Mining entity from Pennsylvania Stronghold Digital Mining has reportedly closed two successful private equity securities valuing at $105 million, dedicated to backing its model for sustainable Bitcoin mining. 

Specifically, Stronghold’s first power generation center – the Venango County-based Scrubgrass Generation Plant – will reportedly take care of the conversion of waste coal into energy, with a capacity equals to “a large-scale hydropower plant”, which will then be directed towards fueling the mining of Bitcoin and other crypto coins. 

The waste coal Stronghold in charge of the cycle was reportedly generated by coal mining operations in the 19th and 20th centuries. Stronghold’s power generation processes gave room for the rehabilitation of major territories’ land, which underwent devastation caused by waste coal acid drainage (AMD).

The firm reportedly ran an estimation that each Bitcoin mined will lead to 200 tonnes of waste coal destroyed. 

“Coal waste fires have been wreaking havoc in my home state of Pennsylvania for the last hundred years. We employ 21st-century crypto mining techniques to remediate the impacts of 19th and 20th-century coal mining in some of the most environmentally neglected regions of the United States.” Stronghold co-chairman, Bill Spence, reportedly remarked. 

Stronghold, via teaming up with environmental agencies in the areas, has already been successful in taking back 1,000 acres of Pennsylvania land, which it deemed “once-unusable”. 

The company reportedly looks to achieve the target of getting over 28,000 cryptocurrency miners up and running by 2022 and is working towards finalizing the acquisition of facilities, representatives of over 200 megawatts of electricity generation capacity.