Crypto can inherit harmful plants from the 20th century.
In the latest case of remodeling old industrial spaces for digital currencies, another bitcoin mining company has purchased a crypto power plant, according to initial report from Technical place.
And one day almost all fossil fuel power plants could be replaced by bitcoin mining operations.
Crypto mining consumes coal waste
Stronghold Digital Mining, based in Kennedel, Pennsylvania, bought the Scrabgrass power plant in Venango County from the same state. The bitcoin mining company is described as an “environmentally friendly and vertically integrated bitcoin miner” and will use state-owned waste coal to generate energy for mining software located next to the plant in shipping containers. Waste coal is what remains after primary coal mining operations and can be particularly harmful to the environment when metals such as iron, aluminum or manganese penetrate the soil and nearby water resources.
The bitcoin mining company aims burn waste coal, and then return the then unpolluted land back to the state, which will be received by the Pennsylvania Department of the Environment (DEP). Department statistics say Stronghold has already allowed the state to restore more than 1,000 acres of land in Pennsylvania. This is important because the ability to incinerate waste before it threatens serious pollution still leaves a significant amount of carbon dioxide from the waste coal. And these types of issues are becoming increasingly worrying as monitoring groups examine the polluting footprint of cryptocurrency transactions and bitcoin mining.
Crypto operations have been buying up industrial spaces since the 20th century
Bitcoin retrieval uses special hardware called application-specific integrated circuits (ASICs) and are single-purpose devices that can only increase hash power to work against Bitcoin’s SHA-256 algorithm. And this is happening all over the country. In mid-July this year, we announced that high cryptocurrency prices fuel significant growth in cryptocurrency mining operations, leading owners of former industrial spaces to add their properties to the real estate market, where many buyers are increasingly interested in turning them into bitcoin mining facilities. “We’ve already built enough machines to meet the growing demand for cryptocurrencies,” said Mike Collier, CEO of Foundry, a cryptocurrency financing and mining consulting firm. initial Restrained report.
More and more non-existent factories are becoming empty investments for entrepreneurs who bought many of them when production dropped sharply across the country. “We get phone calls from people even in New Hampshire and Vermont, from someone who may own a paper mill that has gone out of business, who will say, ‘I have a paper mill and no one else wants to come here, so I entered bitcoin mining facility? “Coiler added.
Cheap land, industrial infrastructure and factories that have disappeared are in high demand, as these production facilities meet the needs of crypto mining almost perfectly. “You have to get a lot of air into the building and a lot of air from the building, so you would usually open the side walls and let it through the roof,” Koiler explained in the report. But, believe it or not, it started many years ago. In 2014, Greenidge Generation, an electricity generation company, purchased the Lockwood Hills coal-fired power plant on Lake Seneca, New York, and turned it into a natural gas plant. But by July of this year, Greenridge was already uses the same plant to mine bitcoin. Today, the newly converted facility contains a turbine on one side to power hundreds of computers supporting crypto transactions. We may not have to worry about energy companies continuing to pollute the world with fossil fuels. Soon all our energy facilities can be owned and dedicated to bitcoin mining. Which is not a mandatory solution for CO2 emissions. But this is a step.