Bitcoin News and Finance
Waste Coal-Converting Bitcoin Miner Stronghold Digital Mining Raises $100 Million Skip to main content

Waste Coal-Converting Bitcoin Miner Stronghold Digital Mining Raises $100 Million

Waste Coal-Converting Bitcoin Miner Stronghold Digital Mining Raises $100 Million

On Tuesday, Stronghold Digital Mining, Inc., an ESG-friendly cryptocurrency miner announced it has raised $105 million in two private equity securities funding rounds. Stronghold’s operations convert waste coal into alternative energy in order to mine bitcoin and other cryptocurrencies.

ESG-Friendly Crypto Miner Turns Coal Waste to Bitcoin, Operation Raises $100M

While many have been focused on the environmental concerns stemming from outdated reports and maps, a number of ESG-friendly cryptocurrency mining firms have been making moves in the industry. Stronghold Digital Mining is a Pennsylvania-based operation that leverages waste coal to power digital currency miners.

Waste Coal-Converting Bitcoin Miner Stronghold Digital Mining Raises $100 Million
Scrubgrass Generating Plant in Pennsylvania.

In Pennsylvania and many other regions around the world waste coal and acid mine drainage (AMD) is one of the largest sources of pollution. Because precipitation combines with coal waste, the AMD can pollute nearby waterways and threaten aquatic life. Stronghold’s main operation site located at the Scrubgrass Generating Plant in Pennsylvania takes the waste coal and uses it to not only mine cryptos like BTC, but it also donates the cleaned-up land back to local communities.

Stronghold will use the newly acquired funds to continue expanding as it expects to have roughly “28,000 cryptocurrency miners operating by year-end.” The mining firm is also partnered with the Pennsylvania Department of Environmental Protection (DEP) and so far stats show Stronghold has “reclaimed 1,000 acres of once-unusable land in Pennsylvania.” Stronghold’s announcement details the firm is in the midst of “negotiations to acquire additional environmentally beneficial facilities” with around 200 megawatts of power.

Greg Beard, the CEO and co-chairman of Stronghold believes the venture makes the company’s mining model adaptable to ESG-friendly policy. The company’s announcement says the firm estimates it would take roughly 30 years to reclaim all the waste just in the near proximity of the Scrubgrass Generating Plant. “For each bitcoin mined by the company, an estimated 200 tons of waste coal is eliminated,” the company claims.

“A negative impact on the environment has long been a criticism of Bitcoin mining, with good reason. Our ownership of the Scrubgrass Plant combined with the environmental benefits which accrue to the region allow us to mine Bitcoin at what we believe to be some of the lowest costs in the industry while making a transformational contribution to the environment. Our vertically integrated model ensures we’re entirely self-sufficient and adaptable” Stronghold’s 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 detailed that the company has partnered with Silver Energy, an oil and gas provider based in Texas.

What do you think about Stronghold raising $100 million and how the company converts waste coal into bitcoin? Let us know what you think about this subject in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Post a Comment
Read more
Blogarama - Blog Directory