Stronghold to Mine Bitcoin From Waste Coal, Raises $105 million
Stronghold, a bitcoin mining firm based in Pennsylvania, has raised $105 million for its waste coal conversion mission. The mining firm has claimed that for every Bitcoin created, it eliminates 200 tons of waste coal. The Bitcoin mining firm is one that is focused on mining the top crypto asset while fulfilling its environment, social and governance commitments. Stronghold’s major aim is to source energy from coal waste to produce Bitcoin.
Bitcoin Mining Concerns
Bitcoin mining consumes a lot of electricity and computational power such that there have been concerns about pollution caused by mining the crypto asset. Drawing from this, China imposed a ban on mining activities in line with its carbon policy. China plans to ‘go green’ by 2060. The ban on crypto mining activities was issued in May and China has further issued an ultimatum to crypto miners giving them until the end of June.
On June 21st, China had ordered power generation companies supplying power to the Sichuan province to cut power to the miners in the region. The past few days have seen an influx of them into regions where their mining activities would be supported. Texas has been on the top of the list of these miners. Serbia is also on the bucket list for them as well. The Mayor of Miami recently encouraged miners to come down to the American city, saying the city’s cheap nuclear energy would prove useful to the miners.
Stronghold Co-chairman States Dangers of Waste Coal
Bill Spence, Co-chairman of Stronghold released a statement saying he has been affected by coal waste fires and that it has been a recurring issue in the State of Pennsylvania for the past hundred years. He further said apart from the coal waste fire being the cause of greenhouse gas emissions, the acid and ash from the fires constitute a threat to the quality of environment, water and health of the communities within the state.
Bill Spence also revealed the measures taken by the firm to reduce the effect of these fires. He said the firm uses mining measures to redirect the effects of mining coal on some areas in the US that are being marginalized environmentally. The firm’s first power station, Scrubgrass Plant will obtain power from these waste coals to produce Bitcoin and as such protect areas that have been affected by the waste and acid mine drainage (AMD), which is the foremost water pollutant in the state of Pennsylvania. Stronghold plans to onboard 28,000 miners of the asset including more mining farms by the close of the year.
While Stronghold is looking to produce Bitcoin with coal wastes, others are planning to do so with volcanoes and cow manure. El Salvador, which just recently made Bitcoin a legal tender, wants to mine the asset with volcanoes. With the cryptocurrency space still growing and garnering more interest, more solutions on producing digital currencies will be provided.
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