According to Reuters, Stronghold Digital Mining, situated in western Pennsylvania, has discovered a new, ecologically safe approach to mine cryptocurrencies.
Stronghold Digital Mining said it would use the waste from decades-old coal-fired power plants to power hundreds of bitcoin-mining supercomputers.
Coal ash, a byproduct of coal combustion for power generation, will be utilized primarily. Heavy metals from coal ash, which are carcinogenic, can leak into groundwater and harm streams.
After sorting and crushing the coal ash, Stronghold Digital Mining will collect it from the mine. It will enter the boiler room and be re-burned to create energy.
Mining cryptos like bitcoin necessitates specialized computer equipment capable of handling the high processing power required. The operation of such specialized computers needs a significant amount of power.
Bitcoin mining has long been a contentious activity because of its high energy consumption and negative environmental effect. The amount of power consumed to generate Bitcoin daily has been estimated to be greater than that utilized by whole countries such as Ireland.
Stronghold’s CEO, Greg Beard, stated:
“The bitcoin mining network itself is the largest decentralized computer network in the world, and it’s power hungry, so co-locating bitcoin mining and a power plant makes a lot of sense,”
Similarly, EV Battery Technologies, a blockchain and battery tech firm, has created Daymak Solar Tree, a commercial emission-free crypto mining solution. It has worked with the Renewable Obligation Base energy economy on environmentally friendly cryptocurrency mining activities.