		100,000

EARNINGS (LOSS) PER SHARE - Schedule of Earnings per Share (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Numerator:
Net loss	$ (101,825,493)	$ (195,171,967)
Less: net loss attributable to noncontrolling interest	(30,428,749)	(105,910,737)
Plus: Deemed contribution from exchange of Series C convertible preferred stock	20,492,568	0
Net loss attributable to Stronghold Digital Mining, Inc.	$ (50,904,176)	$ (89,261,230)
Denominator:
Weighted average shares of Class A common shares outstanding (in shares)	6,821,173	2,584,907
Basic net loss per share (in USD per share)	$ (7.46)	$ (34.53)
Diluted net loss per share (in USD per share)	$ (7.46)	$ (34.53)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482635/260-10-55-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-7

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
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+ Details

SEGMENT REPORTING

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

SEGMENT REPORTING

NOTE 17 – SEGMENT REPORTING

Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly in deciding how to allocate resources and assess performance. The Company's CEO is the chief operating decision maker. The Company functions in two operating segments, Energy Operations and Cryptocurrency Operations, about which separate financial information is presented below.


	For the years ended
	December 31, 2023		December 31, 2022
OPERATING REVENUES:
Energy Operations	$	7,466,255	$	51,000,381
Cryptocurrency Operations	67,500,045		59,223,437
Total operating revenues	$	74,966,300	$	110,223,818
NET OPERATING LOSS:
Energy Operations	$	(37,718,403)	$	(38,992,034)
Cryptocurrency Operations	(24,718,062)		(108,274,121)
Total net operating (loss) income	$	(62,436,465)	$	(147,266,155)
OTHER EXPENSE [A]	(39,389,028)		(47,905,812)
NET LOSS	$	(101,825,493)	$	(195,171,967)

DEPRECIATION AND AMORTIZATION:
Energy Operations	$	(5,337,828)	$	(5,189,071)
Cryptocurrency Operations	(30,077,458)		(42,046,273)
Total depreciation and amortization	$	(35,415,286)	$	(47,235,344)
INTEREST EXPENSE:
Energy Operations	$	(481,124)	$	(100,775)
Cryptocurrency Operations	(9,365,235)		(13,810,233)
Total interest expense	$	(9,846,359)	$	(13,911,008)
CAPITAL EXPENDITURES:
Energy Operations	$	932,898	$	1,735,392
Cryptocurrency Operations	14,982,500		79,295,111
Total capital expenditures	$	15,915,398	$	81,030,503

For the years ended December 31, 2023, and 2022, the loss on disposal of fixed assets, realized gain on sale of digital currencies, realized gain (loss) on sale of miner assets, impairments on miner assets, impairments on digital currencies, and impairments on equipment deposits recorded in the consolidated statements of operations were entirely attributable to the Cryptocurrency Operations segment.

Total assets by energy operations and cryptocurrency operations as of December 31, 2023, and 2022, are presented in the table below.


	December 31, 2023						December 31, 2022
	Energy Operations		Cryptocurrency Operations		Total		Energy Operations		Cryptocurrency Operations		Total
Cash and cash equivalents	$	231,108	$	3,983,505	$	4,214,613	$	693,805	$	12,602,898	$	13,296,703
Digital currencies	—		3,175,595		3,175,595		—		109,827		109,827
Accounts receivable	485,956		21,073		507,029		10,628,570		208,556		10,837,126
Due from related parties	97,288		—		97,288		73,122		—		73,122
Prepaid insurance	1,893,524		1,893,524		3,787,048		2,438,967		2,438,968		4,877,935
Inventory	4,196,812		—		4,196,812		4,471,657		—		4,471,657
Other current assets	433,612		1,241,472		1,675,084		—		1,975,300		1,975,300
Equipment deposits	—		8,000,643		8,000,643		—		10,081,307		10,081,307
Property, plant and equipment, net	41,538,240		103,104,531		144,642,771		45,645,205		121,559,476		167,204,681
Land	1,748,440		—		1,748,440		1,748,440		—		1,748,440
Road bond	299,738		—		299,738		211,958		—		211,958
Operating lease right-of-use assets	494,601		978,146		1,472,747		1,045,365		673,672		1,719,037
Security deposits	348,888		—		348,888		348,888		—		348,888
Other noncurrent assets	43,488		127,000		170,488		—		—		—
	$	51,811,695	$	122,525,489	$	174,337,184	$	67,305,977	$	149,650,004	$	216,955,981

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

CONSOLIDATED STATEMENTS OF PARTNERS’ DEFICIT AND STOCKHOLDERS’ DEFICIT - USD ($)	Total	Redeemable Convertible Preferred Stock, Series A	Convertible Preferred Stock, Series C	Convertible Preferred Stock, Series D	Noncontrolling Redeemable Preferred	Noncontrolling Redeemable Preferred Redeemable Convertible Preferred Stock, Series A	Noncontrolling Redeemable Preferred Convertible Preferred Stock, Series C	Noncontrolling Redeemable Preferred Convertible Preferred Stock, Series D	Common A	Common A Redeemable Convertible Preferred Stock, Series A	Common A Convertible Preferred Stock, Series C	Common A Convertible Preferred Stock, Series D	Accumulated Deficit	Accumulated Deficit Convertible Preferred Stock, Series D	Additional Paid-in Capital	Additional Paid-in Capital Redeemable Convertible Preferred Stock, Series A	Additional Paid-in Capital Convertible Preferred Stock, Series C	Additional Paid-in Capital Convertible Preferred Stock, Series D
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares outstanding (in shares)					115,200				2,001,607
Beginning balance at Dec. 31, 2021	$ (59,164,778)				$ 37,670,161				$ 200				$ (338,709,688)		$ 241,874,549
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss attributable to Stronghold Digital Mining, Inc.	(89,261,230)												(89,261,230)
Net loss attributable to noncontrolling interest	(105,910,737)				(4,140,324)								(101,770,413)
Maximum redemption right valuation [Common V Units]	289,298,029												289,298,029
Stock-based compensation	13,890,350														13,890,350
Vesting of restricted stock units (in shares)									24,106
Vesting of restricted stock units	0								$ 2						(2)
Issuance of common stock – September 2022 Private Placement (in shares)									287,676
Issuance of common stock – September 2022 Private Placement	2,241,310								$ 30						2,241,280
McClymonds arbitration award – paid by Q Power	5,038,122														5,038,122
Warrants issued and outstanding	26,894,078														26,894,078
Exercised warrants (in shares)									642,433
Exercised warrants	0								$ 64						(64)
Issuance of stock (in shares)						(115,200)			100,000	115,200
Issuance of stock	0	$ 0			$ 33,529,837	$ (33,529,837)			$ 10	$ 11					(10)	$ 33,529,826
Exchange of Series C convertible preferred stock for Series D convertible preferred stock	0
Ending balance (in shares) at Dec. 31, 2022					0		0	0	3,171,022
Ending balance at Dec. 31, 2022	83,025,144				$ 0		$ 0	$ 0	$ 317				(240,443,302)		323,468,129
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares outstanding (in shares)					0		0	0	3,171,022
Net loss attributable to Stronghold Digital Mining, Inc.	(50,904,176)
Net loss attributable to Stronghold Digital Mining, Inc.	(71,396,744)												(71,396,744)
Net loss attributable to noncontrolling interest	(30,428,749)												(30,428,749)
Maximum redemption right valuation [Common V Units]	(9,871,528)												(9,871,528)
Stock-based compensation (in shares)									250,000
Stock-based compensation	9,238,826								$ 25						9,238,801
Vesting of restricted stock units (in shares)									442,690
Vesting of restricted stock units	0								$ 44						(44)
Warrants issued and outstanding	1,739,882														1,739,882
Exercised warrants (in shares)									1,710,486
Exercised warrants	316								$ 171						145
Issuance of stock (in shares)							23,102		200,000
Issuance of stock	1,210,000		$ 45,386,946		$ 0		$ 2		$ 20						1,209,980		$ 45,386,944
Issuance of common stock to settle payables (in shares)									116,206
Issuance of common stock to settle payables	1,063,189								$ 12						1,063,177
Issuance of common stock – April 2023 Private Placement (in shares)									566,661
Issuance of common stock – April 2023 Private Placement	941,652								$ 57						941,595
Issuance of common stock – ATM Agreement (in shares)									1,794,587
Issuance of common stock – ATM Agreement	10,803,900								$ 180						10,803,720
Conversion of Series C preferred stock (in shares)							(1,530)	(7,972)			382,500	1,481,409
Conversion of Series			$ 0	$ 0							$ 38	$ 148					$ (38)	$ (148)
Exchange of Series C convertible preferred stock for Series D convertible preferred stock (in shares)							(15,582)	15,582
Exchange of Series C convertible preferred stock for Series D convertible preferred stock	20,492,568			$ (148,904)			$ (1)	$ 1						$ 20,492,568				$ (20,641,472)
Issuance of common stock – December 2023 Private Placement (in shares)									1,000,000
Issuance of common stock – December 2023 Private Placement	1,833,574								$ 100						1,833,474
Ending balance (in shares) at Dec. 31, 2023							5,990	7,610	11,115,561
Ending balance at Dec. 31, 2023	$ 43,397,504						$ 1	$ 1	$ 1,112				$ (331,647,755)		$ 375,044,145
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares outstanding (in shares)							5,990	7,610	11,115,561

RELATED-PARTY TRANSACTIONS - Related Party Purchases (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Fuel	$ 28,590,348	$ 32,970,826
Related party
Related Party Transaction [Line Items]
Fuel	3,995,019	3,854,881
Related party \| Fuel Service and Beneficial Use Agreement ("FBUA") \| Northampton Fuel Supply Company, Inc.
Related Party Transaction [Line Items]
Fuel	3,139,414	3,121,423
Related party \| Waste Coal Agreement (the “WCA”) \| Coal Valley Sales, LLC
Related Party Transaction [Line Items]
Fuel	$ 855,605	$ 733,458

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Common stock - Class V, par value (in USD per share)	$ 0.0001	$ 0.0001
Common stock - Class V, authorized (in shares)	34,560,000	34,560,000
Common stock - Class V, issued (in shares)	2,405,760	2,605,760
Common stock - Class V, outstanding (in shares)	2,405,760	2,605,760
Common stock, par value (in USD per share)	$ 0.0001	$ 0.0001
Common stock, authorized (in shares)	685,440,000	685,440,000
Common stock, issued (in shares)	11,115,561	3,171,022
Common stock, outstanding (in shares)	11,115,561	3,171,022
Common Stock - Class V
Common stock - Class V, outstanding (in shares)	2,405,760	2,605,760
Convertible Preferred Stock, Series C
Preferred stock, par value (in USD per share)	$ 0.0001	$ 0.0001
Preferred stock, authorized (in shares)	23,102	23,102
Preferred stock, issued (in shares)	5,990	0
Preferred stock, outstanding (in shares)	5,990	0
Convertible Preferred Stock, Series D
Preferred stock, par value (in USD per share)	$ 0.0001	$ 0.0001
Preferred stock, authorized (in shares)	15,582	15,582
Preferred stock, issued (in shares)	7,610	0
Preferred stock, outstanding (in shares)	7,610	0

PROPERTY, PLANT AND EQUIPMENT (Tables)

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

Property, plant and equipment consisted of the following components as of December 31, 2023, and 2022:


	Useful Lives (Years)	December 31, 2023		December 31, 2022
Electric plant	10 – 60	$	67,063,626	$	66,295,809
Strongboxes and power transformers	8 – 30	54,588,284		52,318,704
Machinery and equipment	5 – 20	16,222,214		18,131,977
Rolling stock	5 – 7	261,000		261,000
Cryptocurrency machines and powering supplies	2 – 3	88,445,931		81,945,396
Computer hardware and software	2 – 5	100,536		17,196
Vehicles and trailers	2 – 7	658,500		659,133
Leasehold Improvements	2 – 3	2,992,845		—
Construction in progress	Not Depreciable	11,562,170		19,553,826
Asset retirement cost	10 – 30	580,452		580,452
		242,475,558		239,763,493
Accumulated depreciation and amortization		(97,832,787)		(72,558,812)
Property, plant and equipment, net		$	144,642,771	$	167,204,681

NONCONTROLLING INTERESTS

12 Months Ended

Dec. 31, 2023

Noncontrolling Interest [Abstract]

NONCONTROLLING INTERESTS

NOTE 13 – NONCONTROLLING INTERESTS

The Company is the sole managing member of Stronghold LLC and, as a result, consolidates the financial results of Stronghold LLC and reports a noncontrolling interest representing the common units of Stronghold LLC held by Q Power. Changes in the Company's ownership interest in Stronghold LLC, while the Company retains its controlling interest, are accounted for as redeemable common stock transactions. As such, future redemptions or direct exchanges of common units of Stronghold LLC by Q Power will result in changes to the amount recorded as noncontrolling interest. Refer to Note 12 – Redeemable Common Stock, which describes the redemption rights of the noncontrolling interest.

The noncontrolling interest representing the common units of Stronghold LLC held by Q Power represented 17.8% and 45.1% ownership of Stronghold LLC, as of December 31, 2023, and 2022, respectively, granting the owners of Q Power economic rights and, as a holder, one vote on all matters to be voted on by the Company's stockholders generally, and a redemption right into shares of Class A common stock.

The following table summarizes the redeemable common stock adjustments pertaining to the noncontrolling interest as of and for the year ended December 31, 2023:


	Class V Common Stock Outstanding	Fair Value Price		Redeemable Common Stock Adjustments
Balance – December 31, 2022	2,605,760	$	4.51	$	11,754,587
Net loss attributable to noncontrolling interest	—			(30,428,749)
Redemption of Class V shares	(200,000)			(1,210,000)
Adjustment of redeemable common stock to redemption amount (1)	—			40,300,278
Balance – December 31, 2023	2,405,760	$	8.49	$	20,416,116
(1) Redeemable common stock adjustment based on Class V common stock outstanding at fair value price at each quarter end, using a 10-day variable weighted average price ("VWAP") of trading dates including the closing date.

RELATED-PARTY TRANSACTIONS - Amounts Due to Related Parties (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Due to related parties	$ 718,838	$ 1,375,049
Coal Valley Properties, LLC
Related Party Transaction [Line Items]
Due to related parties	0	134,452
Q Power LLC
Related Party Transaction [Line Items]
Due to related parties	0	500,000
Coal Valley Sales, LLC
Related Party Transaction [Line Items]
Due to related parties	433,195	0
Panther Creek Operating LLC
Related Party Transaction [Line Items]
Due to related parties	14,511	0
Panther Creek Energy Services LLC
Related Party Transaction [Line Items]
Due to related parties	0	10,687
Panther Creek Fuel Services LLC
Related Party Transaction [Line Items]
Due to related parties	0	53,482
Northampton Generating Fuel Supply Company, Inc.
Related Party Transaction [Line Items]
Due to related parties	226,951	594,039
Olympus Power LLC and other subsidiaries
Related Party Transaction [Line Items]
Due to related parties	44,181	78,302
Scrubgrass Energy Services LLC
Related Party Transaction [Line Items]
Due to related parties	0	4,087
Scrubgrass Fuel Services LLC
Related Party Transaction [Line Items]
Due to related parties	$ 0	$ 0

DIGITAL CURRENCIES

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

DIGITAL CURRENCIES

NOTE 2 – DIGITAL CURRENCIES


	For the years ended
	December 31, 2023		December 31, 2022
Digital currencies at beginning of period	109,827		10,417,865
Additions of digital currencies	62,236,771		58,763,565
Realized gain on sale of digital currencies	967,995		1,102,220
Impairment losses	(910,029)		(8,339,660)
Proceeds from sale of digital currencies	(59,228,969)		(57,274,268)
Collateral sold to close derivative	—		(4,559,895)
Digital currencies at end of period	$	3,175,595	$	109,827

Given the existence of a quoted price for Bitcoin on active markets, the Company exercises its unconditional option to bypass the qualitative assessment for its indefinite-lived digital currency assets and proceed directly to performing a

quantitative impairment test. Using the lowest quoted prices for Bitcoin each day during the periods presented in the table above, the Company performed quantitative impairment tests on its digital currencies and recognized impairment losses of $910,029 and $8,339,660 for the years ended December 31, 2023, and 2022, respectively.

On December 15, 2021, the Company entered into a forward sale with NYDIG Derivatives Trading LLC ("NYDIG Trading") providing for the sale of 250 Bitcoin at a floor price of $28,000 per Bitcoin (such sale, the “Forward Sale”). Pursuant to the Forward Sale, NYDIG Trading paid the Company $7.0 million, an amount equal to the floor price per Bitcoin on December 16, 2021, multiplied by the 250 Bitcoin provided for sale.

On March 16, 2022, the Company executed additional option transactions. The net effect of those transactions was to adjust the capped final sale price to $50,000 from $85,500 per Bitcoin, resulting in $970,000 of proceeds to the Company. On July 27, 2022, the Company exited the variable prepaid forward sale contract derivative with NYDIG Trading. As a result, the Company delivered the restricted digital assets previously pledged as collateral to NYDIG Trading.

WARRANTS - Outstanding Warrants (Details) - shares	12 Months Ended
WARRANTS - Outstanding Warrants (Details) - shares	Dec. 31, 2023	Dec. 31, 2022
Class Of Warrant Or Right, Outstanding [Roll Forward]
Outstanding as of beginning of period (in shares)	1,587,511	29,780
Issued (in shares)	5,403,347	2,139,356
Exercised (in shares)	(1,712,873)	(581,625)
Outstanding as of end of period (in shares)	5,277,985	1,587,511

OPERATING LEASE ROU ASSETS AND LIABILITIES - Current and Noncurrent Operating Lease Liabilities (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Current portion of operating lease liabilities	$ 788,706	$ 593,063
Long-term operating lease liabilities	776,079	$ 1,230,001
Total operating lease liabilities	$ 1,564,785

COMMITMENTS AND CONTINGENCIES	12 Months Ended
COMMITMENTS AND CONTINGENCIES	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 11 – COMMITMENTS AND CONTINGENCIES Commitments: As discussed in Note 4 – Equipment Deposits, the Company has entered into various equipment contracts to purchase miners. Most of these contracts required a percentage of deposits upfront and subsequent payments to cover the contracted purchase price of the equipment. Details of the outstanding purchase agreement with MinerVa are summarized below. MinerVa Semiconductor Corp On April 2, 2021, the Company entered into a purchase agreement (the "MinerVa Purchase Agreement") with MinerVa for the acquisition of 15,000 of their MV7 ASIC SHA256 model cryptocurrency miners with a total terahash to be delivered equal to 1.5 million terahash. The price per miner was $4,892.50 for an aggregate purchase price of $73,387,500 to be paid in installments. The first installment equal to 60% of the purchase price, or $44,032,500, was paid on April 2, 2021, and an additional payment of 20% of the purchase price, or $14,677,500, was paid on June 2, 2021. As of December 31, 2023, there were no remaining deposits owed. In December 2021, the Company extended the deadline for delivery of the MinerVa miners to April 2022. In March 2022, MinerVa was again unable to meet its delivery date and had only delivered approximately 3,200 of the 15,000 miners. As a result, an impairment totaling $12,228,742 was recorded in the first quarter of 2022. Furthermore, in the fourth quarter of 2022, the difference between the fair value of the MinerVa equipment deposits and the carrying value resulted in the Company recording an additional impairment charge of $5,120,000. On July 18, 2022, the Company provided written notice of dispute to MinerVa pursuant to the MinerVa Purchase Agreement. Under the MinerVa Purchase Agreement, the Company and MinerVa were required to work together in good faith towards a resolution for a period of sixty (60) days following this notice, after which, if no settlement had been reached, the Company could end discussions, declare an impasse, and adhere to the dispute resolution provisions of the MinerVa Purchase Agreement. As the 60-day period has expired, the Company is evaluating all available remedies under the MinerVa Purchase Agreement. On October 30, 2023, the Company sent MinerVa a Notice of Impasse. On October 31, 2023, the Company filed a Statement of Claim in Calgary, Alberta against MinerVa for breach of contract related to the MinerVa Purchase Agreement. As of December 31, 2023, MinerVa had delivered, refunded cash or swapped into deliveries of industry-leading miners of equivalent value to approximately 12,700 of the 15,000 miners. The aggregate purchase price does not include shipping costs, which are the responsibility of the Company and shall be determined at which time the miners are ready for shipment. As disclosed in Note 4 – Equipment Deposits, the Company is pursuing legal action through the dispute resolution process, and as a result, the Company no longer expects equipment deliveries. Contingencies: The Company experiences routine litigation in the normal course of business. Management is of the opinion that none of this routine litigation will have a material adverse effect on the Company’s reported financial position or results of operations. The Company is involved in various legal proceedings as described below. McClymonds Supply & Transit Company, Inc. and DTA, L.P. vs. Scrubgrass Generating Company, L.P. On January 31, 2020, McClymonds Supply and Transit Company, Inc. (“McClymonds”) made a Demand for Arbitration, as required by the terms of the Transportation Agreement between McClymonds and Scrubgrass Generating Company, L.P. ("Scrubgrass") dated April 8, 2013 (the “Agreement”). In its demand, McClymonds alleged damages in the amount of $5,042,350 for failure to pay McClymonds for services. On February 18, 2020, Scrubgrass submitted its answering statement denying the claim of McClymonds in its entirety. On March 31, 2020, Scrubgrass submitted its counterclaim against McClymonds in the amount of $6,747,328 as the result of McClymonds’ failure to deliver fuel as required under the terms of the Agreement. Hearings were held from January 31, 2022, to February 3, 2022. On May 9, 2022, an award in the amount of $5.0 million plus interest of approximately $0.8 million was issued in favor of McClymonds. The two managing members of Q Power have executed a binding document to pay the full amount of the award and have begun to pay the full amount of the award, such that there will be no effect on the financial condition of the Company. McClymonds shall have no recourse to the Company with respect to the award. Allegheny Mineral Corporation v. Scrubgrass Generating Company, L.P., Butler County Court of Common Pleas, No. AD 19-11039 In November 2019, Allegheny Mineral Corporation ("Allegheny Mineral") filed suit against the Company seeking payment of approximately $1,200,000 in outstanding invoices. In response, the Company filed counterclaims against Allegheny Mineral asserting breach of contract, breach of express and implied warranties, and fraud in the amount of $1,300,000. After unsuccessful mediation in August 2020, the parties again attempted to mediate the case on October 26, 2022, which led to a mutual agreement to settlement terms of a $300,000 cash payment, and a supply agreement for limestone. Subject to completion of the settlement terms, this matter has been stayed in Butler County Court, and the outstanding litigation has been terminated. Federal Energy Regulatory Commission ("FERC") Matters On November 19, 2021, Scrubgrass received a notice of breach from PJM Interconnection, LLC alleging that Scrubgrass breached Interconnection Service Agreement – No. 1795 (the “ISA”) by failing to provide advance notice to PJM Interconnection, LLC and Mid-Atlantic Interstate Transmission, LLC pursuant to ISA, Appendix 2, section 3, of modifications made to the Scrubgrass Plant. On December 16, 2021, Scrubgrass responded to the notice of breach and respectfully disagreed that the ISA had been breached. On January 7, 2022, Scrubgrass participated in an information gathering meeting with representatives from PJM regarding the notice of breach and continued to work with PJM regarding the dispute, including conducting a necessary study agreement with respect to the Scrubgrass Plant. On January 20, 2022, the Company sent PJM a letter regarding the installation of a resistive computational load bank at the Panther Creek Plant. On March 1, 2022, the Company executed a necessary study agreement with respect to the Panther Creek Plant. PJM’s investigation and discussions with the Company regarding the notice of breach at the Scrubgrass Plant and the Panther Creek Plant are ongoing, including with respect to interim procedures, until the Company receives revised Interconnect Service Agreements for the Scrubgrass Plant and the Panther Creek Plant. Stronghold does not expect to make any material payments related to any resettlements of prior billing statements. The Company continues to expect to source electricity for its computational load banks from the Scrubgrass and Panther Creek Plants; however, Stronghold expects that, until the revised Interconnect Service Agreements are finalized and potentially thereafter, the Company will pay retail rates for electricity that is imported from the grid should it be unable to fully supply power to the computational load banks. On May 11, 2022, the Division of Investigations of the FERC Office of Enforcement (“OE”) informed the Company that the OE was conducting a non-public preliminary investigation concerning Scrubgrass’ compliance with various aspects of the PJM tariff. The OE requested that the Company provide certain information and documents concerning Scrubgrass’ operations by June 10, 2022. On July 13, 2022, after being granted an extension to respond by the OE, the Company submitted a formal response to the OE’s request. Since the Company submitted its formal response to the OE’s request, the Company has had further discussions with the OE regarding the Company’s formal response. The OE’s investigation, and discussions between the OE and the Company, regarding potential instances of non-compliance is continuing. The Company does not believe that the PJM notice of breach, the Panther Creek necessary study agreement, discussions regarding other potential issues related to the computational load bank, or the preliminary investigation by the OE will have a material adverse effect on the Company’s reported financial position or results of operations, although the Company cannot predict with certainty the final outcome of these proceedings. Shareholder Securities and Derivative Lawsuits On April 14, 2022, the Company, and certain of our current and former directors, officers and underwriters were named in a putative class action complaint filed in the United States District Court for the Southern District of New York (Winter v. Stronghold Digital Mining, Case No. 1:22-cv-3088). On August 4, 2022, co-lead plaintiffs were appointed. On October 18, 2022, the plaintiffs filed an amended complaint, alleging that the Company made misleading statements and/or failed to disclose material facts in violation of Section 11 of the Securities Act, 15 U.S.C. §77k and Section 15 of the Securities Act of 1933, as amended (the "Securities Act"), about the Company’s business, operations, and prospects in the Company’s registration statement on Form S-1 related to its initial public offering, and when subsequent disclosures were made regarding these operational issues when the Company announced its fourth quarter and full year 2021 financial results, the Company’s stock price fell, causing significant losses and damages. As relief, the plaintiffs are seeking, among other things, compensatory damages. The amended complaint also alleged violations of Section 12 of the Securities Act based on alleged false or misleading statements in the Company’s prospectus related to its initial public offering. On December 19, 2022, the Company filed a motion to dismiss, which the court largely denied on August 10, 2023. On September 8, 2023, the Court entered a Case Management Order, which set a number of case deadlines, including the completion of all discovery by April 21, 2025. On January 19, 2024, the Court granted the motion of one co-lead plaintiff to withdraw from the case (leaving one plaintiff remaining). Plaintiff filed a motion for class certification on February 19, 2023 and Defendants’ response to the motion is due on June 10, 2023. The defendants continue to believe the allegations in the complaint are without merit and intend to defend the suit vigorously. On September 5, 2023, and September 15, 2023, respectively, purported shareholders of the Company filed two derivative actions in the United States District Court for the Southern District of New York (Wilson v. Beard, Case No. 1:23-cv-7840, and Navarro v. Beard, Case No. 1:23-cv-08714) against certain of our current and former directors and officers, and the Company as a nominal defendant. The shareholders generally allege that the individual defendants breached their fiduciary duties by making or failing to prevent the misrepresentations alleged in the putative Winter securities class action, and assert claims for breach of fiduciary duty, unjust enrichment, abuse of control, gross mismanagement, corporate waste, and for contribution under Section 11 of the Securities Act and Section 21D of the Securities Exchange Act of 1934. The two cases were consolidated on October 24, 2023 under the case name In Re Stronghold Digital Mining, Inc., Stockholder Derivative Litigation (the “Consolidated Derivative Action”). On November 21, 2023 the Court entered an order staying the Consolidated Derivative Action pending a ruling on the motion for class certification in the putative Winter securities class action. The defendants believe the allegations in the Consolidated Derivative Action are without merit and intend to defend the suits vigorously. On November 14, 2023, and February 4, 2024, respectfully, purported shareholders of the Company filed two additional derivative actions in the United States District Court for the Southern District of New York (Parker v. Beard, Case No. 23 Civ. 10028 and Bruno v. Beard, Case No. 24 Civ. 798) against certain of our current and former directors and officers, and the Company as a nominal defendant. These lawsuits assert substantially the same claims and allegations as the Wilson and Navarro complaints. Plaintiff in the Bruno action had previously served a books and records demand, as well as an investigation/litigation demand, on the Company making similar allegations. On February 13, 2024, Plaintiffs in the Consolidated Derivative Action contacted the Court, taking the position that the Parker and Bruno cases should be consolidated into the Consolidated Derivative Action. The result of such consolidation would be that the Parker and Bruno cases would be similarly stayed pending further proceedings in the putative Winter securities class action. The application for consolidation remains pending. Mark Grams v. Treis Blockchain, LLC, Chain Enterprises, LLC, Cevon Technologies, LLC, Stronghold Digital Mining, LLC, David Pence, Michael Bolick, Senter Smith, Brian Lambretti and John Chain On May 4, 2023, Stronghold Digital Mining, LLC, a subsidiary of the Company (“Stronghold”), was named as one of several defendants in a complaint filed in the United States District Court for the Middle District of Alabama Eastern Division (the “Grams Complaint”). The Grams Complaint alleges that certain Bitcoin miners the Company purchased from Treis Blockchain, LLC (“Treis”) in December 2021 contained firmware that is alleged to have constituted “trade secrets” owned by Grams. Principally, the Grams Complaint included allegations of misappropriation of these alleged trade secrets. The Company believes that the allegations against it and its subsidiaries in the Grams Complaint are without merit and intends to vigorously defend the suit. To that end, the Company has entered into a joint defense agreement with Treis and the other named defendants. The Company has also entered into a tolling agreement with Treis. The Company filed a motion to dismiss the case for lack of personal jurisdiction on June 23, 2023. On October 6, 2023, Grams filed an Amended Complaint, to which the Company filed a renewed Motion to Dismiss for Lack of Personal Jurisdiction, or in the Alternative to Transfer the Case to the District of South Carolina, in addition to a renewed Motion to Dismiss several causes of action alleged in the Amended Complaint. On December 8, 2023, the Company filed its reply to Plaintiff’s response to Motion to Transfer or Alternatively to Dismiss Pursuant to Rule 12(b)(2). The Company does not believe the Grams Complaint will have a material adverse effect on the Company’s reported financial position or results of operations. MinerVa Purchase Agreement On July 18, 2022, the Company provided written notice of dispute to MinerVa pursuant to the MinerVa Purchase Agreement. Under the MinerVa Purchase Agreement, the Company and MinerVa were required to work together in good faith towards a resolution for a period of sixty (60) days following this notice, after which, if no settlement had been reached could end discussions, declare an impasse, and adhere to the dispute resolution provisions of the MinerVa Purchase Agreement. On October 30, 2023, the Company sent MinerVa a Notice of Impasse. On October 31, 2023, the Company filed a Statement of Claim in Calgary, Alberta against MinerVa for breach of contract related to the MinerVa Purchase Agreement. John W. Krynock v. Panther Creek Fuel Services, LLC c/o Olympus Power On June 2, 2023, Panther Creek Fuel Services, LLC, an affiliate of the Company was named as a defendant in a Federal Black Lung Case under Title IV of the Federal Coal Mine Health and Safety Act of 1969. The Plaintiff previously settled a state law claim with a predecessor in interest of the Company. The Company denies any liability in connection with the claim and intends to defend the suit vigorously. The Company does not believe that the claim will have a material adverse effect on the Company’s reported financial position or results of operations, although the Company cannot predict with any certainty the outcome of these proceedings. Department of Environmental Protection On November 9, 2023, the Company entered into a Consent Order and Agreement (“COA”) with the Commonwealth of Pennsylvania, Department of Environmental Protection (“DEP”). Pursuant to the COA, the DEP found that a July 5, 2022, inspection of the Company’s Scrubgrass Plant observed that coal ash at the Scrubgrass Plant exceeded the capacity of the permitted ash conditioning area as approved by the DEP on September 12, 2007. The COA found that the Scrubgrass Plant’s storage of excess waste coal ash violated certain provisions of the Solid Waste Management Act and Pennsylvania Code, among other items. Pursuant to the COA, Scrubgrass must pay a civil penalty in the amount of $28,800, in two equal installments within ninety (90) days of entry into the COA. The Company made the first payment to the DEP on November 10, 2023. The terms of the COA also require the Company to remove (i) a minimum of 80,000 tons of excess waste coal ash by November 9, 2024, (ii) 160,000 aggregate tons of excess waste coal ash by November 9, 2025, (iii) 220,000 aggregate tons of excess waste coal ash by November 9, 2026, and (iv) all remaining excess waste coal ash by November 9, 2027, such that the ash conditioning area is consistent with the specifications accepted by the DEP on September 7, 2007. Beginning on January 24, 2024, the Company is to provide quarterly progress reports to the DEP. In connection with the COA, the Company has had preliminary discussions with the Pennsylvania Public Utilities Commission (“PUC”) and the DEP regarding potential resettlement or forfeiture of Pennsylvania Tier II Alternative Energy Credits during any period of non-compliance, expected to be limited to July 5-22, 2022. In February of 2024, the Company retired 25,968 Alternative Energy Credits reflective of the amount of credits generated during the period of non-compliance from July 5-22, 2022. On December 15, 2023, the Scrubgrass Creek Watershed Association filed a Notice of Appeal to the Environmental Hearing Board regarding the COA (the “COA Appeal”). The Company does not believe the COA, COA Appeal or discussions with the PUC will have a material adverse effect on the Company’s reported financial position or results of operations.

EQUITY ISSUANCES

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

EQUITY ISSUANCES

NOTE 12 – REDEEMABLE COMMON STOCK

Class V common stock represented 17.8% and 45.1% ownership of Stronghold LLC, as of December 31, 2023, and 2022, respectively, granting the owners of Q Power economic rights and, as a holder, one vote on all matters to be voted on by our stockholders generally, and a redemption right into Class A shares. Refer to Note 13 – Noncontrolling Interests for more details.

The Company classifies its Class V common stock as redeemable common stock in the accompanying condensed consolidated balance sheets as, pursuant to the Stronghold LLC Agreement, the redemption rights of each unit held by Q Power for either shares of Class A common stock or an equivalent amount of cash is not solely within the Company’s control. This is due to the holders of the Class V common stock collectively owning a majority of the voting stock of the Company, which allows the holders of Class V common stock to elect the members of the Board, including those directors who determine whether to make a cash payment upon a Stronghold LLC unit holder’s exercise of its redemption rights. Redeemable common stock is recorded at the greater of the book value or redemption amount from the date of the issuance, April 1, 2021, and the reporting date as of December 31, 2023.

The Company recorded redeemable common stock as presented in the table below.


	Common – Class V
	Shares	Amount
Balance – December 31, 2022	2,605,760	$	11,754,587
Net loss attributable to noncontrolling interest	—	(30,428,749)
Redemption of Class V shares	(200,000)	(1,210,000)
Maximum redemption right valuation	—	40,300,278
Balance – December 31, 2023	2,405,760	$	20,416,116

NOTE 16 – EQUITY ISSUANCES

May 2022 Private Placement

On May 15, 2022, the Company entered into a note and warrant purchase agreement (the “Purchase Agreement”), by and among the Company and the purchasers thereto (collectively, the “May Purchasers”), whereby the Company agreed to issue and sell to the May Purchasers, and the May Purchasers agreed to purchase from the Company, (i) $33,750,000 aggregate principal amount of 10.00% unsecured convertible promissory notes (the “May 2022 Notes”) and (ii) warrants (the “May 2022 Warrants”) representing the right to purchase up to 631,800 shares of Class A common stock, of the Company with an exercise price per share equal to $25.00, on the terms and subject to the conditions set forth in the Purchase Agreement (collectively, the “2022 Private Placement”). The Purchase Agreement contained representations and warranties by the Company and the May Purchasers that are customary for transactions of this type. The May 2022 Notes and the May 2022 Warrants were sold for aggregate consideration of approximately $27.0 million.

In connection with the 2022 Private Placement, the Company undertook to negotiate with the May Purchasers and to file a certificate of designation with the State of Delaware, following the closing of the 2022 Private Placement, for the terms of a new series of preferred stock.

In connection with the 2022 Private Placement, the May 2022 Warrants were issued pursuant to the Warrant Agreement. The May 2022 Warrants are subject to mandatory cashless exercise provisions and have certain anti-dilution provisions. The May 2022 Warrants are exercisable for a five-year period from the closing.

The issuance of the May 2022 Notes was within the scope of ASC 480-10 and, therefore, was initially measured at fair value (consistent with ASC 480-10-30-7). Additionally, under the guidance provided by ASC 815-40-15-7, the Company determined that the May 2022 Warrants were indexed to the Company's stock. As a result, the May 2022 Warrants were initially recorded at their fair value within equity. The May 2022 Notes were valued using the gross yield method under the income approach. As of the issuance date of May 15, 2022, a calibration analysis was performed by back solving the implied yield associated with the May 2022 Notes, such that the total value of the May 2022 Notes and the May 2022 Warrants equaled the purchase amount. The calibrated yield was then rolled forward for changes to the risk-free rate and option-adjusted spreads to the August 16, 2022, valuation date to value the May 2022 Notes.

On August 16, 2022, the Company entered into an amendment to the Purchase Agreement, by and among the Company and the May Purchasers, whereby the Company agreed to amend the Purchase Agreement, such that $11.25 million of the outstanding principal was exchanged for the May Purchaser's execution of an amended and restated warrant agreement pursuant to which the strike price of the 631,800 May 2022 Warrants was reduced from $25.00 to $0.10. After giving effect to the principal reduction and amended and restated warrants, the Company was to continue to make subsequent monthly, payments to the May Purchasers on the fifteenth (15th) day of each of November 2022, December 2022, January 2023, and February 2023. The Company was able to elect to pay each such payment (A) in cash or (B) in shares of common stock, in each case, at a twenty percent (20%) discount to the average of the daily VWAPs for each of the twenty (20) consecutive trading days preceding the payment date.

Series C Convertible Preferred Stock

On December 30, 2022, the Company entered into the Exchange Agreement with the Purchasers of the Amended May 2022 Notes whereby the Amended May 2022 Notes were to be exchanged for shares of Series C Preferred Stock that, among other things, will convert into shares of Class A common stock or pre-funded warrants that may be exercised for shares of Class A common stock, at a conversion rate equal to the stated value of $1,000 per share plus cash in lieu of fractional shares, divided by a conversion price of $4.00 per share of Class A common stock. Upon the fifth anniversary of the Series C Preferred Stock, each outstanding share of Series C Preferred Stock will automatically and immediately convert into Class A common stock or pre-funded warrants. In the event of a liquidation, the Purchasers shall be entitled to receive an amount per share of Series C Preferred Stock equal to its stated value of $1,000 per share. The Exchange Agreement closed on February 20, 2023.

Pursuant to the Exchange Agreement, the Purchasers received an aggregate 23,102 shares of the Series C Preferred Stock, in exchange for the cancellation of an aggregate $17,893,750 of principal and accrued interest, representing all of the amounts owed to the Purchasers under the May 2022 Notes. On February 20, 2023, one Purchaser converted 1,530 shares

of the Series C Preferred Stock to 382,500 shares of the Company’s Class A common stock. The rights and preferences of the Series C Preferred Stock are designated in a certificate of designation, and the Company provided certain registration rights to the Purchasers. As of December 31, 2023, 5,990 shares of the Series C Preferred Stock remain outstanding following the Series D Exchange Agreement described below.

As of December 31, 2023, the Company incurred $1,221,339 of offering costs which has been capitalized within additional paid-in capital in the consolidated balance sheet.

Series D Exchange Agreement

On November 13, 2023, the Company consummated a transaction (the “Series D Exchange Transaction”) pursuant to an exchange agreement, dated November 13, 2023 (the “Series D Exchange Agreement”) with Adage Capital Partners, LP (the “Holder”) whereby the Company issued to the Holder an aggregate of 15,582 shares of a newly created series of preferred stock, the Series D Convertible Preferred Stock, par value $0.0001 per share (the “Series D Preferred Stock”), in exchange for 15,582 shares of Series C Preferred Stock held by the Holder, which represented all of the shares of Series C Preferred Stock held by the Holder. The Series D Preferred Stock contains substantially similar terms as the Series C Preferred Stock except with respect to a higher conversion price. The Series D Exchange Agreement contains representations, warranties, covenants, releases, and indemnities customary for transactions of this type, as well as certain trading volume restrictions. As a result of the Series D Exchange Transaction, the Company recorded a deemed contribution of $20,492,568 resulting from the extinguishment of 15,582 shares of Series C Preferred Stock associated with the Series D Exchange Transaction. The deemed contribution represents the difference between the carrying value of the existing Series C Preferred Stock and the estimated fair value of the newly-issued Series D Preferred Stock. As of December 31, 2023, 7,610 shares of the Series D Preferred Stock remain outstanding after conversions of 7,972 shares of Series D Preferred Stock for 1,481,409 shares of Class A common stock during the fourth quarter of 2023. Subsequent to December 31, 2023, the remaining 7,610 shares of Series D Convertible Preferred Stock have been converted to 1,414,117 shares of Class A common stock.

As of and for the year ended December 31, 2023, the Company incurred $148,904 of offering costs which has been capitalized within additional paid-in capital in the consolidated balance sheet.

September 2022 Private Placement

On September 13, 2022, the Company entered into Securities Purchase Agreements with Armistice and Greg Beard, the Company's chairman and chief executive officer (together with Armistice, the “September 2022 Private Placement Purchasers”), for the purchase and sale of 227,435 and 60,241 shares, respectively, of Class A common stock, par value $0.0001 per share at a purchase price of $16.00 and $16.60, respectively, and warrants to purchase an aggregate of 560,241 shares of Class A common stock, at an initial exercise price of $17.50 per share (subject to certain adjustments). Subject to certain ownership limitations, such warrants are exercisable upon issuance and will be exercisable for five and a half years commencing upon the date of issuance. Armistice also purchased the pre-funded warrants to purchase 272,565 shares of Class A common stock at a purchase price of $16.00 per pre-funded warrant. The pre-funded warrants have an exercise price of $0.001 per warrant share. The transaction closed on September 19, 2022. The gross proceeds from the sale of such securities, before deducting offering expenses, was approximately $9.0 million.

The warrant liabilities are subject to remeasurement at each balance sheet date, and any change in fair value is recognized as "changes in fair value of warrant liabilities" in the consolidated statements of operations. The fair value of the warrant liabilities was estimated as of December 31, 2023, using a Black-Scholes model with significant inputs as follows:


	December 31, 2023
Expected volatility	131.6		%
Expected life (in years)	6
Risk-free interest rate	3.8		%
Expected dividend yield	0		%
Fair value	$	3,665,457

In connection with the closing of the December 2023 Private Placement (discussed below), the Company and Armistice entered into an amendment to, among other things, adjust the strike price of the remaining outstanding warrants from $10.10 per share to $7.00 per share and extend the expiration date through December 31, 2029. Furthermore, in January 2024, the Company and Mr. Beard entered into an amendment to, among other things, adjust the strike price of the remaining outstanding warrants from $10.10 per share to $7.51 per share.

April 2023 Private Placement

On April 20, 2023, the Company entered into Securities Purchase Agreements with an institutional investor and the Company’s chairman and chief executive officer, Greg Beard, for the purchase and sale of shares of Class A common stock, par value $0.0001 per share at a purchase price of $10.00 per share, and warrants to purchase shares of Class A common stock, at an initial exercise price of $11.00 per share (subject to certain adjustments in accordance with the terms thereof). Pursuant to the Securities Purchase Agreements, the institutional investor invested $9.0 million in exchange for an aggregate of 900,000 shares of Class A common stock and pre-funded warrants, and Mr. Beard invested $1.0 million in exchange for an aggregate of 100,000 shares of Class A common stock, in each case at a price of $10.00 per share equivalent. Further, the institutional investor and Mr. Beard received warrants exercisable for 900,000 shares and 100,000 shares, respectively, of Class A common stock.

Subject to certain ownership limitations, the warrants are exercisable six months after issuance. The warrants are exercisable for five and a half years commencing upon the date of issuance, subject to certain ownership limitations. The pre-funded warrants have an exercise price of $0.001 per warrant share and are immediately exercisable, subject to certain ownership limitations. The gross proceeds from the April 2023 Private Placement, before deducting offering expenses, was approximately $10.0 million. The April 2023 Private Placement closed on April 21, 2023.


	December 31, 2023
Expected volatility	131.6		%
Expected life (in years)	6
Risk-free interest rate	3.8		%
Expected dividend yield	0		%
Fair value	$	6,571,494

Additionally, as previously disclosed, the Company entered into Securities Purchase Agreements with the September 2022 Private Placement Purchasers for, in part, warrants to purchase an aggregate of 560,241 shares of Class A common stock, at an exercise price of $17.50 per share. On April 20, 2023, the Company and the September 2022 Private Placement Purchasers entered into amendments to, among other things, adjust the strike price of the warrants from $17.50 per share to $10.10 per share. In connection with the closing of the December 2023 Private Placement (discussed below), the Company and the institutional investor entered into an amendment to, among other things, adjust the strike price of the remaining outstanding warrants from $10.10 per share to $7.00 per share and extend the expiration date through December 31, 2029.

As of and for the year ended December 31, 2023, the Company incurred $175,000 of offering costs which has been capitalized within additional paid-in capital in the consolidated balance sheet.

December 2023 Private Placement

On December 21, 2023, the Company entered into a Securities Purchase Agreement with an institutional investor for the purchase and sale of shares of Class A common stock, par value $0.0001 per share at a purchase price of $6.71 per share, and warrants to purchase shares of Class A common stock, at an initial exercise price of $7.00 per share (the “ December 2023 Private Placement”). Pursuant to the Securities Purchase Agreement, the institutional investor invested $15.4 million in exchange for an aggregate of 2,300,000 shares of Class A common stock and pre-funded warrants at a price of $6.71 per share equivalent. Further, the institutional investor received warrants exercisable for 2,300,000 shares of Class A common stock.

Subject to certain ownership limitations, the warrants are exercisable six months after issuance. The warrants are exercisable for five and a half years commencing upon the date of issuance, subject to certain ownership limitations. The pre-funded warrants have an exercise price of $0.001 per warrant share and are immediately exercisable, subject to certain ownership limitations. The gross proceeds from the December 2023 Private Placement, before deducting offering expenses, was approximately $15.4 million. The December 2023 Private Placement closed on December 21, 2023. As of and for the year ended December 31, 2023, the Company incurred $50,592 of offering costs which has been accrued and capitalized within additional paid-in capital in the consolidated balance sheet.


	December 31, 2023
Expected volatility	131.6		%
Expected life (in years)	5.5
Risk-free interest rate	3.8		%
Expected dividend yield	0		%
Fair value	$	14,973,478

ATM Agreement

On May 23, 2023, the Company entered into an at-the-market offering agreement (the "ATM Agreement") with H.C. Wainwright & Co., LLC ("HCW") to sell shares of its Class A common stock having aggregate sales proceeds of up to $15.0 million (the "ATM Shares"), from time to time, through an "at the market" equity offering program under which HCW acts as sales agent and/or principal.

Pursuant to the ATM Agreement, the ATM Shares may be offered and sold through HCW in transactions that are deemed to be “at the market” offerings as defined in Rule 415 under the Securities Act, including sales made directly on The Nasdaq Stock Market LLC or sales made to or through a market maker other than on an exchange or in negotiated transactions. Under the ATM Agreement, HCW is entitled to compensation equal to 3.0% of the gross proceeds from the sale of the ATM Shares sold through HCW. The Company has no obligation to sell any of the ATM Shares under the ATM Agreement and may at any time suspend solicitations and offers under the ATM Agreement. The Company and HCW may each terminate the ATM Agreement at any time upon specified prior written notice.

The ATM Shares have been and are being issued pursuant to the Company’s shelf registration statement on Form S-3 (File No. 333-271671), filed with the SEC on May 5, 2023, as amended by Amendment No. 1 to the registration statement filed with the SEC on May 23, 2023 (as amended, the “ATM Registration Statement”). The ATM Registration Statement was declared effective on May 25, 2023.

During the year ended December 31, 2023, we sold 1,794,587 ATM Shares at approximately $6.47 per share under the ATM Agreement for gross proceeds of approximately $11.6 million less sales commissions of approximately , for net proceeds of approximately $11.2 million. Subsequent to December 31, 2023, and as of February 29, 2024, no additional shares have been sold under the ATM Agreement. As of and for the year ended December 31, 2023, the Company incurred $388,106 of offering costs which has been capitalized within additional paid-in capital in the consolidated balance sheet.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-Paragraph 13
-Subparagraph (h)
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Paragraph 14
-Subparagraph (b)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
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-Paragraph 6
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 40
-Name Accounting Standards Codification
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-Paragraph 6
-Subparagraph (a)
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Paragraph 1
-Subparagraph (SX 210.3-04)
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

EARNINGS (LOSS) PER SHARE (Tables)

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted


	For the years ended
	December 31, 2023		December 31, 2022
Numerator:
Net loss	$	(101,825,493)	$	(195,171,967)
Less: net loss attributable to noncontrolling interest	(30,428,749)		(105,910,737)
Plus: Deemed contribution from exchange of Series C convertible preferred stock	20,492,568		—
Net loss attributable to Stronghold Digital Mining, Inc.	$	(50,904,176)	$	(89,261,230)
Denominator:
Weighted average number of Class A common shares outstanding	6,821,173		2,584,907
Basic net loss per share	$	(7.46)	$	(34.53)
Diluted net loss per share	$	(7.46)	$	(34.53)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

ecurities that could potentially dilute earnings (loss) per share in the future were not included in the computation of diluted net loss per share for the years ended December 31, 2023, and 2022, because their inclusion would be anti-dilutive. The following table summarizes the potentially dilutive impact of such securities.


	December 31, 2023	December 31, 2022
Stock options	68,136	172,182
RSUs	1,659	31,996
Warrants (excluding those with a $0.01 exercise price)	3,865,910	571,850
Series C Preferred Stock not yet exchanged for shares of Class A common stock	1,497,500	—
Series D Preferred Stock not yet exchanged for shares of Class A common stock	1,414,117	—
Class V common shares not yet exchanged for shares of Class A common stock	2,405,760	2,605,760
Total potentially dilutive securities	9,253,082	3,381,788

DEBT - Future Scheduled Maturities on the Outstanding Borrowings (Details)	Dec. 31, 2023 USD ($)
Debt Disclosure [Abstract]
2024	$ 7,936,147
2025	48,151,254
2026	52,508
2027	0
2028 and thereafter	0
Total outstanding borrowings	$ 56,139,909

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

OPERATING LEASE ROU ASSETS AND LIABILITIES

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

OPERATING LEASE ROU ASSETS AND LIABILITIES

NOTE 8 – OPERATING LEASE ROU ASSETS AND LIABILITIES

The Company leases storage and office space, information technology equipment, and certain machinery and equipment used in the operation of the Company's coal refuse power generation facilities.

The gross value of operating lease ROU assets and the related accumulated amortization totaled $3,003,705 and $1,530,958, respectively, in the consolidated balance sheet as of December 31, 2023.

The current and noncurrent portions of the Company's operating lease liabilities as of December 31, 2023, were as follows:


	December 31, 2023
Current portion of operating lease liabilities	$	788,706
Long-term operating lease liabilities	776,079
Total operating lease liabilities	$	1,564,785

Future operating lease payments for each of the next five years as of December 31, 2023, are as follows:


Years ending December 31:
2024	$	917,971
2025	613,026
2026	226,557
2027	—
2028 and thereafter	—
Total operating lease payments (undiscounted)	1,757,554
Less: amount representing interest	(192,769)
Total operating lease payments (discounted)	$	1,564,785

For the years ended December 31, 2023, and 2022, total operating lease costs amounted to $628,885 and $731,924, respectively. At December 31, 2023, the weighted-average remaining lease term approximated 1.95 years, and the weighted-average discount rate approximated 7.75%. Cash paid for amounts included in the measurement of operating lease liabilities totaled $496,998 for the year ended December 31, 2023, and was classified as operating cash flows in the consolidated statement of cash flows for the year then ended.

STOCK-BASED COMPENSATION - Total Stock-Based Compensation Expense (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 9,238,826	$ 13,890,350
Restricted stock awards under the Plan
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	7,167,680	3,592,641
Stock option awards under the Plan
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 2,071,146	$ 10,297,709

PROPERTY, PLANT AND EQUIPMENT - Schedule of Property, Plant and Equipment (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Property, Plant And Equipment, Excluding Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 242,475,558	$ 239,763,493
Accumulated depreciation and amortization	(97,832,787)	(72,558,812)
Property, plant and equipment, net	144,642,771	167,204,681
Electric plant
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 67,063,626	66,295,809
Electric plant \| Minimum
Property, Plant and Equipment [Line Items]
Useful Lives (Years)	10 years
Electric plant \| Maximum
Property, Plant and Equipment [Line Items]
Useful Lives (Years)	60 years
Strongboxes and power transformers
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 54,588,284	52,318,704
Strongboxes and power transformers \| Minimum
Property, Plant and Equipment [Line Items]
Useful Lives (Years)	8 years
Strongboxes and power transformers \| Maximum
Property, Plant and Equipment [Line Items]
Useful Lives (Years)	30 years
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 16,222,214	18,131,977
Machinery and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Useful Lives (Years)	5 years
Machinery and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Useful Lives (Years)	20 years
Rolling stock
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 261,000	261,000
Rolling stock \| Minimum
Property, Plant and Equipment [Line Items]
Useful Lives (Years)	5 years
Rolling stock \| Maximum
Property, Plant and Equipment [Line Items]
Useful Lives (Years)	7 years
Cryptocurrency machines and powering supplies
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 88,445,931	81,945,396
Cryptocurrency machines and powering supplies \| Minimum
Property, Plant and Equipment [Line Items]
Useful Lives (Years)	2 years
Cryptocurrency machines and powering supplies \| Maximum
Property, Plant and Equipment [Line Items]
Useful Lives (Years)	3 years
Computer hardware and software
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 100,536	17,196
Computer hardware and software \| Minimum
Property, Plant and Equipment [Line Items]
Useful Lives (Years)	2 years
Computer hardware and software \| Maximum
Property, Plant and Equipment [Line Items]
Useful Lives (Years)	5 years
Vehicles and trailers
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 658,500	659,133
Vehicles and trailers \| Minimum
Property, Plant and Equipment [Line Items]
Useful Lives (Years)	2 years
Vehicles and trailers \| Maximum
Property, Plant and Equipment [Line Items]
Useful Lives (Years)	7 years
Leasehold Improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 2,992,845	0
Leasehold Improvements \| Minimum
Property, Plant and Equipment [Line Items]
Useful Lives (Years)	2 years
Leasehold Improvements \| Maximum
Property, Plant and Equipment [Line Items]
Useful Lives (Years)	3 years
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 11,562,170	19,553,826
Asset retirement cost
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 580,452	$ 580,452
Asset retirement cost \| Minimum
Property, Plant and Equipment [Line Items]
Useful Lives (Years)	10 years
Asset retirement cost \| Maximum
Property, Plant and Equipment [Line Items]
Useful Lives (Years)	30 years

CONCENTRATIONS (Details) - USD ($)	12 Months Ended
CONCENTRATIONS (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Concentration Risk [Line Items]
Accounts receivable	$ 8,108,710	$ (8,725,271)
PJM \| CES
Concentration Risk [Line Items]
Accounts payable		5,100,000
PJM Interconnection, LLC
Concentration Risk [Line Items]
Accounts receivable		$ 1,867,506
Revenue \| Customized Energy Solutions, Ltd \| Customer Concentration Risk \| Energy Operations
Concentration Risk [Line Items]
Concentration risk, percentage	97.00%
Revenue \| One customer \| Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	1100.00%
Accounts receivable \| Customized Energy Solutions, Ltd \| Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage		100.00%
Purchased Coal \| Related Party Concentration Risk \| Two Related Parties
Concentration Risk [Line Items]
Concentration risk, percentage	17.00%	17.00%

STOCK-BASED COMPENSATION - Stock Options Activity (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Number of Shares
Outstanding, beginning balance (in shares)	355,005	337,908
Granted (in shares)	0	20,597
Exercised (in shares)	0	0
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Expirations, Weighted Average Remaining Contractual Term	7 years 7 months 2 days
Expired (in shares)	(25,203)	0
Cancelled / Forfeited (in shares)	(248,370)	(3,500)
Outstanding, ending balance ((in shares)	81,432	355,005	337,908
Shares vested and expected to vest (in shares)	81,432
Exercisable (in shares)	68,136
Weighted- Average Exercise Price
Outstanding, beginning balance (in USD per share)	$ 90.30	$ 89.10
Granted (in USD per share)	0	106.10
Exercised (in USD per share)	0	0
Expired (in USD per share)	82.02	0
Cancelled / Forfeited (in USD per share)	93.96	180.60
Outstanding, ending balance (in USD per share)	82.44	$ 90.30	$ 89.10
Shares vested and expected to vest (in USD per share)	82.44
Exercisable (in USD per share)	$ 82.67
Weighted- Average Contractual Term
Granted		9 years 1 month 9 days
Outstanding	7 years 7 months 2 days	9 years	9 years 7 months 9 days
Cancelled / Forfeited	7 years 7 months 17 days	8 years 8 months 4 days
Shares vested and expected to vest	7 years 7 months 2 days
Exercisable as of end of period	7 years 6 months 29 days
Aggregate Intrinsic Value
Outstanding at beginning of period	$ 0	$ 30,906,003,000
Outstanding at end of period	0	$ 0	$ 30,906,003,000
Shares vested and expected to vest	0
Exercisable as of end of period	$ 0

ACCRUED LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2023

Payables and Accruals [Abstract]

Schedule of Accrued Liabilities

Accrued liabilities consisted of the following as of December 31, 2023, and 2022:


	December 31, 2023		December 31, 2022
Accrued legal and professional fees	$	733,115	$	1,439,544
Accrued interest	22,101		1,343,085
Accrued sales and use tax	5,660,028		5,150,659
Accrued plant utilities and fuel	3,505,203		—
Accrued salaries and benefits	—		285,300
Other	867,448		674,660
Accrued liabilities	$	10,787,895	$	8,893,248

INVENTORY (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Waste coal	$ 4,066,201	$ 4,147,369
Limestone	72,969	180,696
Fuel oil	57,642	143,592
Inventory	$ 4,196,812	$ 4,471,657

WARRANTS

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

WARRANTS

NOTE 15 – WARRANTS

The following table summarizes outstanding warrants as of December 31, 2023, and 2022, and activity for the years then ended.


			Number of Warrants
Outstanding as of January 1, 2022			29,780
Issued			2,139,356
Exercised			(581,625)
Outstanding as of December 31, 2022			1,587,511
Issued			5,403,347
Exercised			(1,712,873)
Outstanding as of December 31, 2023			5,277,985

B&M Warrant

On March 28, 2023, as part of the B&M Settlement described in Note 7 – Debt, the Company issued a stock purchase warrant to B&M providing for the right to purchase from the Company 300,000 shares of Class A common stock, par value

$0.0001 per share, at an exercise price of $0.001 per warrant share. As of and during the year ended December 31, 2023, all 300,000 shares of Class A common stock available for purchase pursuant to the B&M Warrant were exercised.

May 2022 Private Placement

On May 15, 2022, the Company entered into a note and warrant purchase agreement, by and among the Company and the purchasers thereto, whereby the Company agreed to issue and sell (i) $33,750,000 aggregate principal amount of 10.00% unsecured convertible promissory notes and (ii) warrants representing the right to purchase up to 631,800 shares of Class A common stock of the Company with an exercise price per share equal to $25.00. The promissory notes and warrants were sold for aggregate consideration of approximately $27 million.

On August 16, 2022, the Company amended the note and warrant purchase agreement, such that $11.25 million of the outstanding principal was exchanged for the execution of an amended and restated warrant agreement pursuant to which the strike price of the 631,800 warrants was reduced from $25.00 to $0.10. Refer to Note 16 – Equity Issuances for additional details.

During the year ended December 31, 2023, 230,000 warrants issued in connection with the May 2022 Private Placement, or subsequent transactions associated with the unsecured convertible promissory notes, were exercised.

September 2022 Private Placement

On September 13, 2022, the Company entered into Securities Purchase Agreements with Armistice Capital Master Fund Ltd. ("Armistice") and Greg Beard, the Company's chairman and chief executive officer, for the purchase and sale of 227,435 and 60,241 shares of Class A common stock, respectively, and warrants to purchase an aggregate of 560,241 shares of Class A common stock, at an initial exercise price of $17.50 per share. Refer to Note 16 – Equity Issuances for additional details. As part of the transaction, Armistice purchased the pre-funded warrants for 272,565 shares of Class A common stock at a purchase price of $16.00 per warrant. The pre-funded warrants have an exercise price of $0.001 per warrant share.

In April 2023, the Company, Armistice and Mr. Beard entered into amendments to, among other things, adjust the strike price of the remaining outstanding warrants from $17.50 per share to $10.10 per share. In December 2023, the Company and Armistice entered into an amendment to, among other things, adjust the strike price of the remaining outstanding warrants from $10.10 per share to $7.00 per share and extend the expiration date through December 31, 2029. Furthermore, in January 2024, the Company and Mr. Beard entered into an amendment to, among other things, adjust the strike price of the remaining outstanding warrants from $10.10 per share to $7.51 per share. Refer to Note 16 – Equity Issuances for additional details.

As of and during the year ended December 31, 2023, the pre-funded warrants for 272,565 shares of Class A common stock have been exercised.

April 2023 Private Placement

On April 20, 2023, the Company entered into Securities Purchase Agreements with an institutional investor and the Company's Chief Executive Officer, Greg Beard, for the purchase and sale of shares of Class A common stock, par value $0.0001 per share at a purchase price of $10.00 per share, and warrants to purchase shares of Class A common stock, at an initial exercise price of $11.00 per share (the “April 2023 Private Placement”). Pursuant to the Securities Purchase Agreements, the institutional investor invested $9.0 million in exchange for an aggregate of 900,000 shares of Class A common stock and pre-funded warrants, and Mr. Beard invested $1.0 million in exchange for an aggregate of 100,000 shares of Class A common stock, in each case at a price of $10.00 per share equivalent. Further, the institutional investor and Mr. Beard received warrants exercisable for 900,000 shares and 100,000 shares, respectively, of Class A common stock. In December 2023, the Company and the institutional investor entered into an amendment to, among other things, adjust the strike price of the remaining outstanding warrants from $10.10 per share to $7.00 per share and extend the expiration date through December 31, 2029. Refer to Note 16 – Equity Issuances for additional details.

As of and during the year ended December 31, 2023, the pre-funded warrants for 433,340 shares of Class A common stock have been exercised.

December 2023 Private Placement

2023 Private Placement”). Pursuant to the Securities Purchase Agreement, the institutional investor invested $15.4 million in exchange for an aggregate of 2,300,000 shares of Class A common stock and pre-funded warrants at a price of $6.71 per share equivalent. Further, the institutional investor received warrants exercisable for 2,300,000 shares of Class A common stock. Refer to Note 16 – Equity Issuances for additional details.

EARNINGS (LOSS) PER SHARE - Narrative (Details) - shares		2 Months Ended	12 Months Ended
	Feb. 20, 2023	Mar. 08, 2024	Dec. 31, 2023
Preferred Stock
Class of Warrant or Right [Line Items]
Conversion of stock (in shares)	(1,530)
Common Stock
Class of Warrant or Right [Line Items]
Conversion of stock (in shares)	382,500
Convertible Preferred Stock, Series D \| Preferred Stock
Class of Warrant or Right [Line Items]
Conversion of stock (in shares)			(7,972)
Convertible Preferred Stock, Series D \| Preferred Stock \| Subsequent Event
Class of Warrant or Right [Line Items]
Conversion of stock (in shares)		(7,610)
Convertible Preferred Stock, Series D \| Common Stock
Class of Warrant or Right [Line Items]
Conversion of stock (in shares)			1,481,409
Convertible Preferred Stock, Series D \| Common Stock \| Subsequent Event
Class of Warrant or Right [Line Items]
Conversion of stock (in shares)		1,414,117

CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2023	Dec. 31, 2022
ASSETS:
Cash and cash equivalents	$ 4,214,613	$ 13,296,703
Digital currencies	3,175,595	109,827
Accounts receivable	507,029	10,837,126
Inventory	4,196,812	4,471,657
Prepaid insurance	3,787,048	4,877,935
Due from related parties	97,288	73,122
Other current assets	1,675,084	1,975,300
Total current assets	17,653,469	35,641,670
Equipment deposits	8,000,643	10,081,307
Property, plant and equipment, net	144,642,771	167,204,681
Operating lease right-of-use assets	1,472,747	1,719,037
Land	1,748,440	1,748,440
Road bond	299,738	211,958
Security deposits	348,888	348,888
Other noncurrent assets	170,488	0
TOTAL ASSETS	174,337,184	216,955,981
LIABILITIES:
Accounts payable	11,857,052	27,540,317
Accrued liabilities	10,787,895	8,893,248
Financed insurance premiums	2,927,508	4,587,935
Current portion of long-term debt, net of discounts and issuance fees	7,936,147	17,422,546
Current portion of operating lease liabilities	788,706	593,063
Due to related parties	718,838	1,375,049
Total current liabilities	35,016,146	60,412,158
Asset retirement obligation	1,075,728	1,023,524
Warrant liabilities	25,210,429	2,131,959
Long-term debt, net of discounts and issuance fees	48,203,762	57,027,118
Long-term operating lease liabilities	776,079	1,230,001
Contract liabilities	241,420	351,490
Total liabilities	110,523,564	122,176,250
COMMITMENTS AND CONTINGENCIES (NOTE 11)
REDEEMABLE COMMON STOCK:
Redeemable common stock	20,416,116	11,754,587
STOCKHOLDERS’ EQUITY (DEFICIT):
Common Stock – Class A; $0.0001 par value; 685,440,000 shares authorized; 11,115,561 and 3,171,022 shares issued and outstanding as of December 31, 2023, and 2022, respectively.	1,112	317
Accumulated deficits	(331,647,755)	(240,443,302)
Additional paid-in capital	375,044,145	323,468,129
Total stockholders' equity	43,397,504	83,025,144
Total redeemable common stock and stockholders' equity	63,813,620	94,779,731
TOTAL LIABILITIES, REDEEMABLE COMMON STOCK AND STOCKHOLDERS' EQUITY	174,337,184	216,955,981
Convertible Preferred Stock, Series C
STOCKHOLDERS’ EQUITY (DEFICIT):
Preferred stock, value, issued	1	0
Convertible Preferred Stock, Series D
STOCKHOLDERS’ EQUITY (DEFICIT):
Preferred stock, value, issued	$ 1	$ 0

COVER - USD ($) $ in Millions	12 Months Ended
COVER - USD ($) $ in Millions	Dec. 31, 2023	Feb. 29, 2024	Jun. 30, 2023
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-40931
Entity Registrant Name	Stronghold Digital Mining, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	86-2759890
Entity Address, Address Line One	595 Madison Avenue
Entity Address, Address Line Two	28th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10022
City Area Code	845
Local Phone Number	579-5992
Title of 12(b) Security	Class A common stock
Trading Symbol	SDIG
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 23
Entity Central Index Key	0001856028
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
Class A common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		12,645,479
Class V common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		2,405,760

OPERATING LEASE ROU ASSETS AND LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Current and Noncurrent Operating Lease Liabilities

The current and noncurrent portions of the Company's operating lease liabilities as of December 31, 2023, were as follows:


	December 31, 2023
Current portion of operating lease liabilities	$	788,706
Long-term operating lease liabilities	776,079
Total operating lease liabilities	$	1,564,785

Operating Lease, Liability, Maturity

Future operating lease payments for each of the next five years as of December 31, 2023, are as follows:


Years ending December 31:
2024	$	917,971
2025	613,026
2026	226,557
2027	—
2028 and thereafter	—
Total operating lease payments (undiscounted)	1,757,554
Less: amount representing interest	(192,769)
Total operating lease payments (discounted)	$	1,564,785

EQUITY ISSUANCES - Black Scholes Input Assumptions (Details)	Dec. 31, 2023 USD ($)	Sep. 30, 2023 USD ($)
September 2022 And Pre-Funded Warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected life (in years)	6 years
Fair value	$ 3,665,457
April 2023 And Pre-Funded Warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected life (in years)		6 years
Fair value		$ 6,571,494
December 2023 And Pre-Funded Warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected life (in years)	5 years 6 months
Fair value	$ 14,973,478
Expected volatility \| September 2022 And Pre-Funded Warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input	1.316
Expected volatility \| April 2023 And Pre-Funded Warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input		1.316
Expected volatility \| December 2023 And Pre-Funded Warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input	1.316
Risk-free interest rate \| September 2022 And Pre-Funded Warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input	0.038
Risk-free interest rate \| April 2023 And Pre-Funded Warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input		0.038
Risk-free interest rate \| December 2023 And Pre-Funded Warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input	0.038
Expected dividend yield \| September 2022 And Pre-Funded Warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input	0
Expected dividend yield \| April 2023 And Pre-Funded Warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input		0
Expected dividend yield \| December 2023 And Pre-Funded Warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input	0

PROPERTY, PLANT AND EQUIPMENT

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

PROPERTY, PLANT AND EQUIPMENT

NOTE 5 – PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment consisted of the following components as of December 31, 2023, and 2022:


	Useful Lives (Years)	December 31, 2023		December 31, 2022
Electric plant	10 – 60	$	67,063,626	$	66,295,809
Strongboxes and power transformers	8 – 30	54,588,284		52,318,704
Machinery and equipment	5 – 20	16,222,214		18,131,977
Rolling stock	5 – 7	261,000		261,000
Cryptocurrency machines and powering supplies	2 – 3	88,445,931		81,945,396
Computer hardware and software	2 – 5	100,536		17,196
Vehicles and trailers	2 – 7	658,500		659,133
Leasehold Improvements	2 – 3	2,992,845		—
Construction in progress	Not Depreciable	11,562,170		19,553,826
Asset retirement cost	10 – 30	580,452		580,452
		242,475,558		239,763,493
Accumulated depreciation and amortization		(97,832,787)		(72,558,812)
Property, plant and equipment, net		$	144,642,771	$	167,204,681

Construction in progress consists of various projects to build out the cryptocurrency machine power infrastructure and is not depreciable until the asset is considered in service and successfully powers and runs the attached cryptocurrency machines. Completion of these projects will have various rollouts of energized, transformed containers and are designed to calibrate power from the plant to the container that houses multiple cryptocurrency machines. Currently, the balance of $11,562,170 as of December 31, 2023, represents open contracts for future projects.

Depreciation and amortization expense charged to operations was $35,415,286 and $47,235,344 for the years ended December 31, 2023, and 2022, respectively, including depreciation of assets under finance leases of $484,704 and $406,411 for the respective years then ended. The gross value of assets under finance leases and the related accumulated amortization approximated $2,797,265 and $1,420,736 as of December 31, 2023, respectively, and $2,890,665 and $1,074,091 as of December 31, 2022, respectively.

Based on the Company’s analysis of impairment triggering events in accordance with ASC 360, Property, Plant and Equipment, the Company's property, plant and equipment assets were recoverable as of December 31, 2023; however, impairment indicators existed throughout 2022, and as of December 31, 2022, that resulted in impairments on miner assets of $40,683,112 for the year then ended December 31, 2022.

DIGITAL CURRENCIES - Narrative (Details)			12 Months Ended
DIGITAL CURRENCIES - Narrative (Details)	Mar. 16, 2022 USD ($) $ / bitcoin	Dec. 15, 2021 USD ($) $ / bitcoin	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 16, 2021 $ / bitcoin
Indefinite-lived Intangible Assets [Line Items]
Digital currencies			$ 3,175,595	$ 109,827
Impairments on digital currencies			910,029	8,339,660
Digital Currencies
Indefinite-lived Intangible Assets [Line Items]
Digital currencies			3,175,595	109,827	$ 10,417,865
Impairments on digital currencies			$ 910,029	$ 8,339,660
Compound Derivative Instrument
Indefinite-lived Intangible Assets [Line Items]
Number of derivative instruments to be sold (in bitcoin) \| $ / bitcoin		250				250
Derivative floor price (in dollars per bitcoin) \| $ / bitcoin		28,000
Proceeds from derivative instrument, financing activities	$ 970,000	$ 7,000,000
Compound Derivative Instrument \| Minimum
Indefinite-lived Intangible Assets [Line Items]
Capped price (in dollars per bitcoin) \| $ / bitcoin	50,000
Compound Derivative Instrument \| Maximum
Indefinite-lived Intangible Assets [Line Items]
Capped price (in dollars per bitcoin) \| $ / bitcoin	85,500

SUPPLEMENTAL CASH AND NON-CASH INFORMATION

12 Months Ended

Dec. 31, 2023

Additional Cash Flow Elements and Supplemental Cash Flow Information [Abstract]

SUPPLEMENTAL CASH AND NON-CASH INFORMATION

NOTE 20 – SUPPLEMENTAL CASH AND NON-CASH INFORMATION

Supplemental disclosures of cash flow information for the years ended December 31, 2023, and 2022, were as follows:


	For the years ended
	December 31, 2023		December 31, 2022
Income tax payments	$	—	$	—
Interest payments	$	9,562,034	$	9,636,505

Supplemental non-cash investing and financing activities consisted of the following for the years ended December 31, 2023, and 2022:


	For the years ended
	December 31, 2023		December 31, 2022
Equipment financed with debt	$	1,303,935	$	—
McClymonds arbitration award – paid by Q Power	—		5,038,122
Purchases of property, plant and equipment through finance leases	60,679		938,902
Purchases of property, plant and equipment included in accounts payable or accrued liabilities	10,582		6,614,671
Operating lease right-of-use assets exchanged for lease liabilities	291,291		630,831
Reclassifications from deposits to property, plant and equipment	4,658,970		63,363,287
Convertible note payment via warrants	—		3,340,078
Redemption of Series A convertible preferred units	—		33,529,837
Return of miners to settle debt	—		39,008,651
Issued as part of financing:
Warrants – WhiteHawk	—		1,150,000
Warrants – convertible note	—		6,604,881
Warrants – April 2023 Private Placement	8,882,914		—
Warrants – December 2023 Private Placement	13,548,834		—
Convertible Note Exchange for Series C Convertible Preferred Stock:
Extinguishment of convertible note	16,812,500		—
Extinguishment of accrued interest	655,500		—
Issuance of Series C convertible preferred stock, net of issuance costs	45,386,944		—
B&M Settlement:
Warrants – B&M	1,739,882		—
Return of transformers to settle outstanding payable	6,007,500		—
Issuance of B&M Note	3,500,000		—
Elimination of accounts payable	11,426,720		—
Financed insurance premiums	5,386,695		5,484,449
Class A common stock issued to settle outstanding payables or accrued liabilities	1,044,774		—
Exchange of Series C convertible preferred stock for Series D convertible preferred stock	20,492,568		—

WARRANTS - Narrative (Details) - USD ($)						12 Months Ended
WARRANTS - Narrative (Details) - USD ($)	Dec. 21, 2023	Apr. 20, 2023	Sep. 19, 2022	Aug. 16, 2022	May 15, 2022	Dec. 31, 2023	Dec. 31, 2022	Jan. 31, 2024	Mar. 28, 2023	Aug. 15, 2022
Class of Warrant or Right [Line Items]
Warrants issued during period (in shares)					631,800
Common stock, par value (in USD per share)	$ 0.0001	$ 0.0001	$ 0.0001			$ 0.0001	$ 0.0001		$ 0.0001
Warrant exercise price of warrants (in USD per share)					$ 25.00	$ 0.01
Exercised (in shares)						1,712,873	581,625
Proceeds from private placements, net of issuance costs paid in cash					$ 27,000,000	$ 25,257,567	$ 8,599,440
Issued (in shares)						5,403,347	2,139,356
September 2022 Warrants
Class of Warrant or Right [Line Items]
Warrants issued during period (in shares)			560,241
Warrant exercise price of warrants (in USD per share)			$ 17.50
September 2022 Warrants \| Subsequent Event
Class of Warrant or Right [Line Items]
Warrant exercise price of warrants (in USD per share)								$ 7.51
Pre-Funded Warrants
Class of Warrant or Right [Line Items]
Warrants issued during period (in shares)			272,565
Warrant exercise price of warrants (in USD per share)			$ 0.001
Warrant purchase price of warrants (in USD per share)			$ 16.00
Pre-Funded Warrants \| Armistice Capital Master Fund Ltd.
Class of Warrant or Right [Line Items]
Exercised (in shares)						272,565
Pre-Funded Warrants \| Institutional Investor
Class of Warrant or Right [Line Items]
Exercised (in shares)						433,340
April 2023 Warrants
Class of Warrant or Right [Line Items]
Warrant exercise price of warrants (in USD per share)		$ 11.00				$ 7.00
April 2023 Warrants \| Institutional Investor
Class of Warrant or Right [Line Items]
Warrants issued during period (in shares)		900,000
April 2023 Warrants \| Greg Beard
Class of Warrant or Right [Line Items]
Warrants issued during period (in shares)		100,000
December 2023 Warrants
Class of Warrant or Right [Line Items]
Warrant exercise price of warrants (in USD per share)	$ 7.00
December 2023 Warrants \| Institutional Investor
Class of Warrant or Right [Line Items]
Warrants issued during period (in shares)	2,300,000
Note Warrant
Class of Warrant or Right [Line Items]
Stock issued and sold during period (in shares)				631,800
Share price (in USD per share)				$ 0.10						$ 25.00
Private Placement
Class of Warrant or Right [Line Items]
Issued (in shares)						230,000
Sale of stock (in USD per share)	$ 6.71	$ 10.00
Private Placement \| Institutional Investor
Class of Warrant or Right [Line Items]
Stock issued and sold during period (in shares)	2,300,000	900,000
Sale of stock (in USD per share)	$ 6.71	$ 10.00
Sale of stock, consideration received	$ 15,400,000	$ 9,000,000
Private Placement \| Greg Beard
Class of Warrant or Right [Line Items]
Stock issued and sold during period (in shares)		100,000
Sale of stock (in USD per share)		$ 10.00
Sale of stock, consideration received		$ 1,000,000
Private Placement With Armistice Capital Master Fund Ltd.
Class of Warrant or Right [Line Items]
Stock issued and sold during period (in shares)			227,435
Sale of stock (in USD per share)			$ 16.00
Private placement With Greg Beard, Co-Chairman And Chief Executive Officer
Class of Warrant or Right [Line Items]
Stock issued and sold during period (in shares)			60,241
Sale of stock (in USD per share)			$ 16.60
B&M Note Due October 2025 \| Loans payable
Class of Warrant or Right [Line Items]
Warrants issued during period (in shares)									300,000
Warrant exercise price of warrants (in USD per share)									$ 0.001
Exercised (in shares)						300,000
Debt face amount						$ 3,500,000			$ 3,500,000
Interest rate						7.50%
Unsecured Convertible Promissory Notes \| Unsecured Debt
Class of Warrant or Right [Line Items]
Debt face amount				$ 11,250,000	$ 33,750,000
Interest rate					10.00%

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Dec. 31, 2023	Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (101,825,493)	$ (195,171,967)
Adjustments to reconcile net loss to cash flows from operating activities:
Depreciation and amortization	35,415,286	47,235,344
Accretion of asset retirement obligation	52,204	49,576
Gain on extinguishment of PPP loan	0	(841,670)
Loss on disposal of fixed assets	3,818,307	2,511,262
Realized (gain) loss on sale of miner assets	(52,000)	8,012,248
Change in value of accounts receivable	1,867,506	0
Amortization of debt issuance costs	212,566	2,935,795
Stock-based compensation	9,238,826	13,890,350
Loss on debt extinguishment	28,960,947	40,517,707
Impairments on equipment deposits	5,422,338	17,348,742
Impairments on miner assets	0	40,683,112
Changes in fair value of warrant liabilities	646,722	(4,226,171)
Changes in fair value of forward sale derivative	0	(3,435,639)
Realized gain on sale of derivative contract	0	(90,953)
Forward sale contract prepayment	0	970,000
Changes in fair value of convertible note	0	2,167,500
Other	470,905	2,217,458
(Increase) decrease in digital currencies:
Mining revenue	(62,236,771)	(58,763,565)
Net proceeds from sales of digital currencies	58,260,974	56,172,048
Impairments on digital currencies	910,029	8,339,660
(Increase) decrease in assets:
Accounts receivable	8,108,710	(8,725,271)
Prepaid insurance	6,728,976	6,908,215
Due from related parties	(91,617)	(5,671)
Inventory	274,845	(1,099,402)
Other assets	(234,858)	(603,963)
Increase (decrease) in liabilities:
Accounts payable	(4,250,888)	(3,093,265)
Due to related parties	28,241	(55,611)
Accrued liabilities	1,704,321	(180,943)
Other liabilities, including contract liabilities	(577,189)	(819,461)
NET CASH FLOWS USED IN OPERATING ACTIVITIES	(7,147,113)	(27,154,535)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment	(15,915,398)	(70,935,935)
Proceeds from sale of equipment deposits	0	13,013,974
Equipment purchase deposits – net of future commitments	(8,000,643)	(13,656,428)
Purchase of reclamation bond	(87,780)	0
NET CASH FLOWS USED IN INVESTING ACTIVITIES	(24,003,821)	(71,578,389)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments of debt	(7,147,771)	(76,119,454)
Repayments of financed insurance premiums	(7,047,122)	(4,598,592)
Proceeds from debt, net of issuance costs paid in cash	(170,135)	152,358,118
Proceeds from private placements, net of issuance costs paid in cash	25,257,567	8,599,440
Proceeds from ATM, net of issuance costs paid in cash	11,175,989	0
Proceeds from exercise of warrants	316	0
NET CASH FLOWS PROVIDED BY FINANCING ACTIVITIES	22,068,844	80,239,512
NET DECREASE IN CASH AND CASH EQUIVALENTS	(9,082,090)	(18,493,412)
CASH AND CASH EQUIVALENTS – BEGINNING OF PERIOD	13,296,703	31,790,115
CASH AND CASH EQUIVALENTS – END OF PERIOD	$ 4,214,613	$ 13,296,703

EQUIPMENT DEPOSITS	12 Months Ended
EQUIPMENT DEPOSITS	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
EQUIPMENT DEPOSITS	NOTE 4 – EQUIPMENT DEPOSITS Equipment deposits represent contractual agreements with vendors to deliver and install miners at future dates. The following details the vendor, miner model, miner count, and expected delivery month(s). The total equipment deposits of $8,000,643 as of December 31, 2023, represents cash paid for the following 5,000 miner assets that have been delivered to the Company during the first quarter of 2024: (i) 1,100 MicroBT Whatsminer M50 miners; (ii) 2,800 Bitmain Antminer S19k Pro miners; and (iii) 1,100 Canaan Avalon A1346 miners. In September 2023, the Company evaluated the MinerVa Semiconductor Corp ("MinerVa") equipment deposits for impairment under the provisions of ASC 360, Property, Plant and Equipment. The Company is pursuing legal action through the dispute resolution process, which represents an indicator for impairment per ASC 360-10-35-21, as the Company no longer expects equipment deliveries. As a result, the Company impaired the remaining MinerVa equipment deposits balance of $5,422,338 in the third quarter of 2023. During 2022, due to continual delays in the anticipated delivery date of the remaining MinerVa miners, which ultimately resulted in the Company's declaration of an impasse and adherence to the dispute resolution provision of the MinerVa purchase agreement, the Company undertook a test for recoverability under ASC 360-10-35-29 and a further discounted fair value analysis in accordance with ASC 820, Fair Value Measurement. The difference between the discounted fair value of the MinerVa equipment deposits and the carrying value resulted in the Company recording an impairment charge of $12,228,742 in the first quarter of 2022 and an additional $5,120,000 in the fourth quarter of 2022.

INCOME TAXES

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

INCOME TAXES

NOTE 19 – INCOME TAXES

The Company entered into a Tax Receivable Agreement (“TRA”) with Q Power and an agent named by Q Power on April 1, 2021, (to which an additional holder was subsequently joined as an additional “TRA Holder” on March 14, 2023), pursuant to which the Company will pay the TRA Holders 85% of the realized (or, in certain circumstances, deemed realized) cash tax savings attributable to any increases in tax basis arising from taxable exchanges of units and certain other items.

For the year ended December 31, 2023, the Company's equity issuances and other transactions resulted in adjustments to the tax basis of Stronghold LLC's assets. Such adjustments to tax basis, which were allocated to Stronghold Inc., are expected to increase Stronghold Inc.’s tax depreciation, amortization and/or other cost recovery deductions, which may reduce the amount of tax Stronghold Inc. would otherwise be required to pay in the future. No cash tax savings have been realized by Stronghold Inc. with respect to these basis adjustments due to the Company’s estimated taxable losses, and the realization of cash tax savings in the future is dependent, in part, on estimates of sufficient future taxable income. As such, a deferred income tax asset has not been recorded due to maintaining a valuation allowance on the Company’s deferred tax assets, and no liability has been recorded with respect to the TRA in light of the applicable criteria for accrual.

Estimating the amount and timing of Stronghold Inc.’s realization of income tax benefits subject to the TRA is imprecise and unknown at this time and will vary based on a number of factors, including when future redemptions actually occur and the extent to which the Company has sufficient taxable income to utilize any such benefits. Accordingly, the Company has not recorded any deferred income tax asset or liability associated with the TRA.

Subsequent to the Company’s incorporation, the Company and its indirectly-owned corporate subsidiaries, Clearfield and Leesburg, provide for income taxes under the asset and liability method. Deferred income tax assets and liabilities are determined based on the difference between the financial statement and tax basis of assets and liabilities – specifically for the Company and its investment in Stronghold LLC – using enacted income tax rates expected to be in effect during the year in which the basis differences reverse. Valuation allowances are established when management determines it is more likely than not that some portion, or all, of the deferred income tax assets will not be realized.

For the years ended December 31, 2023, and 2022, the Company’s total income tax provision (benefit) of $0 differed from amounts computed by applying the U.S. federal income tax rate to pre-tax losses for the periods primarily due to the nontaxable net losses attributable to noncontrolling interests and due to maintaining a valuation allowance on the Company’s deferred income tax assets.

The components of the provision for income taxes for the years ended December 31, 2023, and 2022, were as follows:


	For the years ended
	December 31, 2023		December 31, 2022
Current income tax provision expense (benefit):
Federal	$	—	$	—
State	—		—
Total current income tax provision expense (benefit)	$	—	$	—
Deferred income tax provision expense (benefit):
Federal	$	—	$	—
State	—		—
Total deferred income tax provision expense (benefit)	$	—	$	—
Total income tax provision expense (benefit)	$	—	$	—

The provision for income taxes differs from the amounts computed by applying the U.S. federal income tax rate to pre-tax losses. A reconciliation of the statutory federal income tax amount to the recorded income tax provision (benefit) expense

is detailed in the following table.


	For the years ended
	December 31, 2023		December 31, 2022
Income tax provision (benefit) expense at 21% federal statutory rate	$	(21,383,354)	$	(40,986,113)
Income attributable to nontaxable noncontrolling interest	6,390,037		22,241,255
State income tax provision (benefit) expense, net of federal tax effect	(2,731,180)		(3,495,720)
Change in valuation allowance	17,280,477		20,934,443
Change in state income tax rate	—		1,430,670
Other, net	444,020		(124,535)
Total income tax provision (benefit) expense	$	—	$	—

Significant components of the Company’s deferred income tax assets and liabilities as of December 31, 2023, and 2022, were as follows:


	December 31, 2023		December 31, 2022
Deferred income tax assets (liabilities):
Net operating loss and other carryforwards	$	22,519,017	$	25,852,100
Investment in Stronghold LLC	32,482,953		15,068,075
Total deferred income tax assets	$	55,001,970	$	40,920,175
Valuation allowance	(55,001,970)		(40,920,175)
Net deferred tax assets	$	—	$	—
Net deferred income tax assets (liabilities)	$	—	$	—

As of December 31, 2023, and 2022, the Company and its subsidiaries had no net deferred income tax assets or liabilities. Subsequent to the Company’s reorganization in 2021, deferred taxes are provided on the difference between the Company’s basis for financial reporting purposes and the Company's basis for federal income tax purposes in its investment in Stronghold LLC.

On July 8, 2022, the state of Pennsylvania enacted HB 1342 (Act 53), which includes a gradual reduction to the state corporate income tax rate to 4.99% over the 2023 through 2031 period. The Company considered the impact of this legislation in the period of enactment and reduced the gross amount of its Pennsylvania deferred income tax assets to take into account the reduced statutory rate. There was no impact to deferred income tax expense or net deferred income tax assets due to the valuation allowance recorded against the Company’s deferred income tax assets.

As of December 31, 2023, no deferred income tax asset or liability has been recorded with respect to the Company’s TRA with Q Power and other parties thereto because any tax benefits subject to the TRA would be a component of a deferred income tax asset not more likely than not to be realized, as discussed further herein. The Company has not yet realized cash tax savings with respect to any tax benefits subject to the TRA, due to the Company’s estimated taxable losses.

As of December 31, 2023, the Company had U.S. federal net operating loss and interest expense carryforwards of approximately $90.3 million, which may be carried forward indefinitely to offset future taxable income, and state net operating loss carryforwards of approximately $76.1 million expiring in 2042 if not used. The Company incurred a tax net operating loss in 2023 due principally to Stronghold LLC’s tax deductions for accelerated depreciation, in addition to its pre-tax loss. As of December 31, 2023, the Company did not have any uncertain tax positions requiring recognition in its consolidated financial statements. The 2021 through 2023 tax years for the Company and the 2018 through 2023 tax years for Clearfield and Leesburg remain open to potential examination by tax authorities.

As of December 31, 2023, and 2022, the Company had a valuation allowance of approximately $55.0 million and $40.9 million, respectively, related to deferred income tax assets the Company does not believe are more likely than not to be realized. The determination to record a valuation allowance was based on management’s assessment of all available evidence, both positive and negative, supporting realizability of the Company’s net operating losses and other deferred income tax assets, as required by ASC 740. Factors contributing to this assessment included the Company’s cumulative and current losses, as well as the evaluation of other sources of income as outlined in ASC 740. In addition, as of December 31, 2022, the Company determined that it sustained an ownership change as defined by Section 382 of the Code, which subjected the Company’s pre-change net operating losses and other carryforwards to annual limitation. Generally, the amount of the limitation is equal to the value of the company's stock immediately prior to the ownership change multiplied by an interest rate, referred to as the long-term tax-exempt rate, periodically promulgated by the IRS. The Company estimated that the amount of its losses generated prior to the ownership change that may be used annually subsequent to the change was approximately $2.1 million. Such annual limit may significantly impact the timing of utilization of the Company’s federal and state losses and other carryforwards.

The Company continues to evaluate the likelihood of the utilization of its deferred income tax assets, and, while the valuation allowance remains in place, the Company expects to record no deferred income tax expense or benefit. In light of the criteria under ASC 740 for recognizing the tax benefit of deferred income tax assets, the Company maintained a valuation allowance against its federal and state deferred income tax assets as of December 31, 2023, and 2022

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

COMMITMENTS AND CONTINGENCIES (Details) terahash in Millions										1 Months Ended	3 Months Ended			12 Months Ended
	Nov. 09, 2023 USD ($)	Oct. 26, 2022 USD ($)	Jul. 18, 2022	May 09, 2022 USD ($)	Jun. 02, 2021 USD ($)	Apr. 02, 2021 USD ($) miner terahash	Mar. 31, 2020 USD ($)	Jan. 31, 2020 USD ($)	Nov. 30, 2019 USD ($)	Feb. 29, 2024 credit	Sep. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)	Mar. 31, 2022 USD ($) miner	Dec. 31, 2023 USD ($) miner	Dec. 31, 2022 USD ($)	Nov. 09, 2026 ton	Nov. 09, 2025 ton	Nov. 09, 2024 ton
Unrecorded Unconditional Purchase Obligation [Line Items]
Impairments on equipment deposits											$ 5,422,338			$ 5,422,338	$ 17,348,742
Miner Equipment, MinerVa, MinerVA
Unrecorded Unconditional Purchase Obligation [Line Items]
Count (in miners) \| miner						15,000							15,000
Total terahash delivered by miner (in terahash) \| terahash						1.5
Price per miner						$ 4,892.5
Remaining commitment balance						$ 73,387,500
Percentage of purchase price					20.00%	60.00%
Purchases					$ 14,677,500	$ 44,032,500
Unpaid amount														$ 0
Number of miners delivered \| miner													3,200
Impairments on equipment deposits												$ 5,120,000	$ 12,228,742
Resolution period			60 days
Equivalent value of collateral exchanged \| miner														12,700
McClymonds Supply & Transit Company, Inc. and DTA, L.P. vs. Scrubgrass Generating Company, L.P. \| Scrubgrass Generating Company, L.P.
Unrecorded Unconditional Purchase Obligation [Line Items]
Damages awarded				$ 5,000,000
Litigation settlement interest				$ 800,000
McClymonds Supply & Transit Company, Inc. and DTA, L.P. vs. Scrubgrass Generating Company, L.P. \| Pending Litigation \| McClymonds Supply and Transit Company, Inc.
Unrecorded Unconditional Purchase Obligation [Line Items]
Damages sought								$ 5,042,350
McClymonds Supply & Transit Company, Inc. and DTA, L.P. vs. Scrubgrass Generating Company, L.P. \| Pending Litigation \| Scrubgrass Generating Company, L.P.
Unrecorded Unconditional Purchase Obligation [Line Items]
Damages sought							$ 6,747,328
Allegheny Mineral Corporation v. Scrubgrass Generating Company, L.P., Butler County Court of Common Pleas, No. AD 19-11039 \| Pending Litigation \| Scrubgrass Generating Company, L.P.
Unrecorded Unconditional Purchase Obligation [Line Items]
Damages sought									$ 1,300,000
Allegheny Mineral Corporation v. Scrubgrass Generating Company, L.P., Butler County Court of Common Pleas, No. AD 19-11039 \| Pending Litigation \| Allegheny Mineral Corporation
Unrecorded Unconditional Purchase Obligation [Line Items]
Damages sought									$ 1,200,000
Allegheny Mineral Corporation v. Scrubgrass Generating Company, L.P., Butler County Court of Common Pleas, No. AD 19-11039 \| Settled Litigation \| Scrubgrass Generating Company, L.P.
Unrecorded Unconditional Purchase Obligation [Line Items]
Damages awarded		$ 300,000
Department of Environmental Protection
Unrecorded Unconditional Purchase Obligation [Line Items]
Penalty amount	$ 28,800
Period for payment of penalty	90 days
Department of Environmental Protection \| Subsequent Event
Unrecorded Unconditional Purchase Obligation [Line Items]
Alternative energy credits retired for non-compliance \| credit										25,968
Department of Environmental Protection \| Forecast
Unrecorded Unconditional Purchase Obligation [Line Items]
Aggregate tons of excess waste coal ash to be removed \| ton																220,000	160,000	80,000

OPERATING LEASE ROU ASSETS AND LIABILITIES - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease right-of-use assets, gross	$ 3,003,705
Operating lease, right of use asset, accumulated amortization	1,530,958
Operating lease costs	$ 628,885	$ 731,924
Weighted-average remaining lease term	1 year 11 months 12 days
Weighted average discount rate	7.75%
Cash paid for amounts included in the measurement of operating lease liabilities	$ 496,998

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Components of Provision for Income Taxes

The components of the provision for income taxes for the years ended December 31, 2023, and 2022, were as follows:


	For the years ended
	December 31, 2023		December 31, 2022
Current income tax provision expense (benefit):
Federal	$	—	$	—
State	—		—
Total current income tax provision expense (benefit)	$	—	$	—
Deferred income tax provision expense (benefit):
Federal	$	—	$	—
State	—		—
Total deferred income tax provision expense (benefit)	$	—	$	—
Total income tax provision expense (benefit)	$	—	$	—

Effective Income Tax Rate Reconciliation

A reconciliation of the statutory federal income tax amount to the recorded income tax provision (benefit) expense

is detailed in the following table.


	For the years ended
	December 31, 2023		December 31, 2022
Income tax provision (benefit) expense at 21% federal statutory rate	$	(21,383,354)	$	(40,986,113)
Income attributable to nontaxable noncontrolling interest	6,390,037		22,241,255
State income tax provision (benefit) expense, net of federal tax effect	(2,731,180)		(3,495,720)
Change in valuation allowance	17,280,477		20,934,443
Change in state income tax rate	—		1,430,670
Other, net	444,020		(124,535)
Total income tax provision (benefit) expense	$	—	$	—

Components of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred income tax assets and liabilities as of December 31, 2023, and 2022, were as follows:


	December 31, 2023		December 31, 2022
Deferred income tax assets (liabilities):
Net operating loss and other carryforwards	$	22,519,017	$	25,852,100
Investment in Stronghold LLC	32,482,953		15,068,075
Total deferred income tax assets	$	55,001,970	$	40,920,175
Valuation allowance	(55,001,970)		(40,920,175)
Net deferred tax assets	$	—	$	—
Net deferred income tax assets (liabilities)	$	—	$	—

FAIR VALUE	12 Months Ended
FAIR VALUE	Dec. 31, 2023
Fair Value Disclosures [Abstract]
FAIR VALUE	NOTE 21 – FAIR VALUE The Company's warrant liabilities are measured at fair value on a recurring basis, as discussed in detail in Note 16 – Equity Issuances. The Company's non-financial assets, including Bitcoin, operating lease right-of-use assets, and property, plant and equipment, are measured at fair value on a nonrecurring basis when there is an indication of impairment and the carrying amount exceeds the asset’s projected undiscounted cash flows. These assets are recorded at fair value only when an impairment charge is recognized. The fair values of cash and cash equivalents, accounts receivable, prepaid expenses and other current assets, accounts payable, contract liabilities, and accrued expenses approximate their carrying values because of the short-term nature of these instruments. Adverse changes in business climate, including decreases in the price of Bitcoin and resulting decreases in the market price of miners, may indicate that an impairment triggering event has occurred. If the testing performed indicates the estimated fair value of the Company’s miners to be less than their net carrying value, an impairment charge will be recognized, decreasing the net carrying value of the Company’s miners to their estimated fair value. Applying the market price of one Bitcoin on December 31, 2023, of $42,531 to the Company’s approximately 77 Bitcoin held, results in an estimated fair value of the Company’s Bitcoin of approximately $3,274,887 as of December 31, 2023. For the comparative period, applying the market price of one Bitcoin on December 31, 2022, of $16,548 to the Company’s approximately 7 Bitcoin held, results in an estimated fair value of the Company’s Bitcoin of approximately $115,836 as of December 31, 2022. The valuation of Bitcoin held is classified in Level 1 of the fair value hierarchy as it is based on quoted prices in active markets for identical assets.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

REDEEMABLE COMMON STOCK

12 Months Ended

Dec. 31, 2023

Temporary Equity Disclosure [Abstract]

REDEEMABLE COMMON STOCK

NOTE 12 – REDEEMABLE COMMON STOCK

The Company recorded redeemable common stock as presented in the table below.


	Common – Class V
	Shares	Amount
Balance – December 31, 2022	2,605,760	$	11,754,587
Net loss attributable to noncontrolling interest	—	(30,428,749)
Redemption of Class V shares	(200,000)	(1,210,000)
Maximum redemption right valuation	—	40,300,278
Balance – December 31, 2023	2,405,760	$	20,416,116

NOTE 16 – EQUITY ISSUANCES

May 2022 Private Placement

Series C Convertible Preferred Stock

As of December 31, 2023, the Company incurred $1,221,339 of offering costs which has been capitalized within additional paid-in capital in the consolidated balance sheet.

Series D Exchange Agreement

As of and for the year ended December 31, 2023, the Company incurred $148,904 of offering costs which has been capitalized within additional paid-in capital in the consolidated balance sheet.

September 2022 Private Placement


	December 31, 2023
Expected volatility	131.6		%
Expected life (in years)	6
Risk-free interest rate	3.8		%
Expected dividend yield	0		%
Fair value	$	3,665,457

April 2023 Private Placement


	December 31, 2023
Expected volatility	131.6		%
Expected life (in years)	6
Risk-free interest rate	3.8		%
Expected dividend yield	0		%
Fair value	$	6,571,494

As of and for the year ended December 31, 2023, the Company incurred $175,000 of offering costs which has been capitalized within additional paid-in capital in the consolidated balance sheet.

December 2023 Private Placement

Subject to certain ownership limitations, the warrants are exercisable six months after issuance. The warrants are exercisable for five and a half years commencing upon the date of issuance, subject to certain ownership limitations. The pre-funded warrants have an exercise price of $0.001 per warrant share and are immediately exercisable, subject to certain ownership limitations. The gross proceeds from the December 2023 Private Placement, before deducting offering expenses, was approximately $15.4 million. The December 2023 Private Placement closed on December 21, 2023. As of and for the year ended December 31, 2023, the Company incurred $50,592 of offering costs which has been accrued and capitalized within additional paid-in capital in the consolidated balance sheet.


	December 31, 2023
Expected volatility	131.6		%
Expected life (in years)	5.5
Risk-free interest rate	3.8		%
Expected dividend yield	0		%
Fair value	$	14,973,478

ATM Agreement

- Definition

The entire disclosure for equity.

+ References

+ Details

SUPPLEMENTAL CASH AND NON-CASH INFORMATION (Tables)

12 Months Ended

Dec. 31, 2023

Additional Cash Flow Elements and Supplemental Cash Flow Information [Abstract]

Schedule of Cash Flow, Supplemental Disclosures

Supplemental disclosures of cash flow information for the years ended December 31, 2023, and 2022, were as follows:


	For the years ended
	December 31, 2023		December 31, 2022
Income tax payments	$	—	$	—
Interest payments	$	9,562,034	$	9,636,505

Supplemental non-cash investing and financing activities consisted of the following for the years ended December 31, 2023, and 2022:


	For the years ended
	December 31, 2023		December 31, 2022
Equipment financed with debt	$	1,303,935	$	—
McClymonds arbitration award – paid by Q Power	—		5,038,122
Purchases of property, plant and equipment through finance leases	60,679		938,902
Purchases of property, plant and equipment included in accounts payable or accrued liabilities	10,582		6,614,671
Operating lease right-of-use assets exchanged for lease liabilities	291,291		630,831
Reclassifications from deposits to property, plant and equipment	4,658,970		63,363,287
Convertible note payment via warrants	—		3,340,078
Redemption of Series A convertible preferred units	—		33,529,837
Return of miners to settle debt	—		39,008,651
Issued as part of financing:
Warrants – WhiteHawk	—		1,150,000
Warrants – convertible note	—		6,604,881
Warrants – April 2023 Private Placement	8,882,914		—
Warrants – December 2023 Private Placement	13,548,834		—
Convertible Note Exchange for Series C Convertible Preferred Stock:
Extinguishment of convertible note	16,812,500		—
Extinguishment of accrued interest	655,500		—
Issuance of Series C convertible preferred stock, net of issuance costs	45,386,944		—
B&M Settlement:
Warrants – B&M	1,739,882		—
Return of transformers to settle outstanding payable	6,007,500		—
Issuance of B&M Note	3,500,000		—
Elimination of accounts payable	11,426,720		—
Financed insurance premiums	5,386,695		5,484,449
Class A common stock issued to settle outstanding payables or accrued liabilities	1,044,774		—
Exchange of Series C convertible preferred stock for Series D convertible preferred stock	20,492,568		—

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Other Narrative (Details)	May 15, 2023	Jan. 01, 2024 USD ($)	Dec. 31, 2023 USD ($) $ / shares	Dec. 21, 2023 $ / shares	Apr. 20, 2023 $ / shares	Mar. 28, 2023 $ / shares	Dec. 31, 2022 USD ($) $ / shares	Sep. 19, 2022 $ / shares	Dec. 31, 2021 USD ($)
Disaggregation of Revenue [Line Items]
Reverse stock split ratio	0.1
Common stock, par value (in USD per share) \| $ / shares			$ 0.0001	$ 0.0001	$ 0.0001	$ 0.0001	$ 0.0001	$ 0.0001
Mezzanine equity, fair value per share (in USD per share) \| $ / shares			$ 0.0001				$ 0.0001
Stockholders' equity			$ 43,397,504				$ 83,025,144		$ (59,164,778)
Series A Shares
Disaggregation of Revenue [Line Items]
Stockholders' equity			$ (331,647,755)				$ (240,443,302)		$ (338,709,688)
Series A Shares \| Cumulative Effect, Period of Adoption, Adjustment \| Subsequent Event
Disaggregation of Revenue [Line Items]
Stockholders' equity		$ 100,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481372/852-10-55-10

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480167/946-830-55-12

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(19))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.6-05(4))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479617/946-210-S99-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
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+ Details

SUBSEQUENT EVENTS	12 Months Ended
SUBSEQUENT EVENTS	Dec. 31, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 22 – SUBSEQUENT EVENTS Champion Electricity Sales and Purchase Agreements and Transaction Addendums On February 29, 2024, each of the Company's wholly owned subsidiaries, Scrubgrass and Panther Creek entered into Electricity Sales and Purchase Agreements (collectively, the “ESPAs”) and Transaction Addendums (collectively, the “Addendums”) with Champion Energy Services, LLC (“Champion”). Pursuant to the ESPAs and Addendums, Champion will provide retail electricity to Scrubgrass and Panther Creek at a competitive contract price that includes wholesale real-time power prices, ancillary and delivery services charges, and applicable taxes. To effectuate the Addendums, Scrubgrass and Panther Creek each delivered to Champion a deposit in the amount of $425,000 on March 4, 2024. The Addendums are in existence through March of 2027, subject to the terms and conditions stated in the ESPAs and Addendums. The Company independently estimates the cost of power under the ESPAs will be approximately $10-12/MWh, including all ancillary charges and taxes, plus the cost of wholesale power, assuming prices range from $10-40/MWh. Third Amendment to the WhiteHawk Credit Agreement On February 15, 2024, the Company, Stronghold LLC, as borrower, their subsidiaries and WhiteHawk Capital, as collateral agent and administrative agent, and the other lenders thereto, entered a Third Amendment to Credit Agreement (the “Third Amendment”). Pursuant to the Third Amendment, among other items, (i) the Company was permitted to purchase the December 2023 Purchase Miners (as defined under the Third Amendment), so long as the December 2023 Purchase Miners were purchased from cash proceeds of the December 2023 Equity Raise (as defined under the Third Amendment) and such December 2023 Purchase Miners are collateral, (ii) WhiteHawk Capital waived certain prepayment requirements of the Credit Agreement with respect to cash proceeds of the December 2023 Equity Raise, subject to WhiteHawk Capital's receipt of $3,230,523, which amount represents amortization payments of the WhiteHawk Refinancing Agreement that were otherwise due on July 31, 2024, and August 30, 2024, (iii) two (2) 115kV to 13.8kV – 30/40/50 MVA transformers and two (2) 145kV SF6 breakers previously purchased by the Company were added to the defined term Permitted Disposition; and (iv) the Company’s minimum liquidity requirement was amended to not be less than: (A) until June 30, 2025, $2,500,000 and (B) from and after July 1, 2025, $5,000,000. Termination of Olympus Omnibus Services Agreement On November 2, 2021, Stronghold LLC and Olympus Stronghold Services, LLC (“Olympus Services”) entered into an Operations, Maintenance and Ancillary Services Agreement (the “Omnibus Services Agreement”), whereby Olympus Services was to provide certain operations, personnel and maintenance services to the Company and its affiliates. On February 13, 2024, Stronghold LLC and Olympus Services entered into a Termination and Release Agreement (the “Termination and Release”) whereby the Omnibus Services Agreement was terminated. The Termination and Release contained a mutual customary release. The Company expects to continue to pay Olympus Power LLC $10,000 per month for ongoing assistance at each of the Scrubgrass Plant and Panther Creek Plant.

NONCONTROLLING INTERESTS (Tables)

12 Months Ended

Dec. 31, 2023

Noncontrolling Interest [Abstract]

Schedule of Noncontrolling Ownership Interest

The following table summarizes the redeemable common stock adjustments pertaining to the noncontrolling interest as of and for the year ended December 31, 2023:


	Class V Common Stock Outstanding	Fair Value Price		Redeemable Common Stock Adjustments
Balance – December 31, 2022	2,605,760	$	4.51	$	11,754,587
Net loss attributable to noncontrolling interest	—			(30,428,749)
Redemption of Class V shares	(200,000)			(1,210,000)
Adjustment of redeemable common stock to redemption amount (1)	—			40,300,278
Balance – December 31, 2023	2,405,760	$	8.49	$	20,416,116
(1) Redeemable common stock adjustment based on Class V common stock outstanding at fair value price at each quarter end, using a 10-day variable weighted average price ("VWAP") of trading dates including the closing date.

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”). The financial information included herein reflects the consolidated financial position of the Company as of December 31, 2023, and 2022, and its consolidated results of operations and cash flows for the years then ended. Certain reclassifications of amounts previously reported have been made to the accompanying consolidated financial statements in order to conform to current presentation. Additionally, since there are no differences between net income (loss) and comprehensive income (loss), all references to comprehensive income (loss) have been excluded from the consolidated financial statements. On May 15, 2023, following approval by the Board of Directors (the "Board") and stockholders of the Company, the Company effected a 1-for-10 reverse stock split ("Reverse Stock Split") of its Class A common stock, par value $0.0001 per share, and Class V common stock, par value $0.0001 per share. The par values of the Company's Class A and Class V common stock were not adjusted as a result of the Reverse Stock Split. All share and per share amounts and related stockholders' equity balances presented herein have been retroactively adjusted to reflect the Reverse Stock Split.
Use of Estimates	The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent liabilities as of the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. A summary of the significant accounting policies followed by the Company is presented below.
Reclassification	During the first quarter of 2023, the Company revised its accounting policy to reclassify the presentation of imported power charges. Imported power charges are now recorded within fuel expenses, whereas they were previously netted against energy revenue. The prior period has been reclassified to conform to the current period presentation. The reclassification had no impact on net operating income (loss), earnings per share or equity.
Cash and Cash Equivalents	Cash and cash equivalents consists of short-term, highly-liquid investments with original maturities of three months or less. As of December 31, 2023, the Company's cash and cash equivalents balance does not include any restricted cash. The Company maintains its cash in non-interest bearing accounts that are insured by the Federal Deposit Insurance Corporation up to $250,000. The Company’s deposits may, from time to time, exceed the $250,000 limit; however, management believes that there is no unusual risk present, as the Company places its cash with, what management considers to be, high-quality financial institutions.
Digital Currencies	Digital currencies are classified in the consolidated balance sheet as current assets and are considered an intangible asset with an indefinite useful life. Although indefinite-lived intangible assets are generally considered noncurrent assets, the Company classifies its digital currencies as current assets because the Company expects to realize the cash flows associated with such assets within a year. The cryptocurrency awards it earns are regularly converted into U.S. dollars, without limitations or restrictions, to support the Company's ongoing operations in the normal course of business. Digital currencies are recorded at cost less any impairments. Bitcoin is the only cryptocurrency the Company mines or holds. Bitcoin is highly liquid, fungible and readily converted into U.S. dollars similar to the Company's cash and cash equivalents. An intangible asset with an indefinite useful life is not amortized but assessed for impairment annually, or more frequently, when events or changes in circumstances indicate that it is more likely than not that the indefinite-lived asset is impaired. Impairment exists when the carrying amount exceeds its fair value, which is measured using the lowest quoted price of the cryptocurrency at the time its fair value is being measured (i.e., daily). In testing for impairment, the Company has the option to first perform a qualitative assessment to determine whether it is more likely than not (that is, a likelihood of more than 50 percent) that an impairment exists. If it is determined that it is not more likely than not that an impairment exists, a quantitative impairment test is not necessary. However, given the existence of a quoted price for Bitcoin on active markets, the Company exercises its unconditional option to bypass the qualitative assessment for any indefinite-lived intangible asset in any period when the market price is below the carrying value and proceed directly to performing the quantitative impairment test. To the extent an impairment loss is recognized, the loss establishes the new cost basis of the asset. Subsequent reversal of impairment losses is not permitted.
Accounts Receivable	Accounts receivable is stated at the amount management expects to collect from trade receivable or other balances outstanding at period end. An allowance for doubtful accounts is provided when necessary and is based on management’s evaluation of outstanding accounts receivable at period end. The potential risk of collectability is limited to the amount recorded in the consolidated financial statements.
Inventory	Waste coal, fuel oil and limestone are valued at the lower of average cost or net realizable value and include all related transportation and handling costs. The Company performs periodic assessments to determine the existence of obsolete, slow-moving and unusable inventory and records provisions to reduce such inventories to net realizable value as necessary.
Property, Equipment and Bitcoin Mining Rigs	Property, plant and equipment are recorded at cost, including those assets associated with the Cryptocurrency Operations segment, such as cryptocurrency miners, storage trailers and related electrical components. Expenditures for major additions and improvements are capitalized, and minor replacements, maintenance and repairs are charged to expenses as incurred. When property, plant and equipment are retired or otherwise disposed of, the cost and accumulated depreciation are removed from the accounts, and any resulting gain or loss is recognized in the consolidated statements of operations. Depreciation is recognized over the remaining estimated useful lives (“EUL”) of the related assets using the straight-line method. The Company’s depreciation is based on its Facility being considered a single property unit. Certain components of the Facility may require a replacement or overhaul several times over its EUL. Costs associated with overhauls are generally recorded as expenses in the period incurred. However, in instances where a replacement of a Facility component is significant and the Company can reasonably estimate the original cost of the component being replaced, the Company will write-off the replaced component and capitalize the cost of the replacement. The component will be depreciated over the lesser of the EUL of the component or the remaining EUL of the Facility. In conjunction with ASC 360, Property, Plant, and Equipment, the Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of a long-lived asset or asset group to be held and used is measured by a comparison of the carrying amount of the long-lived asset or asset group to undiscounted future cash flows expected to be generated by the long-lived asset or asset group. The factors considered by management in performing this assessment include current operating results, trends and prospects, the manner in which the asset is used, and the effects of obsolescence, demand, competition, and other economic factors. If such a long-lived asset or asset group is considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the long-lived asset or asset group exceeds its fair value. Based on the Company’s analysis, the Company's long-lived assets were recoverable as of December 31, 2023; however, impairment indicators existed throughout 2022, and as of December 31, 2022, that resulted in impairments on miner assets of $40,683,112 for the year then ended. Management has assessed the basis of depreciation of the Company’s Bitcoin miners used to verify digital currency transactions and generate digital currencies and believes they should be depreciated over a three-year period. The rate at which the Company generates digital assets, and therefore, consumes the economic benefits of its transaction verification servers, is influenced by a number of factors including the following: 1.The complexity of the transaction verification process which is driven by the algorithms contained within the Bitcoin open source software; 2.The general availability of appropriate computer processing capacity on a global basis (commonly referred to as hash rate capacity); and 3.Technological obsolescence reflecting rapid development in the transaction verification server industry such that more recently developed hardware is more economically efficient to run in terms of digital assets generated as a function of operating costs, primarily power costs (i.e., the speed of hardware evolution in the industry is such that later hardware models generally have faster processing capacity combined with lower operating costs and a lower cost of purchase). The Company operates in an emerging industry for which limited data is available to make estimates of the useful economic lives of specialized equipment. Management has determined that three years best reflects the current expected useful life of its Bitcoin miners. This assessment takes into consideration the availability of historical data and management’s expectations regarding the direction of the industry including potential changes in technology. Management reviews this estimate annually and will revise this estimate, as necessary, if and when the available supporting data changes. To the extent that any of the assumptions underlying management’s estimate of useful life for its transaction verification servers are subject to revision in a future reporting period, either as a result of changes in circumstances or through the availability of greater quantities of data, the estimated useful life could change and have a prospective impact on depreciation expense and the carrying amounts of these Bitcoin miner assets.
Right-of-Use Assets	A right-of-use (“ROU”) asset represents the right to use an underlying asset for the term of the lease, and the corresponding liability represents an obligation to make periodic payments arising from the lease. A determination of whether an arrangement includes a lease is made at the inception of the arrangement. ROU assets and liabilities are recognized on the consolidated balance sheet, at the commencement date of the lease, in an amount equal to the present value of the lease payments over the term of the lease, calculated using the interest rate implicit in the lease arrangement or, if not known, the Company's incremental borrowing rate. The present value of a ROU asset also includes any lease payments made prior to commencement of the lease and excludes any lease incentives received or to be received under the arrangement. The lease term includes options to extend or terminate the lease when it is reasonably certain that such options will be exercised. Operating leases that have original terms of less than 12 months, inclusive of options to extend that are reasonably certain to be exercised, are classified as short-term leases and are not recognized on the consolidated balance sheet. Operating lease ROU assets are recorded as noncurrent assets on the consolidated balance sheet. The corresponding liabilities are recorded as operating lease liabilities, either current or noncurrent, as applicable, on the consolidated balance sheet. Operating lease costs are recognized on a straight-line basis over the lease term within operations and maintenance or general and administrative expenses based on the use of the related ROU asset.
Debt	The Company records its debt balances net of any discounts or premiums and issuance fees. Discounts and premiums are amortized as interest expense or income over the life of the debt in such a way as to result in a constant rate of interest when applied to the amount outstanding at the beginning of any given period. Debt issuance costs are amortized as interest expense over the scheduled maturity of the debt. Unamortized debt issuance costs are recognized as direct deduction from the carrying of the related debt in the consolidated balance sheet.
Asset Retirement Obligations	Asset retirement obligations, including those conditioned on future events, are recorded at fair value in the period in which they are incurred, if a reasonable estimate of fair value can be made. The associated asset retirement costs are capitalized as part of the carrying amount of the related long-lived asset in the same period. In each subsequent period, the liability is accreted to its present value, and the capitalized cost is depreciated over the EUL of the long-lived asset. If the asset retirement obligation is settled for an amount other than the carrying amount of the liability, the Company recognizes a gain or loss on settlement. The Company’s asset retirement obligation represents the cost the Company would incur to perform environmental clean-up or dismantle certain portions of the Facility. Warrants Accounting for warrants includes an initial assessment of whether the warrants qualify as debt or equity. For warrants that meet the definition of debt instruments, the Company records the warrant liabilities at fair value as of the issuance date and recognizes changes in the fair value of the warrants each reporting period within other income (expense). For warrants that meet the definition of equity instruments, the Company records the warrants at fair value as of the issuance date within stockholders' equity.
Derivative Contracts	In accordance with guidance on accounting for derivative instruments and hedging activities, all derivatives should be recognized at fair value. Derivatives, or any portion thereof, that are not designated as, and effective as, hedges must be adjusted to fair value through earnings. Derivative contracts are classified as either assets or liabilities on the consolidated balance sheets. Certain contracts that require physical delivery may qualify or be designated as normal purchases and normal sales. Such contracts are accounted for on an accrual basis. The Company may use derivative instruments to mitigate its exposure to various energy commodity market risks. The Company does not enter into any derivative contracts or similar arrangements for speculative or trading purposes. The Company will, at times, sell its forward unhedged electricity capacity to stabilize its future operating margins. As of December 31, 2023, and 2022, there were no open energy commodity derivatives outstanding. The Company may also use derivative instruments to mitigate the risks of Bitcoin market pricing volatility. The Company entered into a variable prepaid forward sale contract that mitigated Bitcoin market pricing volatility risks between a low and high collar of Bitcoin market prices during the contract term, which settled in September 2022. The contract met the definition of a derivative transaction pursuant to guidance under ASC 815, Derivatives and Hedging, and the contract was considered a compound derivative instrument that required fair value presentation subject to remeasurement each reporting period. The changes in fair value of the forward sale derivative were recorded in the consolidated statement of operations for the year ended December 31, 2022. As of December 31, 2023, and 2022, there were no open Bitcoin derivatives outstanding.
Fair Value Measurements	The Company measures at fair value certain of its financial and non-financial assets and liabilities by using a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, essentially an exit price, based on the highest and best use of the asset or liability. The levels of the fair value hierarchy are: Level 1: Observable inputs such as quoted market prices in active markets for identical assets or liabilities; Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data; and Level 3: Unobservable inputs for which there is little or no market data, which require the use of the reporting entity’s own assumptions. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.
Revenue Recognition	The Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers. The core principle of this revenue standard is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The following five steps are applied to achieve that core principle: Step 1: Identify the contract with the customer; Step 2: Identify the performance obligations in the contract; Step 3: Determine the transaction price; Step 4: Allocate the transaction price to the performance obligations in the contract; and Step 5: Recognize revenue when the company satisfies the performance obligations. In order to identify the performance obligations in a contract with a customer, a company must assess the promised goods or services in the contract and identify each promised good or service that is distinct. Per ASC 606, a performance obligation meets the definition of a “distinct” good or service (or bundle of goods or services) if both of the following criteria are met: (i) the customer can benefit from the good or service either on its own or together with other resources that are readily available to the customer (i.e., the good or service is capable of being distinct); and (ii) the entity’s promise to transfer the good or service to the customer is separately identifiable from other promises in the contract (i.e., the promise to transfer the good or service is distinct within the context of the contract). If a good or service is not distinct, the good or service is combined with other promised goods or services until a bundle of goods or services is identified that is distinct. The transaction price is the amount of consideration to which an entity expects to be entitled in exchange for transferring promised goods or services to a customer. The consideration promised in a contract with a customer may include fixed amounts, variable amounts or both. When determining the transaction price, an entity must consider the effects of all of the following: •Variable consideration; •Constraining estimates of variable consideration; •The existence of a significant financing component in the contract; •Non-cash consideration; and •Consideration payable to a customer. Variable consideration is included in the transaction price only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. The transaction price is allocated to each performance obligation on a relative standalone selling price basis. The transaction price allocated to each performance obligation is recognized when that performance obligation is satisfied, at a point in time or over time as appropriate. The Company’s policies with respect to its revenue streams are detailed below. Cryptocurrency Mining Revenue The Company has entered into digital asset mining pools by executing contracts, as amended from time to time, with mining pool operators to provide computing power and perform hash computations for the mining pool operators. The contracts are terminable at any time by either party without penalty, and therefore, the duration of the contracts does not extend beyond the services already transferred. The Company’s enforceable right to compensation begins when, and lasts as long as, the Company performs hash computations for the mining pool operator. Given the cancellation terms of the contracts with mining pool operators, and our customary business practice, such contracts effectively provide the option to renew for successive contract terms continuously throughout each day. The customer's renewal option does not represent a material right because the terms are offered at the standalone selling price of computing power. The terms of the agreement provide that neither party can dispute settlement terms after thirty-five days following settlement. In exchange for performing hash computations for the mining pool operator, the Company is entitled to either: 1.a Full-Pay-Per-Share ("FPPS") payout of Bitcoin based on a contractual formula (less mining pool operator fees which are immaterial and are recorded as a reduction to cryptocurrency mining revenues), which primarily calculates the hash rate provided by the Company to the mining pool as a percentage of total network hash rate, multiplied by the daily network block subsidies awarded globally and the normalized network transaction fee for the day. The normalized network transaction fee is calculated as the total network transaction fees divided by the total network block subsidies, excluding the blocks that represent the three highest and three lowest transaction fees for the day. The Company is entitled to consideration even if a block is not successfully placed by the mining pool operator. The contract is in effect until terminated by either party. •The consideration is all variable. Because it is probable that a significant reversal of cumulative revenue will not occur and the Company is able to calculate the payout based on the contractual formula, revenue is recognized, and noncash consideration is measured at fair value at contract inception. Fair value of the cryptocurrency asset consideration is determined using the quoted spot price of Bitcoin on the Company's primary trading platform for Bitcoin at the end of the day of contract inception (i.e., 4:00pm EST each day) at the single Bitcoin level. This amount is recognized in revenue on the same day that control of the contracted service transfers to the mining pool, which is the same day as contract inception and when hash rate is provided. Or: 2. a Pay-Per-Share ("PPS") payout of a fractional share of the fixed Bitcoin award the mining pool operator receives (less mining pool operator fees which are immaterial and are recorded as a reduction to cryptocurrency mining revenues) for successfully adding a block to the blockchain. The Company’s fractional share of the Bitcoin award is based on the proportion of computing power the Company contributed to the mining pool operator to the total computing power contributed by all mining pool participants in solving the current algorithm. •Because the consideration to which the Company expects to be entitled for providing computing power is entirely variable, as well as being noncash consideration, the Company assesses the estimated amount of the variable noncash consideration to which it expects to be entitled for providing computing power at contract inception. Subsequently, the Company also determines when and to what extent it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur once the uncertainty or "constraint" associated with the variable consideration is subsequently resolved. Only when a significant revenue reversal is probable of not occurring can estimated variable consideration be included in revenue. Based on the Company's evaluation of likelihood and magnitude of a revenue reversal, the estimated variable noncash consideration is constrained from inclusion in revenue until the end of the contract term, when the underlying uncertainties have been resolved and the number of Bitcoin to which the Company is entitled becomes known (i.e., the mining pool operator successfully places a block by being the first to solve an algorithm and the Company receives confirmation of the consideration it will receive). Revenue is recognized on the same day that control of the contracted service transfers to the mining pool, which is the same day as contract inception. As of and for the year ended December 31, 2023, the Company participated in one mining pool, which utilized the FPPS payout methodology. As of and for the year ended December 31, 2022, the Company participated in three mining pools, which also utilized the FPPS payout methodology. Performing hash computations for the mining pool operator is an output of the Company’s ordinary activities. The provision of providing such computing power to perform hash computations is the only performance obligation in the Company’s contracts with mining pool operators. There is no significant financing component in these transactions. Cryptocurrency Hosting Revenue The Company has entered into customer hosting contracts whereby the Company provides electrical power to cryptocurrency mining customers, and the customers pay a stated amount per MWh (“Contract Capacity”). This amount is paid monthly in advance. Amounts used in excess of the Contract Capacity are billed monthly based on calculated formulas as contained in the contracts. If any shortfalls occur due to outages, make-whole payment provisions contained in the contracts are used to offset the billings to the customer which prevented them from cryptocurrency mining. Advanced payments and customer deposits are recorded as contract liabilities in the consolidated balance sheet. The Company recognizes revenue over time throughout the terms of the underlying hosting agreements. The consideration is variable. Cryptocurrency hosting revenues are comprised of the following two components: (i) the variable cost-of-power fee that is earned each month consistent with the performance of the hosting services (i.e., supplying electrical power and Internet access to the Bitcoin miners provided by customers); and (ii) the Company's portion of the Bitcoin mined. The Company’s only performance obligation is to supply electrical power and Internet access (i.e., hosting services) to the Bitcoin miners provided by its cryptocurrency mining customers in accordance with the terms of the hosting agreements. Beyond power supply and Internet access, these hosting services also include racking infrastructure, general maintenance and operations as instructed in writing by the customer, ambient cooling, and miner reboots; however, none of these ancillary hosting services are significant or capable of being distinct per ASC 606-10-25-19(a), and therefore, only one performance obligation exists under the hosting agreements. The Company also shares in the Bitcoin mined from the miners provided by its hosting customers. This separate transaction price is denominated in Bitcoin and recognized in revenue in accordance with our accounting policy described above regarding cryptocurrency mining revenues because the Company considers the mining portion of its cryptocurrency hosting revenues a separate contract between the Company and its mining pool operators. Because it is probable that a significant reversal of cumulative revenue will not occur and the Company is able to calculate the FPPS payout based on the contractual formula, revenue is recognized, and noncash consideration is measured at fair value at contract inception. Fair value of the cryptocurrency asset consideration is determined using the quoted spot price of Bitcoin on the Company's primary trading platform for Bitcoin at the end of the day of contract inception (i.e., 4:00pm EST each day) at the single Bitcoin level. This amount is recognized in revenue on the same day that control of the contracted service transfers to the mining pool, which is the same day as contract inception and when hash rate is provided. Neither the Company nor the customer can cancel or terminate the hosting agreements without penalty before the initial terms elapse. In such a period-to-period contract, the contract term does not extend beyond the period that can be cancelled without penalty. Furthermore, the options to renew for additional one-year periods are not material rights because they are offered at the standalone selling price of electrical power. For the years ended December 31, 2023, and 2022, the Company recognized $294,789 and $0 of revenues, respectively, that were included in contract liabilities at the beginning of each period. Energy Revenue The Company operates as a market participant through PJM Interconnection, a Regional Transmission Organization (“RTO”) that coordinates the movement of wholesale electricity. The Company sells energy in the wholesale generation market in the PJM RTO. Energy revenues are delivered as a series of distinct units that are substantially the same and have the same pattern of transfer to the customer over time and are, therefore, accounted for as a distinct performance obligation. Energy revenue is recognized over time as energy volumes are generated and delivered to the RTO (which is contemporaneous with generation), using the output method for measuring progress. The Company applies the invoice practical expedient in recognizing energy revenue. Under the invoice practical expedient, energy revenue is recognized based on the invoiced amount which is considered equal to the value provided to the customer for the Company’s performance obligation completed to date. Prior to June 2022, the Plants were committed as "capacity resources" through the annual Base Residual Auction process. In this process, a generator agrees to support the PJM capacity market and, if called upon, is required to deliver its power to the market and receive a capped selling price based on pricing published in the day ahead market. In return for this committed capacity that is deliverable on demand to support the reliability of the PJM grid, generators receive additional capacity revenue on a monthly basis. As the Bitcoin mining opportunity grew for Stronghold Inc., being a capacity resource increasingly prevented the Company from being able to consistently power its mining operation when PJM called for the capacity. Beginning in June 2022, the Company withdrew from its capacity commitment and the Plants became "energy resources" able to sell power to the grid in the real-time, location marginal pricing market or use that power for its data centers. Reactive energy power is provided to maintain a continuous voltage level. Revenue from reactive power is recognized ratably over time as the Company stands ready to provide it if called upon by the PJM RTO. Capacity Revenue Prior to June 2022, the Company provided capacity to a customer through participation in capacity auctions held by the PJM RTO. Capacity revenues are a series of distinct performance obligations that are substantially the same and have the same pattern of transfer to the customer over time and are, therefore, accounted for as a distinct performance obligation. The transaction price for capacity is market-based and constitutes the standalone selling price. As capacity represents the Company’s stand-ready obligation, capacity revenue is recognized as the performance obligation is satisfied ratably over time, on a monthly basis, since the Company stands ready equally throughout the period to deliver power to the PJM RTO if called upon. The Company applies the invoice practical expedient in recognizing capacity revenue. Under the invoice practical expedient, capacity revenue is recognized based on the invoiced amount which is considered equal to the value provided to the customer for the Company’s performance obligation completed to date. Penalties may be assessed by the PJM RTO against generation facilities if the facility is not available during the capacity period. The penalties assessed by the PJM RTO, if any, are recorded as a reduction to capacity revenue when incurred.
Waste Coal Tax Credits	Waste coal tax credits are issued by the Commonwealth of Pennsylvania. Facilities that generate electricity by using coal refuse for power generation, control acid gases for emission control, and use the ash produced to reclaim mining-affected sites are eligible for such credits. Proceeds related to these credits are recorded upon cash receipt and accounted for as a reduction to fuel costs within operating expenses. For the years ended December 31, 2023, and 2022, waste coal tax credits reduced fuel expenses in the consolidated statements of operations by $2,861,829 and $1,836,823, respectively. Renewable Energy Credits The Company uses coal refuse, which is classified as a Tier II Alternative Energy Source under Pennsylvania law, to produce energy to sell to the open market (i.e., “the grid”). A third party acts as the benefactor, on behalf of the Company, in the open market and is invoiced as renewable energy credits ("RECs") are realized. These credits are recognized as a contra-expense within operating expenses to offset the fuel costs incurred to produce this refuse.
Waste Ash Sales	The Company sells fly ash and scrubber material collected, which are by-products from its coal refuse reclamation used as fuel.
Legal Costs	Legal costs expected to be incurred in connection with loss contingencies are accrued when such costs are probable and estimable.
Stock Based Compensation	For equity-classified awards, compensation expense is recognized over the requisite service period based on the computed fair value on the grant date of the award. Equity-classified awards include the issuance of stock options, restricted stock units (“RSUs”) and performance share units ("PSUs"). For stock options, the fair value is determined by the Black-Scholes option pricing model and is expensed over the service or vesting period. For RSUs, the fair value is equal to the closing price of the Company's Class A common stock on Nasdaq on the date of grant and is expensed over the service or vesting period. For PSUs, the fair value is determined based on the underlying market or performance conditions and expensed over the performance period when it is probable that the conditions will be achieved.
Earnings Per Common Share	Basic earnings (loss) per share of common stock (“EPS”) is computed by dividing net income (loss) by the weighted average number of Class A shares of common stock outstanding or shares subject to exercise for a nominal value during the period. Diluted EPS reflects the potential dilution that could occur if securities, or other contracts to issue common stock, were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity, calculated using the treasury stock method. The computation of diluted EPS would not assume the exercise of an outstanding stock award or warrant if the effect on the EPS would be antidilutive. Similarly, the computation of diluted EPS would not assume the exercise of outstanding stock awards and warrants if the Company incurred a net loss since the effect on EPS would be antidilutive.
Income Taxes	The Company accounts for income taxes under the asset and liability method, in which deferred income tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and for operating loss and tax credit carry forwards. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred income tax assets and liabilities is recognized in operations in the period that includes the enactment date. A valuation allowance is required when it is "more likely than not" that deferred income tax assets will not be realized after considering all positive and negative evidence available. Factors contributing to this assessment included the Company’s cumulative and current losses, as well as the evaluation of other sources of income as outlined in ASC 740, Income Taxes ("ASC 740") and potential limitations imposed by Section 382 of the Internal Revenue Code of 1986 (as amended, the "Code") on the utilization of tax losses. The accounting for deferred income tax assets and liabilities is often based on assumptions that are subject to significant judgment by management. These assumptions are reviewed and adjusted as facts and circumstances change. Material changes to the Company's income tax accruals may occur in the future based on the potential for income tax audits, changes in legislation or resolution of pending matters. ASC 740 also clarifies the accounting for uncertainty in income taxes recognized in an enterprise's financial statements and prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be "more likely than not" to be sustained upon examination by taxing authorities. The Company acknowledges the respective taxing authorities may take contrary positions based on their interpretation of the law. A tax position successfully challenged by a taxing authority could result in an adjustment to the Company's provision or benefit for income taxes in the period in which a final determination is made. Stronghold LLC and certain of its subsidiaries are structured as flow-through entities that are not generally subject to income taxation at the entity level, but instead, the taxable income or loss of such subsidiaries is allocated to and included in the income tax returns of their direct or indirect owners, including the Company. Application of ASC 740 to these entities results in no recognition of U.S. federal or state income taxes at the entity level. The portion of such subsidiaries’ taxable income or loss that is allocable to the Company will increase the Company’s taxable income or loss and be accounted for under ASC 740 by the Company.
Recently Implemented Accounting Pronouncements and Recently Issued Accounting Standards	In September 2016, the Financial Accounting Standards Board issued ASU 2016-13, Financial Instruments – Credit Losses, which adds a new impairment model, known as the current expected credit loss ("CECL") model, that is based on expected losses rather than incurred losses. Under the new guidance, an entity recognizes an allowance for its estimate of expected credit losses at the initial recognition of an in-scope financial instrument and applies it to most debt instruments, trade receivables, lease receivables, financial guarantee contracts, and other loan commitments. The CECL model does not have a minimum threshold for recognition of impairment losses and entities will need to measure expected credit losses on assets that have a low risk of loss. Since the Company is a smaller reporting company, as defined by the U.S. Securities and Exchange Commission (the "SEC"), the new guidance became effective on January 1, 2023. The Company adopted ASU 2016-13 effective January 1, 2023, but the adoption of ASU 2016-13 did not have an impact on the Company's consolidated financial statements. Recently Issued Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosure, which requires public entities to disclose significant segment expenses and other segment items on an annual and interim basis and to provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. Additionally, public entities with a single reportable segment will be required to provide the new disclosures and all the disclosures required under ASC 280, Segment Reporting. Although early adoption is permitted, this new guidance becomes effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, on a retrospective basis. The Company is currently evaluating the impact of adopting this new guidance on its interim and annual consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU 2023-08, Intangibles – Goodwill and Other - Crypto Assets (Subtopic 350-60), which requires all entities holding crypto assets that meet certain requirements to subsequently measure those in-scope crypto assets at fair value, with the remeasurement recorded in net income. Among other things, the new guidance also requires separate presentation of (i) the gain or loss associated with remeasurement of crypto assets on the income statement and (ii) crypto assets from other intangible assets on the balance sheet. Before this new guidance, crypto assets were generally accounted for as indefinite-lived intangible assets, which follow a cost-less-impairment accounting model that only reflects decreases, but not increases, in the fair value of crypto assets holdings until sold. Although early adoption is permitted, the new guidance becomes effective on January 1, 2025, and should be applied using a modified retrospective transition method with a cumulative-effect adjustment recorded to the opening balance of retained earnings as of the beginning of the year of adoption. The Company expects the cumulative adjustment to increase retained earnings as of January 1, 2024, by approximately $0.1 million, as a result of adopting this guidance in 2024. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, to enhance the transparency and decision-usefulness of income tax disclosures, particularly in the rate reconciliation table and disclosures about income taxes paid. Although early adoption is permitted, this new guidance becomes effective for annual periods beginning after December 15, 2024, on a prospective basis. The Company is currently evaluating the impact of adopting this new guidance on its consolidated financial statements and related disclosures.

NATURE OF OPERATIONS (Details)	12 Months Ended
NATURE OF OPERATIONS (Details)	Dec. 31, 2023 a power_generation_facility segment MW
Disaggregation of Revenue [Line Items]
Number of coal refuse power generation facilities owned and operating \| power_generation_facility	2
Number of operating segments \| segment	2
Customized Energy Solutions, Ltd
Disaggregation of Revenue [Line Items]
Contract with supplier, term	2 years
Contract with supplier, termination notice before automatic renewal, period	60 days
Reclamation Facility, Venango County, Pennsylvania
Disaggregation of Revenue [Line Items]
Area of land (in acres) \| a	650
Scrubgrass Plant
Disaggregation of Revenue [Line Items]
Generation capacity, electricity (in megawatts)	83.5
Panther Creek Plant
Disaggregation of Revenue [Line Items]
Generation capacity, electricity (in megawatts)	80

REDEEMABLE COMMON STOCK (Tables)

12 Months Ended

Dec. 31, 2023

Temporary Equity Disclosure [Abstract]

Schedule of Net Mezzanine Equity

The Company recorded redeemable common stock as presented in the table below.


	Common – Class V
	Shares	Amount
Balance – December 31, 2022	2,605,760	$	11,754,587
Net loss attributable to noncontrolling interest	—	(30,428,749)
Redemption of Class V shares	(200,000)	(1,210,000)
Maximum redemption right valuation	—	40,300,278
Balance – December 31, 2023	2,405,760	$	20,416,116

SUBSEQUENT EVENTS (Details) - Subsequent Event	Mar. 04, 2024 USD ($)	Feb. 15, 2024 USD ($)	Feb. 13, 2024 USD ($)	Feb. 29, 2024 $ / MW
Credit Agreement \| Loans payable \| Secured Debt
Subsequent Event [Line Items]
Repayments of line of credit		$ 3,230,523
Credit Agreement \| Loans payable \| Secured Debt \| Debt Covenant Period One
Subsequent Event [Line Items]
Debt covenant, minimum liquidity requirement		2,500,000
Credit Agreement \| Loans payable \| Secured Debt \| Debt Covenant Period Two
Subsequent Event [Line Items]
Debt covenant, minimum liquidity requirement		$ 5,000,000
Champion Energy Services, LLC \| Scrubgrass Reclamation Company, LP
Subsequent Event [Line Items]
Electricity purchase agreement, deposit delivered	$ 425,000
Champion Energy Services, LLC \| Panther Creek Power Operating, LLC
Subsequent Event [Line Items]
Electricity purchase agreement, deposit delivered	$ 425,000
Champion Energy Services, LLC \| Minimum
Subsequent Event [Line Items]
Electricity purchase agreement, estimated cost (in USD per MW) \| $ / MW				10
Wholesale power price (in USD per MW) \| $ / MW				10
Champion Energy Services, LLC \| Maximum
Subsequent Event [Line Items]
Electricity purchase agreement, estimated cost (in USD per MW) \| $ / MW				12
Wholesale power price (in USD per MW) \| $ / MW				40
Olympus Stronghold Services, LLC \| Related party
Subsequent Event [Line Items]
Related party, ongoing monthly assistance			$ 10,000

OPERATING LEASE ROU ASSETS AND LIABILITIES - Operating Lease, Liability, Maturity (Details)	Dec. 31, 2023 USD ($)
Leases [Abstract]
2024	$ 917,971
2025	613,026
2026	226,557
2027	0
2028 and thereafter	0
Total operating lease payments (undiscounted)	1,757,554
Less: amount representing interest	(192,769)
Total operating lease payments (discounted)	$ 1,564,785

STOCK-BASED COMPENSATION - Narrative (Details)			12 Months Ended
STOCK-BASED COMPENSATION - Narrative (Details)	May 15, 2023	Jan. 18, 2023 shares	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Oct. 19, 2021 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Reverse stock split ratio	0.1
Stock-based compensation expense			$ 9,238,826	$ 13,890,350
Stock compensation expense, tax benefit			0
Cost not yet recognized			787,683
New Long-Term Incentive Plan (the “New LTIP”)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares) \| shares					4,752,000
Number of additional shares authorized (in shares) \| shares		6,000,000
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense			$ 2,071,146	$ 10,297,709
Expected dividend yield			0.00%	0.00%
Cost not yet recognized, period for recognition			6 months 7 days
Stock options \| New Long-Term Incentive Plan (the “New LTIP”)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period from grant date			10 years
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense			$ 7,167,680	$ 3,592,641
Cost not yet recognized, period for recognition			1 year 7 days
Unrecognized compensation expense			$ 2,735,625