By now,Kairaku Jigoku no Toriko (2019) 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
Best Max streaming deal: Save 20% on annual subscriptions
Little girl pens grim birthday card for mom's significant other
Watch hackers embarrass guards at infamous Iranian prison
What do critics think of Marvel's 'Shang
Best robot vacuum deal: Get the Roborock Q5 Max for 53% off at Amazon
NASA scientists spot troubling melting in Greenland from a plane
Porn searches for "grope" are up bigly since Trump took office
Black Panther is great, but 'Marvel's Avengers' is still failing
Best Apple deal: Save $19 on AirTag 4
Aly Raisman has some important demands for Olympic Committee's Nassar investigation
10 Tech Predictions for 2017
How to disable 'Active Now' green dot on Facebook
A small replica of Jeff Bezos’ penis
'Ghostbusters: Afterlife' first reactions deem it 'nostalgia done right'
NYT Connections hints and answers for April 26: Tips to solve 'Connections' #685.
How to use track changes in Google Docs
How to find stalkerware on your smartphone
The worker who sent Hawaii's missile alert believed attack was real
Against Fear
Cardi B offered up her kidney to Bruno Mars after he won big at the 2018 Grammys
The Tyranny of Footnotes by Paul WachterThe Tokyo Diary by Dean WarehamThe Fetish by Vanessa BlakesleeThe Tyranny of Footnotes by Paul WachterAlberta Sings the Blues by Patrick MonahanSelected Letters of William S. Burroughs by William BurroughsSelected Letters of William S. Burroughs by William BurroughsOnly One Day to Go! by The Paris ReviewAn Interview with Lysley TenorioThe Escape Artist by Chris WallaceAfter Patricia by Joan SchenkarThe Land Ark of Los Angeles by Lizzie WadeJohn Berryman’s “Dream Song #14” by Jana PrikrylHelen Simpson on ‘InSodad by Janine de NovaisThe Animal Mummies Wish to Thank the Following by Ramona AusubelDocument: Manuscript Pages of ‘Great Expectations’ by Charles DickensWays and Means by Sadie SteinRelatos by Pierre GonnordDressings by Sadie Stein Surprise! Fans are as obsessed with the 'Twin Peaks' revival as the original 'Baywatch' drowns in bad reviews Billy Bush's daughter asked him exactly the right questions after the Trump tape Microsoft accuses Chinese ‘gaming' website of hacking Xbox accounts 'Overwatch' introduces dancing emotes and new maps Ariana Grande shares heartbreaking message on social media after tragic concert James Corden, Conan O'Brien and NBC News come to Snapchat with new shows Coach is bringing '70s space vibes with new NASA New dating app goes full iPhone 9 leaks are here, whether you're ready or not Hey kids, just say no to 'Twin Peaks' fan theories No, this is not a picture of Ariana Grande after Manchester Arena attack This Bollywood superstar has become the most followed Indian national on Weibo Facebook isn't alone—moderating the internet is basically impossible Man in MAGA hat kicked off plane after he tried to take extra seats Leaked images of iPhone production molds could be the final design Why is Supergirl wearing Wonder Woman's boots? Trump and Netanyahu didn't want this selfie, but it happened anyway Apple and Nokia are friends again The internet can't stop joking about Denzel Washington's new look
2.458s , 8224.8046875 kb
Copyright © 2025 Powered by 【Kairaku Jigoku no Toriko (2019)】,Openness Information Network