A Pennsylvania company, Stronghold Digital Mining, generates energy to mine Bitcoin with waste from burning coal.
One of the criticisms that has been leveled at Bitcoin is that it is not compatible with the environment, given the large amount of energy that is required for mining. In fact, Elon Musk made a warning about this problem last year, when he decided that Tesla would no longer accept cryptocurrency as long as mining is not greener.
Well, there seems to be a way here. A company in western Pennsylvania has revealed that it is using a method to put cryptocurrency mining to work while also cleaning its neighborhood of pollution, according to a report from Reuters.
Using waste from coal-fired power plants that is decades old, Stronghold Digital Mining, company listed in nasdaq, it generates power that powers hundreds of supercomputers that are dedicated to mining Bitcoin.
The executive director of strong hold, Greg Beard stated:
“The Bitcoin mining network itself is the largest decentralized computing network in the world, and it consumes a lot of power, so co-locating Bitcoin mining and a power plant makes a lot of sense.”
How is coal waste used to mine Bitcoin?
A byproduct of burning coal to generate power is coal ash. This has the potential to leach into groundwater and harm streams, as it includes heavy metals that are considered carcinogenic.
In this project, coal ash is collected from a neighboring mine and processed at a coal waste processing plant, which is owned and operated by strong hold. The coal ash is then separated from the rest of the tailings and crushed before being sent to a boiler house where it is burned to create energy that is used to power the mining operation of Bitcoin of the company.
“I think this is a perfect niche for cryptocurrencies”said Bill Spence, co-chairman of Stronghold Digital Mining.
More and more people are mining BTC using unconventional methods. In particular, a cryptocurrency enthusiast recently built a cryptocurrency mining rig. Bitcoin with solar energy of 6kW, counts finbold, medium that also reviews a study of Coinshares published on January 25, 2022, which claimed that BTC represented only 0.08% of the world’s carbon dioxide (CO2) emissions in 2021. So – if this is true – the environmental damage would not be as great as it is believed. has stated.
However, there is still concern about the issue. Last year a New York State bill proposed to ban mining until its environmental damage is assessed.
version of DailyBitcoin
Picture of unsplash
WARNING: This is an informative article. DiarioBitcoin is a means of communication, it does not promote, endorse or recommend any investment in particular. It is worth noting that investments in crypto assets are not regulated in some countries. May not be suitable for retail investors as the full amount invested could be lost. Check the laws of your country before investing.