Stronghold Digital Mining Inc (NASDAQ: SDIG) is creating clean energy from harmful coal waste to mine Bitcoin. This news comes when cryptocurrency mining has been criticized for being harmful to the environment. Fortunately, this firm has found a way around it.
Stronghold is retrieving the coal waste from old power plants and mining it at its Pennsylvania mining rigs in an emissions-controlled surrounding. This move is helpful as coal waste usually causes many adverse effects on the environment.
Pennsylvania is a leading coal producer in the U.S
Some of the effects coal waste causes are acid water, acid drainage, air, and water pollution. Stronghold has found a great way to get rid of the waste by using it on Bitcoin mining. Moreover, Pennsylvania is the best state for the process as it is the third most significant coal producer in the U.S.
Experts from the state estimate that Pennsylvania produces 881 pounds of coal waste for every 2200 pounds of coal it mines. Others state that Pennsylvania has produced more than 220 million tonnes of coal waste.
New York suggests ban in proof-of-work cryptocurrencies
This solution could not have come at a better time for Stronghold. U.S regulators have criticized Proof-of-work cryptocurrencies like Bitcoin as they require too much energy to validate their networks and mine.
As a result of the controversy, legislators suggested that they suspend proof-of-work cryptocurrencies that utilize fossil fuel as they were harmful to the environment. The New York State Assembly has received this bill. If it passes, regulators in New York could ban proof-of-work cryptocurrency for about three years. Countries like China have completely banned cryptocurrency for its environmental impact.
The threat of banning and suspension has led many other cryptocurrency mining companies to create more environmentally friendly solutions. For example, ConocoPhilips, a North Dakota oil company, began a program to sell natural gas byproducts to miners. This move would remove the necessity got the company to burn fuel.
Another cryptocurrency mining company, Argo Blockchain, announced that it was changing its operations as the firm has become more aware of its greenhouse emissions. For this reason, the firm had decided to use renewable energy to operate its mining operations.
