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On Tuesday, Stronghold Digital Mining, Inc., an ESG-friendly cryptocurrency miner, announced that it had raised $ 105 million in two rounds of private equity funding. Stronghold’s operations convert waste coal into alternative energy in order to mine bitcoin and other cryptocurrencies.
ESG-Friendly Crypto Miner Turns Coal Waste Into Bitcoin, Operation Raises $ 100 Million
While many have focused on environmental concerns stemming from outdated reports and maps, a number of ESG-friendly cryptocurrency mining companies have taken action in the industry. Stronghold Digital Mining is a Pennsylvania-based operation that exploits waste coal to power digital currency miners.
Brushgrass plant in Pennsylvania.
In Pennsylvania and many other parts of the world, coal waste and acid mine drainage (AMD) is one of the biggest sources of pollution. Because precipitation combines with coal waste, DMA can pollute nearby waterways and threaten aquatic life. Stronghold’s main mining site, located at the Scrubgrass Generation Plant in Pennsylvania, collects the residual coal and uses it not only to mine cryptos like BTC, but it also gives the cleaned land back to local communities.
Stronghold will use the newly acquired funds to continue to grow as it expects to have around “28,000 cryptocurrency miners operational by the end of the year.” The mining company is also in partnership with the Pennsylvania Department of Environmental Protection (DEP) and so far statistics show Stronghold has “reclaimed 1,000 acres of once unusable land in Pennsylvania.” Stronghold’s announcement details that the company is “negotiating to acquire additional environmentally beneficial facilities” with around 200 megawatts of power.
Greg Beard, CEO and Co-Chairman of Stronghold, believes the company makes the company’s mining model adaptable to ESG-friendly policy. The company’s announcement indicates that the company estimates that it would take around 30 years to recover all the waste just near the Scrubgrass generation plant. “For every bitcoin mined by the company, approximately 200 tonnes of residual coal is disposed of,” the company claims.
“Negative impact on the environment has long been a criticism of Bitcoin mining, with good reason. Our ownership of the Scrubgrass factory, combined with the environmental benefits accruing to the region, allows us to mine Bitcoin at what we believe to be one of the lowest costs in the industry while making a transformational contribution to the industry. ‘environment. Our vertically integrated model ensures that we are fully self-sufficient and adaptable, ”Stronghold CEO said in a statement.
Meanwhile, other mining operations like EZ Blockchain, Upstream Data, and Crusoe Energy Systems are reducing emissions by mining bitcoin with flare gas. EZ Blockchain recently explained that the company has partnered with Silver Energy, a Texas-based oil and gas supplier.
What do you think of Stronghold raising $ 100 million and how the company is converting waste coal into bitcoin? Let us know what you think of this topic in the comments section below.
Tags in this story Bitcoin mining, waste coal, environment, ESG-friendly, Greg Beard, Earth, mining bitcoin, Pennsylvania, Scrubgrass generation plant, Stronghold, Stronghold Digital Mining, waste, residual coal, residual coal bitcoin, waste coal plant
Image credits: Shutterstock, Pixabay, Wiki Commons
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