By now,Watch Boarding House Hungry Wolves 2 Online you've probably heard about the sheer amount of energy cryptocurrency mining uses and how that's bad for the environment.
So, it should be quite concerning to find out that Bitcoin miners are now buying entire power plants in their effort to get rich on the speculative asset.
A Pennsylvania-based holding company called Stronghold Digital Mining is currently running a Bitcoin mining operation using the Scrubgrass power plantin Venango County, Pennsylvania, which it purchased over the summer, in 2021.
Stronghold raised$105 million to open the power plant for its Bitcoin mining endeavors. The plant currently burns coal waste to produce enough energy to power 1,800 mining computers.
According to Stronghold Digital Mining, the company is now burning600,000 tons of coal waste at Scrubgrass per year in order to run its Bitcoin mining operation. This information is public due to Stronghold's filings with the SEC, as the company plans to go public.
And it gets worse. Stronghold is planning to further its coal-burning power plant operations.
In August, the company acquireda second power plant in Pennsylvania, called the Panther Creek power plant. It's looking to expand to a third as well.
Bitcoin mining requires high-powered computer processors in order to solve advanced mathematical equations. This process helps maintain the cryptocurrency's digital ledger, known as the blockchain. When these math problems are solved, Bitcoin miners receive the cryptocurrency in exchange.
The more computing power one has, the more equations that can be solved and the more Bitcoin they earn. The process is so intense that individuals really can't earn Bitcoin based on the computer power already accessible to them. Many miners purchase thousands upon thousands of dollars worth of equipment to mine Bitcoin and even then, only these multi-million dollar operations can really mine enough Bitcoin to make the process profitable at this point.
SEE ALSO: Twitter rolls out tipping with bitcoin, explores verifying NFT profile picsBitcoin miners are predicted to use around 130 Terawatt-hours of energy (TWh), according to The University of Cambridge’s bitcoin electricity consumption index. As TechCrunchpoints out, Bitcoin's carbon dioxide emissions are roughly the same as a country like Jordan, with a population of 10 million people.
For the cherry on top, taxpayers are funding Stronghold Digital Mining's Bitcoin power plant profits.
According to Bloomberg, Pennsylvania provides tax credits for burning coal waste. With these subsidies, Stronghold calculates that each Bitcoin it earns through mining costs the company under $3,000.
At the time this piece was published, Bitcoin was trading at more than $42,000 – not a bad profit for a taxpayer-subsidized cryptocurrency mining operation that's spoiling the environment.
Topics Bitcoin Cryptocurrency
Previous：Campaigning Ourselves to Death
An Odd Coupling
Heroic police dog leaves a paw
Grandma freaks out after putting on virtual reality goggles
New photos from venerable spacecraft show off incredible details in Saturn’s rings
After the Storm
Rap group call out publication for using their image in place of 'gang'
J.K. Rowling made a major correction to this 'Daily Mail' tweet
J.K. Rowling calmly crushes yet another troll with chihuahua
Superstar Power
I think the Eufy E20 is the most underrated robot vacuum of 2025
Nothing to Do with Art
Best early Prime Day kitchen deals of 2025
This country wants to pay people to use the loo
Every day, this dog picks up where the newspaper delivery person left off
This Brand is Late Capitalism
A woman reached into her bag of bananas and got a gross surprise
Meet the woman who's making consumer boycotts great again
Gorgeous pictures of Chinese New Year through the eyes of mobile photographers
The Poet of Infinite Longing
Uber announced a big deal — and it could mean driverless Mercedes at your door
Young refugees launch digital magazine to tell powerful stories of struggle and triumph'Game of Thrones' episode 5 recap: 'Eastwatch' is a Westeros WesternAmazon introduces new 'Instant Pickup' shopping for Prime membersThe only 'Game of Thrones' ship worth shipping is still afloat'League of Legends' pro blames bad performance on ... something sexual4 reportedly arrested after 'Game of Thrones' episode leaked in IndiaTaylor Swift wins symbolic award of $1 in assault lawsuitHere's the cover of Sabaa Tahir's new book 'A Reaper at the Gates'The cool science you can do during the total solar eclipse'Sonic Mania' reviews say this is the game fans have been waiting on for agesHow to survive a 'Game of Thrones' sex scene with awkward companyDetail in 'Game of Thrones' Episode 6 trailer hints at a chilling White Walker revealHell yeah: This Backstreet Boys song contains a real, true fart noiseUber is releasing a new tipping feature in the UK, and critics are not happy about it'Game of Thrones' review roundup for 'Eastwatch'A new startup could revolutionize how young women think about their fertilityDeLorean Aerospace is working to create an electric flying carLook closely at this MacBook Air that was made entirely out of Lego bricks'Game of Thrones' brought back someone we've sorely missed, and we're screamingTiny 'gym in a box' wants you to get fit during your lunch break Luckin Coffee to enter Malaysian market next after Singapore · TechNode Tata Group may acquire majority stake in Vivo India · TechNode Honor launches Magic V Flip as its first flip foldable phone in China · TechNode Swiatek vs. Paolini 2024 livestream: Watch French Open for free Hulk Hogan warns followers about crypto token, implies he was hacked Best free online courses from MIT in June 2024 'Doctor Who' just bested 'Bridgerton' in queer romance Perfect World responds to layoffs, game project continues amid personnel adjustments · TechNode How to get a VPN on your iPhone Amazon deals of the day: M3 MacBook Air, Tile Pro, M2 Mac Mini, and Blink home security bundle Pete Davidson will blast into space for free on Jeff Bezos' rocket Chinese battery maker Gotion hits back at forced labor criticism · TechNode JD claims record breaking 618 festival GMV, fails to disclose specific data · TechNode Space events 2022: Meteor showers, NASA's megarocket, metal asteroids and more Will Apple say 'AI' at WWDC? You're asking the wrong question. NASA Artemis rocket launch rehearsal delayed Axiom space Mission 1 has been postponed Netherlands vs. South Africa 2024 livestream: Watch T20 World Cup for free The $99 AirPods are back Watch a Phobos solar eclipse thanks to NASA's Perseverance rover
1.9386s , 8220.2890625 kb
Copyright © 2025 Powered by 【Watch Boarding House Hungry Wolves 2 Online】,Exquisite Information Network