U.S. Bitcoin Mining Company Stronghold Digital Mining Completes $105 Million Private Placement Round

Pennsylvania-based bitcoin mining company Stronghold Digital Mining announced Tuesday that it has raised $105 million in two private placement rounds.

U.S. Bitcoin Mining Company Stronghold Digital Mining Completes 5 Million Private Placement Round

Pennsylvania-based bitcoin mining company Stronghold Digital Mining announced Tuesday that it raised $105 million in two private placement rounds, The Block reported on June 22.

A company representative told The Block that the investors are “primarily family offices. He added that the new funds will be used to further fund remediation efforts in Pennsylvania, purchase cryptocurrency mining hardware, and fund additional waste coal cleanup facilities. The financing was disclosed in a public filing with the SEC.

Stronghold’s Scrubgrass power plant pioneered the use of waste coal – a byproduct of the coal mining process that is harmful to the environment – as a fuel for power generation. Stronghold later introduced miners to power mining facilities that “balanced waste coal cleanup with economic effects,” according to company representatives.

In the energy production process, Scrubgrass eliminates more than 90 percent of the toxic materials in waste coal and produces fly ash that can be used as a fertilizer approved for use by the Pennsylvania Department of Agriculture.

Stronghold Co-Chairman Bill Spence stated

Coal waste has been causing fires in Pennsylvania for the past 100 years. We are using 21st century crypto-dredging technology to remedy the environmental impacts of 19th and 20th century coal mining in areas that are often overlooked.

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