Pennsylvania-based bitcoin mining company uses coal waste for its operations

Stronghold Digital Mining, a Pennsylvania-based ESG-friendly and vertically integrated bitcoin mining company, raised $105 million in two private placements of equity securities.

The company set its focus on mining the largest cryptocurrency by market capitalization, converting coal waste directly into value, raising that much money.

Bill Spence, co-chairman of Stronghold Digital Mining, said coal waste fires have been wreaking havoc in the state for the last hundred years.

“Not only are these local fires a major source of greenhouse gases, but the acid runoff and ash from these uncontrolled burning piles pose serious threats to the health, environment and water quality of the surrounding communities,” he added.

Modern techniques for old problems

In commenting about the strategy of his company in bitcoin mining and the role it plays in reducing the impact of coal waste fires, Spence said they are using 21st-century crypto mining techniques to remedy problems brought by 19th and 20th-century coal mining in some of the most environmentally neglected regions in the U.S.

The largest water polluter in Pennsylvania, the waste coal acid mine drainage (AMD), is formed when rain or snow comes in contact with the sulfur-rich waste coal dumps. When this happens, aquatic life near these sites is endangered because the AMD flows and contaminates nearby streams and rivers.

Some good from an overly-criticized industry

The energy-intensive bitcoin mining industry has been the subject of criticisms from a lot of people, organizations and governments all around the world.

In fact, the Chinese government is currently engaged in an intense crackdown against bitcoin miners that operate within its territories.

Stronghold’s demonstration of using waste coal derivatives to mine crypto, however, shows the industry can also help in keeping the environment safe, as opposed to the common notion that it is its adversary.

 

Image courtesy of Cointelegraph News/YouTube

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