Bitcoin (BTC): Stronghold Digital Mining raises $105M to turn waste into crypto
Stronghold Digital Mining has just raised $105 million (~£75.51 million) in two private placements. Well known for its eco-friendly approach, this Pennsylvania-based company is striving to bring its concept of sustainable Bitcoin mining to life.
Two birds with one stone
$105 million is the total sum of the two private equity fundraisers recently carried out by Stronghold Digital Mining. The announcement comes with the presentation of Scrubgrass Generating Plant, the firm’s first power plant based in Venango, where waste coal is turned into energy needed to mine Bitcoin and other cryptocurrencies. Stronghold is planning to recycle coal residue left behind after mining operations in the 19th and 20th centuries. Areas of land devastated by acid mine drainage (AMD) can be restored through the Stronghold production methods. This means that the environmental impact of crypto can be reduced, as the spill of AMD in waterways jeopardises the aquatic environment heavily. After eradicating this water contaminant, Stronghold is planning to donate the restored land to the local community.
New wind blowing in the crypto world
Bill Spence, Stronghold co-chairman, claims that 200 tonnes of residual coal are needed to be annihilated for every BTC mined. To make this possible, modern environmentally friendly mining techniques are required. Followed by the cooperation with local environmental authorities, this will help to recultivate ~4 km2 of land. Spence puts the blame on recent coal waste fires in Pennsylvania, his home state, which is why this project is close to his heart. In addition to eliminating 98% of mercury, SO2 and NOx emissions, the Stronghold production method generates fly ash – a fertiliser that can also be used in construction. Such a move will allow the firm to establish a pool of 28,000 operational cryptocurrency miners within a year. Now the acquisition of the facilities which can generate more than 200 MW of electricity is being negotiated. Stronghold Digital Mining’s project was born just in time — these days the Bitcoin community is increasingly concerned about the environment.
Elon Musk himself changed his mind on accepting BTC payments because mining is oh so terrible for the environment, didn’t he? Good news is pouring in the crypto world lately — Tesla promises to revise its stance on Bitcoin with a more ecological approach to the mining sphere.
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