BTC mining company Stronghold Digital fined over 1.4 million dollars by the US FERC

According to TheMinerMag, BTC mining company Stronghold Digital was fined over $1.4 million by the U.S. Federal Energy Regulatory Commission (FERC) for violating energy market rules and prioritizing power supply to BTCMining, of which $678,600 needs to be refunded to PJM, and $741,400 is to be paid as civil penalties to the U.S. Treasury. FERC’s investigation found that Stronghold’s Scrubgrass power plant, from June 2021 to May 2022, failed to fulfill its contractual obligations to provide available electricity to PJM grid, using power for BTCMining during 57% of day-ahead market trading time and 59% of real-time market trading time. In addition, Stronghold was accused of purchasing power at wholesale prices and incorrectly categorizing some of the electricity consumption as “station power.” Stronghold exited the PJM capacity market in June 2022, but may still need to participate in future auctions unless formally applying for exemption or transitioning to solely providing electricity resources.