Crypto mining firm Stronghold reports a net loss of $17.5 million in the fourth quarter of 2021, compared to a net income of $200,000 in the same period of 2020 .
Stronghold executives said the losses could be attributed to delays in miner deliveries, resulting in a cascading negative impact on the hash rate.
Stronghold has ordered a total of 15,000 mining machines from Canadian semiconductor company MinerVa, with an initial delivery deadline of December 31, 2021, but has only received 3,300 so far, with the rest expected to be delivered by April 30. Shares of Stronghold Digital have fallen about 66% since trading began on Oct. 20, market data show.