Bitcoin Miner Stronghold Raises $100M in Waste Coal Transforming Digital Mining

On Tuesday, Stronghold Digital Mining, Inc., an ESG-friendly cryptocurrency miner, announced that it has raised $105 million in two funding rounds for private equity securities. Stronghold's operations turn waste coal into alternative energy to mine bitcoin and other cryptocurrencies. ESG-friendly crypto mining converts coal waste to bitcoin, operation raises $100M While many focus on environmental concerns stemming from old reports and maps, a number of ESG-friendly cryptocurrency mining companies have made headway in the industry. Stronghold Digital Mining is a Pennsylvania-based operation that uses waste coal to power cryptocurrency miners. Pennsylvania bush-producing plant. In Pennsylvania and many other parts of the world, waste coal and acid mine (AMD) runoff is one of the largest sources of pollution. Because precipitation combines with coal waste, AMD can contaminate nearby waterways and threaten aquatic life. The main operating site at Stronghold's Scrubgrass Production Facility in Pennsylvania takes waste coal and uses it not only to mine crypto like BTC, but also to donate the cleared land back to local communities. Stronghold will use the newly acquired funds to expand it further as it expects to have around 28,000 cryptocurrency miners by the end of the year. The mining company also works with the Pennsylvania Department of Environmental Protection (DEP), and statistics so far show that Stronghold has "reclaimed 1,000 acres of land that was once unusable in Pennsylvania." Stronghold's announcement indicates that the company is in the middle of "negotiations to purchase additional environmentally friendly facilities" with a capacity of approximately 200 megawatts. Stronghold's CEO and Co-Chairman, Greg Beard, believes the company has made the company's mining model adaptable to ESG-friendly policies. The company's announcement says the company estimates it will take around 30 years to recover all of its waste in the short term.

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