#Stronghold #Digital #Mining company, which mines crypto money with alternative energy sources, announced that it has received an investment of $ 105 million. Stronghold, which also mines with waste coal, spends 200 tons of waste coal for 1 BTC.
While an investment of 105 million dollars was made in Stronghold Digital Mining mining company, according to the information provided by the company to CoinDesk, investors will also receive private shares from the public offering to be held in the future. Investors in the company include Greg Beard, a former partner of the equity firm Apollo Global Management, and MG Capital, which manages several family offices. Beard is also the vice president and CEO of the mining company…
🚩They are mining with waste coal
The company, which carries out its operations in Pennsylvania, obtains energy from the waste coal from coal mining and mines Bitcoin and other cryptocurrencies with this energy .
🚩Equivalent to #hydroelectricity
Waste coal, defined by government regulators as a second-tier alternative energy source, is seen as equivalent to hydropower in terms of environmental impact. According to the company's estimation, about 200 tons of waste coal is used to mine 1 Bitcoin.
Company CEO Beard also said that thanks to the Scrubgrass facility in the region, they both mine Bitcoin at the lowest level cost and contribute to the environment in a recyclable way.
Stronghold sees itself as an integrated company as it has a power generation facility as well as mining equipment.
“21. We use 21st century crypto mining techniques”
Stronghold vice presidents Bill Spence used the following statements regarding the harsh statements made by Elon Musk and Elizabeth Warren about the environmental effects of Bitcoin mining:
“Coal waste fires over the last 100 years have done a lot of damage to the environment here in Pennsylvania. We seek to counteract the effects of what happened in the 19th and 20th centuries in the most neglected parts of the US in terms of environmental damage. And we do this using 21st century crypto mining techniques.