KENNERDELL – Pennsylvania-based company Stronghold Digital Mining is processing the waste left by a decades-old coal-fired power plant to generate electricity used to mine bitcoins.
The debate over the use of energy in bitcoin mining has indeed been around for a long time and has raised questions as to whether the huge energy use in this industry is worth the environmental impact it has.
It was this concern that prompted Stronghold, to find ways to reduce the environmental problems caused during the bitcoin mining process.
In the process of mining Bitcoin, the largest peer-to-peer digital currency in the world, it requires large amounts of electrical energy to power computers that can solve complex puzzles to generate virtual currency.
But in fact, every year the electrical energy used for the bitcoin mining process is greater than the electrical energy used in all parts of Finland.
Stronghold Chief Executive Greg Beard said the bitcoin power mining network is the largest decentralized computer network in the world.
“The bitcoin mining network itself is the largest decentralized computer network in the world, and it is very power hungry, so bitcoin mining locations and shared power plants make a lot of sense,” says Greg Beard.
Coal ash as a by-product of burning coal that produces electricity, can later seep into the ground and pollute waterways and is dangerous because it contains heavy metals which are carcinogens.
Therefore, Stronghold will collect coal ash from a nearby mine and process it at a coal waste treatment facility.
Once the coal ash is sorted and crushed, it is transported to a boiler building where it is burned to generate electricity which is used to run bitcoin mining operations.
Co-Chairman of Stronghold, Bill Space even said that this method is perfect to be applied in bitcoin mining which can reduce environmental problems.