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Digital Asset Miner Stronghold Raises $105M to Turn Waste Coal Into Bitcoin

Digital Asset Miner Stronghold Raises $105M to Turn Waste Coal Into Bitcoin

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The fight for clean energy–powered cryptocurrency mining moved forward Tuesday as Stronghold Digital Mining, a digital asset miner powered by alternative energy, announced a $105 million funding round.

The raise comes from two private placements of equity securities, with investors being granted registration rights that require a future public listing. Investors include MG Capital, various family offices and Greg Beard, a former senior partner at private equity firm Apollo Global Management. Beard is listed as Stronghold’s co-chairman and CEO.

The Pennsylvania company converts waste coal, a material left over from coal mining, into power used to mine bitcoin and other cryptocurrencies. Defined as a Tier II alternative energy source by state regulators, waste coal is equivalent to hydropower in its environmental impact. The company estimates that for each bitcoin mined, 200 tons of waste coal is eliminated.

“A negative impact on the environment has long been a criticism of Bitcoin mining, with good reason,” Beard said in a statement, adding: 

“Our ownership of the Scrubgrass Plant [in Kennerdell, Pa.] combined with the environmental benefits which accrue to the region allow us to mine bitcoin at what we believe to be some of the lowest costs in the industry while making a transformational contribution to the environment.”

The company describes itself as a “vertically integrated” miner, meaning that in addition to owning its own mining hardware, it also owns a power plant. The setup (minus the waste coal) is reminiscent of mining firm Greenidge Generation in neighboring New York state. 

The bitcoin mining industry’s carbon footprint has come under increased public scrutiny in recent months. In mid-May, Elon Musk announced his company, Tesla, would no longer accept bitcoin as a payment method citing environmental concerns. Musk later said Tesla would resume payments once the mining industry reached 50% clean energy usage. 

Earlier this month, Sen. Elizabeth Warren (D-Mass.) publicity criticized bitcoin for its negative environmental impact.

In promoting itself as an “ESG-friendly” mining firm, Stronghold seeks to at least complicate the narrative around bitcoin’s environmental cost.

“Coal waste fires have been wreaking havoc in my home state of Pennsylvania for the last hundred years,” Stronghold co-Chairman Bill Spence said in a statement, adding:

“Simply put, we employ 21st century crypto mining techniques to remediate the impacts of 19th and 20th century coal mining in some of the most environmentally neglected regions of the United States.”

Source credits: yahoo finance

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7-Eleven South Korea to accept CBDC payments in national pilot program

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7-Eleven is set to participate in the testing phase of a central bank digital currency (CBDC) initiative, running from April to June. The retail giant’s involvement highlights the growing push for digital currency integration in everyday transactions.

The pilot program will assess the feasibility of CBDC payments at 7-Eleven stores, allowing customers to make purchases using the digital currency. The initiative is part of a broader effort to explore the real-world application of CBDCs in retail environments, potentially shaping future payment systems.

As central banks worldwide accelerate their digital currency research, private sector collaboration is seen as crucial for widespread adoption. If successful, 7-Eleven’s participation could pave the way for broader CBDC usage across retail and commercial sectors.

The outcome of the testing phase will provide valuable insights into consumer adoption, transaction efficiency, and potential regulatory considerations, influencing how CBDCs are integrated into mainstream financial systems.

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SEC and Gemini ask to pause lawsuit to explore ‘potential resolution’

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The U.S. Securities and Exchange Commission (SEC) and crypto exchange Gemini have agreed to pause legal proceedings as both sides explore a potential resolution to their ongoing lawsuit. The move signals a possible settlement in the high-profile case, which centers around Gemini’s now-defunct Earn program.

The SEC initially sued Gemini, alleging that the Earn program—designed to offer users yield on crypto deposits—operated as an unregistered securities offering. Gemini has pushed back against the claims, arguing that its operations complied with regulatory standards.

By pausing litigation, both parties may be looking for a compromise that could set a precedent for crypto lending products in the U.S. A settlement could also provide regulatory clarity for similar platforms navigating SEC scrutiny.

While the outcome remains uncertain, the crypto industry is closely watching the case, as its resolution could impact future enforcement actions and the broader regulatory approach toward digital asset lending services.

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GameStop finishes $1.5B raise to add Bitcoin to its balance sheet

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GameStop has successfully completed a debt offering, raising capital that may be used to acquire Bitcoin, signaling the company’s deeper foray into digital assets. The move aligns with its broader strategy to diversify beyond traditional retail operations and into emerging financial technologies.

While GameStop has not confirmed the exact allocation of the funds, market speculation suggests that a portion could be used to buy Bitcoin, following in the footsteps of companies like MicroStrategy. The potential investment would reinforce GameStop’s ongoing pivot toward blockchain and digital assets, an effort that began with its NFT marketplace and crypto-related initiatives.

Analysts see this development as part of a growing trend of corporations exploring Bitcoin as a reserve asset amid concerns over inflation and monetary policy. If GameStop proceeds with the acquisition, it could further validate Bitcoin’s role as a strategic investment for publicly traded companies.

The company’s board will ultimately decide how the newly raised capital is deployed. Investors and the broader crypto market are watching closely for any official announcements regarding GameStop’s Bitcoin strategy.

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