TL;DR Breakdown
- Pennsylvania-based cryptocurrency mining company, Stronghold Digital Mining, is in the process of seeking approval to utilize shredded tires for generating up to 15% of its energy at its Panther Creek plant in Nesquehoning.
- Stronghold cites the approval granted by the United States Environmental Protection Agency (EPA) for this energy source’s use in other industrial facilities within the state of Pennsylvania.
- Local environmental advocates are questioning the legitimacy of these facilities and are adamant that granting such permission to a crypto-mining operation should not be entertained.
Description
Pennsylvania-based cryptocurrency mining company, Stronghold Digital Mining, is in the process of seeking approval to utilize shredded tires for generating up to 15% of its energy at its Panther Creek plant in Nesquehoning. However, this move is met with opposition from local environmental activists who are gearing up to challenge the initiative. While Stronghold filed … Read more
Pennsylvania-based cryptocurrency mining company, Stronghold Digital Mining, is in the process of seeking approval to utilize shredded tires for generating up to 15% of its energy at its Panther Creek plant in Nesquehoning. However, this move is met with opposition from local environmental activists who are gearing up to challenge the initiative. While Stronghold filed its application with the Pennsylvania Department of Environmental Protection in July, the news only recently came to light.
Officially, the company is requesting permission to use Tire Derived Fuel (TDF), an energy source made from shredded tires. Stronghold cites the approval granted by the United States Environmental Protection Agency (EPA) for this energy source’s use in other industrial facilities within the state of Pennsylvania. Although TDF has been legal in the U.S. since 1991 and is currently utilized alongside other fuels at four plants in Pennsylvania, local environmental advocates are questioning the legitimacy of these facilities and are adamant that granting such permission to a crypto-mining operation should not be entertained.
Stronghold proposal opposed
Russell Zerbo, an advocate associated with the Clean Air Council, emphasized on a local radio show, The Allegheny Front, that since the Panther Creek plant utilizes the electricity it generates for cryptocurrency mining rather than selling it to the energy grid, the facility should be subjected to being re-permitted as a solid waste incinerator, thereby subjecting it to more rigorous air pollution monitoring.
Charles McPhedran, an attorney affiliated with the environmental law organization Earthjustice, revealed that emissions of sulfur dioxide and nitrogen oxide significantly increased following Stronghold’s acquisition of the Panther Creek plant in 2021. Notably, the company didn’t hesitate to use coal for mining cryptocurrency, depleting the supply of waste coal, which is abundantly available in Pennsylvania. Reports indicate that around 2 billion cubic yards of waste coal continue to pose environmental hazards throughout the state.
Despite these controversies, Stronghold recently divulged its financial performance for Q2 2023. The company managed to mine 626 Bitcoin during this quarter, marking a 43% increase from Q4 2022 and reflecting 1% sequential growth compared to Q1 2023. This achievement is noteworthy considering the considerable rise in the Bitcoin network’s hash rate by 39% and 23% during the corresponding periods. The financial report discloses that the company generated a revenue of $18.2 million while incurring a net loss of $11.7 million.
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