Bitcoin company buys a power plant and burns 600,000 tons of coal waste

Bitcoin company buys a power plant and burns 600,000 tons of coal waste
Bitcoin company buys a power plant and burns 600,000 tons of coal waste

We are in the United States, precisely in Pennsylvania, where a company called Stronghold Digital Mining is mining Bitcoin through the power plant Scrubgrass purchased in the summer of this year.

According to the source, Stronghold Digital Mining has invested 105 million dollars to carry out mining operations from the power plant which burns waste related to coal mining. Obviously it is impossible not to consider the amount of resources burned by the plant: 600 thousand tons every year, used to power i 1.800 computer that continuously mine cryptocurrency.

“These miners not only need cheap energy, but a stable source of energy for their machines to run 24 hours on 24, 7 days a week and fossil fuel sources are best suited for this, “he said Alex de Vries, Dutch economist, researcher and founder of Digiconomist at NBC.

USA and China: two ways of seeing Bitcoin

In short, it seems to be the opposite of other parts of the world such as China. In the US the mining activity takes place quietly and not only that, the company also intends to promote its operations. Also, in August the Stronghold acquired a second power plant, “Panther Creek” in Pennsylvania, and appears to have plans to open a third one.

Among other things, the curious aspect that citizens are financing the profits of the Stronghold Digital Mining power plant. According to Bloomberg, Pennsylvania has tax credits for burning waste from coal mining. Thanks to such subsidies, Stronghold esteems a cost for each Bitcoin obtained through mining of less than 3000 dollars. Bitcoin currently trades at over $ 40,000, so for the company there is a decisive profit from an operation that is subsidized by the taxpayers.

On the other side of the globe instead at dinner issued the Bitcoin blockade in June as last week he declared illegal all cryptocurrency transactions. Coal causes much of the global pollution and is responsible for beyond 45% of greenhouse gas emissions. In fact this is one of the main factors of the blockade issued by China, given that the Asian country intends to become carbon neutral by 2060.

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