American mining company Stronghold Digital Mining has raised $105m in funding through two private placements of securities. This was reported by CoinDesk.
Investors included MG Capital, family offices, and former senior partner at Apollo Global Management, Greg Bird.
Stronghold Digital Mining positions itself as an ESG-friendly mining company. The company’s facilities and its Scrubgrass Plant waste-coal processing plant are located in Pennsylvania.
The funds will be used by Stronghold Digital Mining to purchase equipment for cryptocurrency mining and to finance coal-cleanup initiatives.
«Our Scrubgrass Plant, in combination with the environmental advantages the region provides, allows Bitcoin mining, as we believe, with some of the lowest costs in the industry,» the company said.
Discussions about the environmental impact of mining intensified after Elon Musk about the halting of Tesla car sales for Bitcoin.
Later, the businessman said that the company will resume dealing with cryptocurrency, when it receives confirmation that 50% of miners’ energy consumption comes from clean energy.
Earlier, Marathon Digital Holdings plans to build in Texas a ‘green’ data centre for Bitcoin mining.
In May 2021, the mining company BIT Mining Limited announced the construction in the same state a facility with a capacity of 57.2 MW, of which 85% would be powered by clean and low-carbon energy.
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