Waste Coal-Converting Bitcoin Miner Stronghold Digital Mining Raises $100 Million
Stronghold Digital Mining, Inc. is a Pennsylvania-based operation that leverages waste coal to power digital currency miners. This ESG-friendly cryptocurrency-miner announced it has raised $105 million in two private equity securities funding rounds. These operations convert waste coal into alternative energy 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While many have been focused on the environmental concerns stemming from outdated reports and maps, a number of ESG-friendly cryptocurrency mining firms have been making moves in the industry.
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 Digital Mining 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.”
Greg Beard, the CEO and co-chairman of Stronghold believes the venture makes the company’s mining model adaptable to ESG-friendly policy.
