Pennsylvania's Stronghold Digital Mining Raises a Lot of Money

Stronghold Digital Mining in Pennsylvania has managed to raise more than $100 million to establish a new firm.

Stronghold Digital Is Carving the Way to Cleaner Mining

The company has made a real name for itself during a time when bitcoin and cryptocurrency mining are the subjects of much controversy. Many analysts are convinced that bitcoin mining requires too much energy; that it boasts as large a carbon footprint as Las Vegas, Nevada, and that it consumes more electricity than countries such as Argentina and Iceland. In other words, there are many environmentalists out there that would like to see crypto mining banned for good in the future.

But Stronghold Digital is listening to a lot of these worries and complaints and trying to do something about them. The company utilizes waste coal to power its machines so that emissions are fewer, and old resources are put to good use rather than just being tossed to the side.

Bill Spence – the co-chairman of Stronghold Digital – explained in a recent interview:

We are the reverse of most crypto companies. To be economically viable, we sought out crypto, not the other way around.

Spence explained that what he and his company do is clean up “vast piles of bituminous waste coal” that has wreaked havoc on a lot of the local ecosystems one can find in Pennsylvania and neighboring regions. This coal is then utilized to give machines the electricity they need to mine BTC. He says it is an effective method of doing things in that it cleans up the surrounding environment while also utilizing resources one would not necessarily consider.

He says:

About five years ago, I realized we would go out of business if I did not find an artificial market for this power, and I stumbled on crypto. Without crypto and bitcoin, we would not be able to do what we are doing.

Within the past year alone, the company has experienced massive growth, suggesting just how popular and in demand crypto mining truly is amongst diehard fans. Thus far, the firm has managed to accumulate approximately 30,000 individual crypto mining machines. It is also working to acquire additional facilities that would provide it with approximately 200 megawatts of power.

Still Money to Be Made

Bitcoin is not doing super well as of late. While the asset is up about $5,000 from the dismal $29.5K it was trading for earlier in the week, volatility is still a major problem that continues to surround BTC and its altcoin associates. Still, Spence is not too worried, and claims that the BTC price would have to fall to extremely low levels before his company stopped raking in substantial revenue. He says:

The bitcoin price could fall as low as $3,000 before we are not profitable. Volatility does not make us nervous.

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