Bitcoin Mining Company – Stronghold Digital Mining raises over $100 million for a sustainable Bitcoin mining model from excess coal.
Accordingly, Stronghold Digital Mining has a Scrubgrass power plant in Venango County. The plant can convert waste coal into energy on the same scale as a large hydroelectric plant. This energy is used to mine Bitcoin and other cryptocurrencies.
The Waste Coal Recycling by Stronghold is based on coal mining in the 19th and 20th centuries. Stronghold’s power generation process restores large tracts of land destroyed as a result of the waste coal acid drainage (AMD) system.
AMD is the most pollutant in Pennsylvania, formed when sulfur-rich coal waste is exposed to rain or snow.
The company estimates that for every Bitcoin mined, 200 tons of coal waste is destroyed.
Stronghold Chairman Bill Spence said: “We use 21st century cryptomining techniques to overcome the effects of 19th and 20th century coal mining in some of the most vulnerable areas. America’s environmental neglect”.
Stronghold hopes to have more than 28,000 active crypto miners by 2022. They are in discussions to acquire facilities that represent more than 200 megawatts of generating capacity.
The Bitcoin community is increasingly environmentally conscious. Tesla CEO Elon Musk once decided to stop accepting Bitcoin payments for the purchase of his electric car, citing the environmental damage of coal mining.
However, in early June, Elon Musk made a condition that he would accept Bitcoin again if the mining sector was used at least 50% by clean energy.
A month back, Bitcoin recorded the largest price correction in 2021 so far, with drops sometimes reaching more than 50%.
Specifically, from a peak of nearly $ 65,000, the price of each Bitcoin at one point reached a bottom of $ 28,805 on the evening of June 22 before trading at a price of about $ 33,800 this morning.
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