Daniel Batten
Daniel Batten|Mar 13, 2025 13:53
Just so you can be on the front foot if you hear the question "are Bitcoin mining companies moving to coal again" the answer is "no." This headline from @POWERmagazine is misleading by incorrectly by calling the fuel source coal, and inferring that it represents new bitcoin mining activity. Here's some missing context. 1. The input is Gob (coal refuse), not coal. Gob is a known environmental hazard left over from coal mining, classified as as eligible for renewable-energy tax credits in Pennsylvania (same category as hydropower). 2. Bitfarms are purchasing the plants off existing Bitcoin mining company Stronghold, so it is simply the transfer of assets from one Bitcoin mining company to another, not a new operation. Gob is an environmental hazard that gets into waterways and contaminates soil. It can also catch on fire, which releases methane into the atmosphere (though the exact amounts are hard to quantify). Here's an article on previous owner Stronghold, which covers the nuances of their operation https://www.forbes.com/sites/christopherhelman/2021/08/02/green-bitcoin-mining-the-big-profits-in-clean-crypto/
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