Stronghold Digital Mining, a company headquartered in Kennerdell, Pennsylvania, raised $105 million to convert waste coal into power for bitcoin mining.
Stronghold is known as a digital currency mining firm powered by alternative energy. On Tuesday, June 22, the company announced it has raised more than 100 million US dollars to fund bitcoin mining through waste coal.
The capital was accumulated through two private placements of equity securities. Investors including Greg Beard, MG Capital, and several family offices have been given registration rights that necessitate a future public listing.
“Our ownership of the Scrubgrass Plant [in Kennerdell, Pa.] combined with the environmental benefits which accrue to the region allow us to mine bitcoin at what we believe to be some of the lowest costs in the industry while making a transformational contribution to the environment.”Greg Beard
Stronghold Digital Mining turns the material left from coal mining into power that will be utilized to mine virtual currencies. State regulators categorize it as a Tier II alternative energy source, similar to hydropower in its environmental impact.
“Operating in partnership with the Pennsylvania Department of Environmental Protection and local environmental authorities, Stronghold has already reclaimed 1,000 acres of once-unusable land in Pennsylvania.”https://strongholddigitalmining.com/environmental-impact/
According to the company’s CEO Greg Beard, it is estimated that for every bitcoin mined, approximately 200 tons of coal waste is eliminated. He said, “a negative impact on the environment has long been a criticism of Bitcoin mining, with good reason.”
“Simply put, we employ 21st century crypto mining techniques to remediate the impacts of 19th and 20th century coal mining in some of the most environmentally neglected regions of the United States.”Bill Spence, Stronghold co-Chairman
With Elon Musk announcing that Tesla would no longer accept bitcoin as payment for its vehicles, and China putting a ban throughout the entire country amid pollution concerns, the cryptocurrency has been struggling the past few weeks, going lower than $30k.