Stronghold Digital Mining, a clean energy–powered cryptocurrency mining company, has purchased a second power plant in Pennsylvania, and the company said it was “currently in negotiations” to acquire a third facility in the state.
The new facility, called the Panther Creek plant, generates a maximum 80 megawatts and will nearly double Stronghold’s total net capacity across its two plants to 165 MW. It sits on a 33-acre site in the northeastern Pennsylvania borough of Nesquehoning
Stronghold says it raised approximately $74 million in lease financing to fund the acquisition of a second facility. Of the $74 million, $40 million came from WhiteHawk Capital Partners, a private credit investment manager. The remaining $34 million is from Arctos Credit, an affiliate of NYDIG.
Greg Beard, CEO of Stronghold, looks forward to mining bitcoin at “some of the lowest costs in the industry” while also helping the environment. “Coal refuse sites continue to wreak havoc across Pennsylvania,” Beard said in a press release. “We very much welcome the bipartisan political support to continue remediating these vast sites and return the land to the local community.”
The Pennsylvania company converts waste coal, a material left over from coal mining, into power used to mine bitcoin and other cryptocurrencies. The company estimates that for each bitcoin mined, 200 tons of waste coal is eliminated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.