Who’s Subsidizing This Bitcoin Miner IPO? You Are.
- Date: 27-Aug-2021
- Source: Washington Post
- Sector:Financial Markets
- Country:Middle East
Who’s Subsidizing This Bitcoin Miner IPO? You Are.
The best Bitcoins are the ones you bought early. The second best are the ones someone else helped pay for.
Stronghold Digital Mining Inc. is a cryptocurrency producer with a twist, one that features prominently in their recent IPO filing. Aware that Bitcoin has an ESG problem because of all the coal burned to produce it, Stronghold is buying its own power plants which … burn coal. Not just any coal; waste coal. Which is, in fact, worse than coal.
But not in Pennsylvania. There, giant piles of waste coal resulting from decades of mining leach nasties into the waterways and just look ugh. The state’s preferred solution is burning the waste to produce electricity. Specialized plants to do so have fallen on hard times, undercut by cheaper natural gas and renewables. Now channeling their electrons into crypto computing offers the plants a lifeline and gives Stronghold a PR toehold in environmental terms, as smaller piles of waste coal mean less runoff. Just don’t mention the carbon emissions.
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