U.S. miners raise $105 million to recycle waste coal into cryptocurrency

Pennsylvania-based Stronghold Digital Mining announced the completion of two private equity securities financings worth US$105 million.

According to an announcement shared with Cointelegraph, the company’s first power generation facility, the Cao Cong Power Plant in Wenango County, converts waste coal into energy, the scale of which is equivalent to a “large hydroelectric power plant” and then used to mine Bitcoin And other cryptocurrencies.

The waste coal recovered by Stronghold is the result of coal mining operations in the 19th and 20th centuries. Stronghold’s power generation process allows it to repair large tracts of land damaged by waste coal acid emissions (AMD).

AMD describes a process in which rain or snow mixes with sulfur in coal waste, causing it to flow into the water system and threaten aquatic life. After removing the waste coal, Stronghold also plans to donate the restored land to the local community.

The company estimates that for every bitcoin mined, 200 tons of waste coal will be destroyed.

“For the past 100 years, coal waste fires have caused severe damage in my hometown of Pennsylvania,” Stronghold co-chairman Bill Spence said, adding:

“We use 21st century encrypted mining technology to remedy the impact of coal mining in some of the most environmentally neglected areas of the United States in the 19th and 20th centuries.”

In cooperation with local environmental protection agencies, Stronghold has reclaimed 1,000 acres of Pennsylvania land, which it described as “used once unusable”. In addition to removing more than 98% of mercury, nitrogen oxide and sulfur dioxide emissions, the company’s production process also produces fly ash, which can be used as fertilizer.

Stronghold hopes to have more than 28,000 cryptocurrency miners in operation by 2022, and is discussing the acquisition of facilities representing more than 200 megawatts of power generation capacity.

As the Bitcoin community became more environmentally conscious, Tesla CEO Elon Musk famously changed the course decided by electric car manufacturers as the salary raises. Accept Bitcoin payments, Cited the environmental damage of coal mining.

Earlier this month, Musk said that if the mining industry turns to Bitcoin, Tesla will explore the restoration of support for BTC. At least 50% powered by clean energy.

related: Crypto miners say China’s crackdown means Bitcoin is working

The dispute over Bitcoin’s creation of an ecological footprint has led to a heavy bear market trend in North American listed mining stocks in recent months. These stocks have experienced Retracement of about 50% to 60% Since the creation of a new historical high.

Despite the broader cryptocurrency bearish trend There is almost no sign of slowing downCompass Point, an independent investment bank, has given Riot Blockchain (RIOT) and Marathon Digital (MARA) buy ratings– note Compared with the spot price, these companies generate BTC at a discount of 62% and 70%, respectively.