On Tuesday, Stronghold Digital Mining, Inc., an ESG-friendly cryptocurrency miner, announced that it had raised $ 105 million in two rounds of financing for private equity securities. Stronghold’s activities convert waste coal into alternative energy to mine Bitcoin and other cryptocurrencies.
ESG-friendly crypto miner turns waste coal into bitcoin, Operation raises $ 100 million
While many have focused on the environmental concerns emerging from outdated reports and maps, a number of ESG-friendly cryptocurrency mining companies in the industry have taken steps. Stronghold Digital Mining is a Pennsylvania-based company that uses waste coal to power digital currency miners.
In Pennsylvania and many other regions of the world, drainage from coal waste and acid mines (AMD) is one of the largest sources of pollution. Because precipitation combines with coal waste, AMD can pollute nearby waterways and threaten aquatic life. Stronghold’s main operating location at the Scrubgrass Generating Plant in Pennsylvania takes the waste coal and not only uses it to mine cryptos like BTC, but also donates the cleaned land back to local communities.
Stronghold will use the newly acquired funds to continue expansion as it is expected to have around 28,000 cryptocurrency miners in place by the end of the year. The mining company is also in partnership with the Pennsylvania Department of Environmental Protection (DEP) and statistics so far show that Stronghold has “reclaimed 1,000 acres of formerly unusable land in Pennsylvania.” According to Stronghold’s announcement, the company is in the middle of “negotiations to acquire additional environmentally friendly plants” with an output of around 200 megawatts.
Greg Beard, CEO and Co-Chairman of Stronghold, believes the company can adapt the company’s mining model to an ESG-friendly policy. The company’s announcement said the company estimates it would take approximately 30 years to reclaim all of the waste in close proximity to the scrubgrass production facility. “For every bitcoin the company produces, 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 for good reason. Our ownership of the Scrubgrass Plant, combined with the environmental benefits that will benefit the region, allow us to mine Bitcoin at what we believe to be the lowest cost in the industry while making a transformative contribution to the environment. Our vertically integrated model ensures that we are completely self-sufficient and adaptable, ”the Stronghold CEO said in a statement.
Meanwhile, other mining companies like EZ Blockchain, Upstream Data, and Crusoe Energy Systems are reducing emissions by mining Bitcoin with flare gas. EZ Blockchain recently announced that it has partnered with Silver Energy, a Texas-based oil and gas provider.
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 on this matter in the comments below.
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