Pennsylvania-based Stronghold Digital Mining announced the completion of two private equity investments totaling $ 105 million.

According to an announcement published by Cointelegraph, the company’s first power generation plant, which generates a Scrubgrass plant in Wenango County, converts waste coal into energy on a scale equivalent to a “large-scale hydropower plant”, which is then used to extract bitcoin and other cryptocurrencies.

Recycled coal was produced by Stronghold during coal mining in the 19th and 20th centuries. Stronghold’s power production makes it possible to recover large areas that have been destroyed by the landfill with acid coal waste (AMD).

AMD describes a process where rain or snow is mixed with sulfur in coal waste, so that it can enter water systems and threaten aquatic life. After removing the coal waste, Stronghold also plans to transfer the reclaimed land to local communities.

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

“Coal waste fires have wreaked havoc in my home state of Pennsylvania for the past 100 years,” said Bill Spence, chairman of the board, adding:

“We use 21st-century crypto-mining techniques to reverse the effects of 19th- and 20th-century coal mining in some of the most environmentally friendly regions of the United States.”
In collaboration with local conservation authorities, Stronghold has already reclaimed 1,000 acres of land in Pennsylvania, which it described as “previously unusable.” In addition to removing more than 98% of the emissions of mercury, nitrogen oxides and sulfur dioxide, the company’s production process creates fly ash that can be used as fertilizer.

Stronghold hopes to have deployed more than 28,000 crypto miners by 2022, and negotiations are underway to acquire facilities representing over 200 megawatts of power generation capacity.

The recovery comes as the bitcoin community became more environmentally conscious when Tesla CEO Elon Musk overturned the EV manufacturer’s decision to accept payments in bitcoin, citing environmental losses from coal mining.

Musk indicated earlier this month that Tesla would consider resuming support for bitcoin if the mining sector shifts at least 50% to clean energy.

Related: Crypto Miner says that Chinese repression means that Bitcoin works

The controversy over the ecological footprint of the bitcoin creation has driven a severe downward trend in North American listed mining stocks in recent months, which have plunged nearly 50% -60% from all-time highs.

While the broader crypto-downtrend shows little sign of slowing down, the independent investment bank Compass Point has given Riot Blockchain (RIOT) and Marathon Digital (MARA) a buy rating, noting that companies generate BTC at 62% and 70% off compared to K -spot. prices accordingly.

Source: CoinTelegraph