Professional bitcoin mining is very lucrative in some places. Even more profit can be made if the energy comes from the own coal-fired power plants that the taxpayer subsidizes. A holding company in the United States is now shamelessly using it.
The mining of bitcoins and other cryptocurrencies can only be managed with high energy. Climate researchers have been warning for some time that the mining of bitcoin could have a lasting impact on the environment. Meanwhile, miners are already buying entire power stations to continue their own mining.
A holding company called “Stronghold Digital Mining” based in Pennsylvania, USA, specializes in bitcoin mining, and they have acquired their own nearby power station that now operates. The holding company has raised about $ 105 million to generate electricity for about 1,800 mining computers.
The power station is operated by burning coal waste. The company has now disclosed to SEC how much was burned. The submitted documents became public as the company plans to go public. The “Scrub Cross” power station in Venaco County, Pennsylvania burns about 600,000 tons of coal waste a year for mining activities.
Coal Power Station No. 2 has already been purchased and No. 3 is planned
But that is not enough. The company has already purchased a second power station in Pennsylvania and already plans to expand to a third power station.
The profits of the company that owns Stronghold Digital Mining are still subsidized by taxpayers. According to
Provides tax credits for burning Pennsylvania coal waste. With these subsidies, Stronghold estimates that each bitcoin earned from mining will cost the company less than $ 3,000.
At the time of writing, Bitcoin is trading above $ 42,000 – a taxpayer-subsidized Bitcoin mine with no bad profits. Since this is not exactly green energy, the whole thing is largely at the expense of the environment.
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