Courtesy: Yahoo Finance

Stronghold Digital Mining, Inc. is a environmentally friendly, Bitcoin mining company based in the United States.

Stronghold's Bitcoin Mining Performance

Stronghold generated 620 Bitcoin $BTC during the third quarter of 2023. Network hash rate grew approximately 9% from the second quarter of 2023 to the third quarter 2023. The Company is committed to Bitcoin mining and expects at least 20% sequential growth in hash rate going into the fourth quarter of 2023.

Stronghold's CO2 Capturing Initiative

Stronghold's Bitcoin miners operate in low-cost, coal power generation facilities in Pennsylvania: namely, Scrubgrass and Panther Creek.

These two mining-waste-to-power facilities produce approximately 800,000 to 900,000 tons of ash per year.

It has been recently discovered that this ash produced as a natural byproduct of Bitcoin mining, can capture CO2 from ambient air at a capacity of up to 12%. This means Stronghold's ash could capture approximately 100,000 tons of CO2 per year.

On November 10, 2023, Stronghold launched the first phase of its carbon capture project at the Scrubgrass Plant. Laboratory tests are conducted by Karbonetiq, Inc. at their Santa Barbara, California.

The mechanism: Stronghold’s beneficial use ash naturally contains reactive calcium oxide as a result of including limestone in the fuel mix to reduce sulfur dioxide emissions given high sulfur content in mining waste. Calcium oxide can, under the right conditions, bond with CO2 to form calcium carbonate, effectively absorbing CO2 out of ambient air and permanently storing it in a geologically stable solid. Karbonetiq’s lab results demonstrated that Stronghold’s beneficial use ash can potentially capture CO2 at a capacity of approximately 12% by weight of starting ash with the use of their proprietary, patent pending, direct air capture technology.

According to Yahoo Finance, the cost of equipment for the first phase is expected to be less than $100,000, and the Company believes that the scaled project will cost approximately $50-125 per annual ton of CO2 capture capacity.

Field testing is in progress with initial results expected by December of 2023.

I guess if you notice any investing opportunity connected to reducing carbon emissions as a result of Bitcoin mining, you should give it serious thought.

Here's the original article that inspired me to write about Stronghold's novel initiative in greenhouse gas effect reducing bitcoin mining.

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