Stronghold is planning to open up a power plant in Pennsylvania to help power a whopping 1,800 mining rigs. Stronghold was able to raise $105 million to open a power plant for its official Bitcoin mining endeavors.
Cryptocurrency Mining Energy Consumption
A lot of people have probably heard about the amount of energy cryptocurrency mining requires and how it is actually bad for the environment, as seen in an article by the NewYorker. This means it should be quite concerning to be able to find out that Bitcoin miners are currently buying entire power plants in an effort to be able to get rich on the said asset.
A certain Pennsylvania-based holding company known as the Stronghold Digital Mining company is now running a whole Bitcoin mining operation through the use of a Scrubgrass power plant. The power plant is reportedly located in Venango Country, Pennsylvania, which it had purchased back in summer 2021, as reported by CoinDesk.
Stronghold Burns 600,000 Tons of Coal Waste
Stronghold was able to raise $105 million to be able to open the power plant for its actual Bitcoin mining endeavors. The plant, as of the moment, burns coal waste in order to produce enough energy for 1,800 mining computers. There are movements made by people like Twitter's Square investing in solar-powered crypto mining to help move towards a green mining initiative.
Stronghold Digital Mining is now burning 600,000 tons of coal waste, as reported in an article by NBCNews, in order to be able to run Bitcoin mining operations. The information was made public due to Stronghold's official filings with the SEC while the company plans to go public.
Bitcoin Mining Uses High-Powered Computer Processors
As things get worse, Stronghold is reportedly planning to further its own coal-burning power plant operations. In August 2021, the company had actually acquired a second power plant located in Pennsylvania which is called the Panther Creek power plant. It is now looking to expand and get a third one as well.
According to the story by Mashable, Bitcoin mining actually requires the use of high-powered computer processors for it to be able to solve advanced mathematical equations. This particular process is used to help maintain the cryptocurrency's digital ledger, which is known as the blockchain.
Read Also: Tweaking Bitcoin's Mining Mechanism Might Make for Greener Cryptocurrency
Bitcoin Miners and Math Problems
When the math problems are reportedly solved, Bitcoin miners will then be able to receive the cryptocurrency in exchange. The more computing power is used, the more equations will be solved, and thus the more Bitcoin they will be able to earn. Bitcoin mining has been linked to the heating up of a 12,000-year-old glacial lake by locals as the Greenridge plant was able to create over 1100 Bitcoin.
The process is reportedly so intense that individuals won't be able to earn Bitcoin based on the computer power they already have access to. A number of miners actually spend thousands and thousands of dollars to buy Bitcoin mining equipment, and even then, the multi-million dollar operations will only be able to mine just enough Bitcoin to make the whole process profitable.
Related Article: China's Leading Cryptocurrency Miners May Be Headed to Texas After Expulsion from Home Country
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Written by Urian B.
