Waste-coal-burning crypto mining firm raises $105 million in funding round

Stronghold Digital Mining, a Pennsylvania-based bitcoin mining firm, introduced Tuesday that it raised $105 million in funding from two non-public placements.

The buyers are “primarily household workplaces,” an organization consultant instructed The Block, who added that Stronghold intends on utilizing the $105 million funding to additional fund restoration efforts in Pennsylvania, buy crypto mining {hardware}, and finance extra waste coal clean-up amenities. The fundraises had been disclosed in a pair of SEC filings made public earlier this yr.

Stronghold’s Scrubgrass Generating Plant makes use of waste coal, an environmentally poisonous byproduct of coal mining, first to gasoline its electrical energy era. The firm later introduced crypto mining {hardware} into the ability mining facility, creating “an financial incentive to proceed cleansing up waste coal piles and land,” the corporate consultant instructed The Block. 

Scrubgrass eliminates greater than 90% of poisonous substances from the waste coal in the power manufacturing course of, and the ensuing fly ash can be utilized as a fertilizer permitted by the Commonwealth of Pennsylvania’s Department of Agriculture.

“Coal waste fires have been wreaking havoc in my residence state of Pennsylvania for the final hundred years,” mentioned Bill Spence, co-chairman of Stronghold, in the assertion. “We make use of Twenty first-century crypto mining methods to remediate the impacts of Nineteenth- and Twentieth-century coal mining in a number of the most environmentally uncared for areas of the United States.” 

Stronghold’s CEO is Greg Beard, who previously labored as the worldwide head of pure assets for Apollo Global Management, the billion-dollar different funding administration firm. 

Stronghold’s waste-coal-powered power and bitcoin manufacturing reclaimed 1,000 acres of beforehand environmentally denigrate land and return it to native communities, which have then been used as playgrounds, sports activities fields, and inexperienced areas. 

While Stronghold’s power manufacturing makes use of waste materials, different bitcoin mining operations have opted to offset their carbon emissions or use hydropower to develop into extra sustainable.

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