Cantaloupe Digital is a subsidiary company of Canaan, a manufacturer of mining rigs.

According to an email sent on Thursday, the 2,000 A1246 miners and 2,000 a1346 miner will have a combined capacity of 400 petahashes per second (PH/S). The A1246 miner will be installed on May 15 and the A1346 miner will be installed a month after.

Stronghold purchased around 22,000 mining machines since August, with a capacity of 2.2 Exahash Per Second (EH/s), at a cost $15 million. CEO Greg Beard confirmed this.

Beard explained that “we achieved this by opportunistic purchasing of Bitcoin miners on a distressed market, and through unique hosting arrangements where we retain our exposure to Bitcoin mining’s economics and potential power upside.”

Stronghold, as part of its two-year hosting contract with Canaan will receive 50% of all bitcoins mined, and any profits generated by selling electricity back to the grid if the company decides to reduce the use of machines.

Stronghold, like its peers in the mining industry spent 2022 trying to squeeze out the most from a combination of falling bitcoin prices and high energy costs.

Stronghold organized restructuring deals that prevented the bankruptcy of Compute North (CORZ) and Core Scientific. In its latest restructuring , it was able to defer payments for $55 million in debt until June 2024.

At the time of writing, SDIG shares were up about 3.8% for the day. They are currently trading at $0.89.

Read More: Crypto Mining Rig Maker Canaan’s Q4 Revenue Sunk 82% to $56.8M

Nelson Wang is the editor.