thecoinrepublic.com
- Stronghold Digital Mining, Inc., an ESG-friendly cryptocurrency miner, said on Tuesday that it has received $105 million in private equity securities investment in two waves
- According to data, Stronghold has worked with the Pennsylvania Department of Environmental Protection (DEP) to restore 1,000 acres of formerly unusable land in Pennsylvania
- As a Stronghold representative informed Blockworks, cleaning up the trash left behind by coal mining costs a lot of money
Stronghold Digital Mining, Inc., an ESG-friendly cryptocurrency miner, said on Tuesday that it has secured $105 million in two rounds of private equity securities investment. Stronghold’s activities mine bitcoin and other cryptocurrencies by converting waste coal into alternative energy. While many have focused on the environmental issues raised by outdated studies and maps, a number of ESG-friendly bitcoin mining companies have entered the market. Stronghold Digital Mining is a Pennsylvania-based company that mines digital currencies using scrap coal.
Stronghold plans to use the freshly obtained cash to develop further, with the company expecting to have around 28,000 bitcoin miners operational by year’s end. Stronghold has collaborated with the Pennsylvania Department of Environmental Protection (DEP) and has reclaimed 1,000 acres of once-unusable land in Pennsylvania, according to statistics. According to Stronghold’s release, the company is in the middle of negotiations to purchase more ecologically advantageous facilities with a total capacity of about 200 megawatts.
Stronghold’s CEO and co-chairman, Greg Beard, believes the partnership will enable the company’s mining approach to be more environmentally responsible. According to the company’s release, reclaiming all of the trash in the Scrubgrass Generating Plant’s immediate vicinity would take around 30 years. The business says that for every bitcoin produced, it saves 200 tonnes of waste coal. Other bitcoin mining businesses, such as EZ Blockchain, Upstream Data, and Crusoe Energy Systems, are using flare gas to reduce emissions. EZ Blockchain has announced that it has collaborated with Silver Energy, a Texas-based oil and gas firm.
Coal waste, often known as waste coal, is the material left over after typical coal mining. It is very much helpful to the industry along with other waste ingredients. The model demonstrates how cryptocurrency mining may be helpful to the environment. They wouldn’t be here if it weren’t for crypto. Cleaning up the debris left behind by coal mining costs a lot of money, as a Stronghold spokeswoman told Blockworks. According to the business, the cash will be used to continue clean-up activities in Pennsylvania, purchase additional crypto mining hardware, and assist fund new facilities to clean up waste coal as needed. By providing an economic incentive to continue that effort, cryptocurrency mining allows us to do so. As said that he believes they will see the model in many areas across the world, where crypto’s economic incentive will assist develop critical infrastructure for power, said a spokesman.
Recent events in El Salvador would also imply that. This demonstrates that there is a fantastic way to mine bitcoin that benefits communities rather than harming them.