Cryptocurrency Challenge .. Bitcoin Miners Buy Mining Power Plants

Bitcoin miners are buying entire power plants in their efforts to get rich with speculative activities.

He manages a holding company with headquarters in Pennsylvania Stronghold Digital Mining is currently called Bitcoin mining. Using the Scrubgrass power plant in Venango County, in Pennsylvania. He bought it during the summer of 2021.

As a result, Stronghold Digital Mining raised $ 105 million to open a powerhouse for cryptocurrency mining.

The plant currently burns waste coal to produce enough energy to power 1,800 miners. According to Stronghold Digital Mining, the company now burns 600,000 tons of scrap coal at Scrubgrass each year to power the mining operation.

This information is public due to documents filed by Stronghold Digital Mining with the Securities and Exchange Commission, where the company plans to go public.

Additionally, Stronghold Digital Mining plans to increase coal-fired power plant operations.

In August, the company acquired a second power plant in Pennsylvania, called Panther Creek Power Plant. It is looking to expand and is currently in negotiations to acquire a third facility in the state.

Mining requires computer high power for solving advanced mathematical equations. This process helps maintain the digital ledger of the cryptocurrency, known as the blockchain.

When these calculation problems are solved, the miners receive in I change the cryptocurrency. The higher the computing power, the more equations can be solved and the higher the profit.

Read More About: Business News

Leave a Reply