According to a press release sent to bitcoin magazine, Stronghold Digital Mining, a green and vertically integrated Bitcoin mining company headquartered in Pennsylvania, has raised $105 million in two private equity offerings.
The company focuses on converting waste coal directly into value through bitcoin mining.
“Coal waste fires have been causing havoc in my state, Pennsylvania, for a hundred years,” said Bill Spence, Stronghold’s co-chair, in the statement. “Not only are these coal fires a major source of greenhouse gases, but acidic runoff and ash from these uncontrolled burning piles pose serious threats to health, the environment, and water quality in surrounding communities.”
Spence also commented on the strategy Stronghold uses and the role it plays in reducing the impact of coal waste fires.
“Simply put, we are using 21st century cryptocurrency mining techniques to address the effects of 19th and 20th century coal mining in some of the most environmentally neglected regions of the United States,” he said.
Coal acid waste discharge (AMD), the largest water pollutant in Pennsylvania according to the release, forms when rain or snow meets sulfur-rich coal landfills. As a result, aquatic life near these sites is under threat because AMD is running out and polluting nearby streams and rivers.
Stronghold’s first power plant, known as the Scrubgrass Plant, sought to restore usability to geographies previously damaged by coal waste and the inevitable formation of AMD. A mining farm can achieve this goal by converting waste coal into energy and mining bitcoin. According to the release, the company removes about 200 tons of coal waste for every bitcoin mined.
Stronghold plans to employ the latest investments that have been raised to have a more significant environmental impact in the region. The company expects to have more than 28,000 bitcoin miners in operation by the end of 2021, and has already made plans to expand. The bitcoin mining company is currently negotiating to expand its operations and acquire additional facilities with a power capacity of more than 200 megawatts.
Bitcoin mining, a power-intensive activity necessary to fully decentralize and secure the Bitcoin network, has earned its share of Criticism and comparisons Recently. But cases As Stronghold’s explains, Bitcoin mining is not only possible be green but also help the planet Repair some damage dating back a century ago.