Stronghold Digital Mining, a Pennsylvanian-based company, has raised $ 105 million to mine cryptocurrencies using waste from coal mines.
The Scrubgrass Generation Plant will appear in Wenango County, the company said, with a capacity “comparable to a large hydroelectric plant,” the company said. The energy from the station will be directed to the mining of bitcoin and other cryptocurrencies.
It is planned to use waste from coal mines operating in the 19th and 20th centuries to generate electricity. In addition to mining bitcoin, this will allow the restoration of sufficiently large areas of land that have been contaminated as a result of the penetration of acids into the water – sulfur is washed out of the waste along with the rain. After recycling, Stronghold Digital Mining will invest additional funds in land restoration.
According to the company’s analysts, about 200 tons of coal waste will be destroyed during the extraction of each bitcoin.
“We are using 21st century technology to mine bitcoin and to reverse the impact of 19th and 20th century coal mining in some of the most environmentally disadvantaged regions in the United States,” said Bill Spence, senior executive at Stronghold.
The company has already reclaimed about 1,000 acres of land. In addition to disposing of waste, Stronghold Digital Mining has cleaned the land of mercury and sulfur oxide pollution. In the process, ash was obtained, which can be used as fertilizer.
It is planned that by 2022, coal waste will power 28,000 ASIC miners with a total capacity of more than 200 MW.
Recall that in China, there is a gradual, but rather fast process of banning mining. Against this background, the hash rate of the bitcoin network has almost halved. However, miners are actively transporting equipment to other countries, so the drawdown will be temporary.
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