By now, you've probably heard about the sheer amount of energy cryptocurrency mining uses and how that's bad for the environment. So, it should be qui

A Bitcoin miner is buying power plants to mine crypto now

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2021-09-28 08:00:08

By now, you've probably heard about the sheer amount of energy cryptocurrency mining uses and how that's bad for the environment.

So, it should be quite concerning to find out that Bitcoin miners are now buying entire power plants in their effort to get rich on the speculative asset.

A Pennsylvania-based holding company called Stronghold Digital Mining is currently running a Bitcoin mining operation using the Scrubgrass power plant in Venango County, Pennsylvania, which it purchased over the summer, in 2021.

Stronghold raised $105 million to open the power plant for its Bitcoin mining endeavors. The plant currently burns coal waste to produce enough energy to power 1,800 mining computers.

According to Stronghold Digital Mining, the company is now burning 600,000 tons of coal waste at Scrubgrass per year in order to run its Bitcoin mining operation. This information is public due to Stronghold's filings with the SEC, as the company plans to go public.

In August, the company acquired a second power plant in Pennsylvania, called the Panther Creek power plant. It's looking to expand to a third as well.