Chelsea Stahl / NBC News; Getty ImagesFour years ago, the Scrubgrass power plant in Venango County, Pennsylvania, was on the brink of financial ruin as energy customers preferred to buy cheap natural gas or renewables. Then Scrubgrass pivoted to Bitcoin.
According to the SEC filings, Stronghold plans to operate 57,000 miners by the end of 2022 — an expansion that requires buying up two additional coal waste power plants in the region. Bitcoin and other cryptocurrencies use blockchain technology, essentially a shared database of transactions, where entries must be confirmed and encrypted. The network is secured by “miners” who use powerful computers to compete in an enormous guessing game that ultimately verifies the transactions. If a computer “wins” the game, it’s rewarded with a newly created bitcoin, currently worth about $40,000.
It should be legal to kill bitcoin people imo
Time to ban it.
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Worked in same building of company that manufactured mining servers. They had to test them out by running them for days. They were hooked up directly to the local electric grid. Also had to have dedicated air conditioning and fans on constantly.
This article is terribly misleading. Headline should read - “Bitcoin mining is responsible for the largest non-governmental investment in renewable energy in history.” Disappointing to see news outlets committed to pushing such a false narrative.
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Lmfao so you admit bitcoin helps struggling industries but STILL shame it by claiming some hippies don't like it cause they don't understand it. Get on with the times
Fake News
Bullshit…. To a Bitcoin mining operation,power is power and the only two thing that matters is price and availability.
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Bitcoin FUD Alert 🚨🚨🚨 We can HODL longer then can FUD. 👑🦍💎🧤ᕦ(ò_óˇ)ᕤ
Bitcoin is still better for the environment than gold. This is why I first bought it. But the overall positive environmental impacts of anything Bitcoin replaces really is quite spectacular.
Wow this is about as accurate as the CBP whipping story from earlier this week.
ESG, the new bullshit narrative for attacking bitcoin.
FUD
I would think one would want to use renewables like solar to mine this coin..it’s so incredibly expensive to mine with fossil fuels.
Bitcoin mining incentivizes renewable energy
Have these oil companies heard about my spiritual journey?
HFSP NBCfakeNews
This is propaganda driven by established financial institutions who are threatened by cryptocurrency - suddenly these stories are everywhere - nothing has changed The authors need to compare how green crypto is to established monetary & financial systems - which they wont do
How do you reconcile the claim that 'Bitcoin discourages investment in renewables' with the reality that Bitcoin miners are incentivised to build new renewable generation?
Environmentalists are mental then
Many mining operations are literally saving the planet from wasted emissions.
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Thing is... Bitcoin miners simply seek out the most efficient power sources. What does this tell you?
' posts crypto FUD to generate angry engagements as a marketing tool, as mainstream media scrambles to pay its bills' Fixed the headline for you
How much carbon the the Petrodollar use? Can’t wait for that article!!?! Get a few quotes from the Saudis
Economic Darwinism. Remain ignorant at your own peril.
nice! I hadn’t heard of stronghold, I will pick up some shares when they IPO. the opportunity to move away from the US Dollar and the unjust, coercive, abusive, and exploitative monetary policy is worth FAR MORE than electric clothes dryers or christmas lights.
has been fabricating nonsense about bitcoin at the request of their handlers to slow inevitable adoption of bitcoin. This comes at a time when bitcoin is helping reduce the environmental impact of fossil fuels, underscoring how ridiculous many 'renewable' sources are.
False propaganda.
No
Nice try central bank marketing team. Do the Petrodollar next.
Awesome news. The oil and gas industry will adopt bitcoin mining at mass scale and there’s nothing the ESG Nazis can do about it.
So NBC wants to see methane and flare gas released into the atmosphere... not captured and burned off cleanly to create electricity? NBC is against saving the environment?
BitcoinEdu Using Bitcoin mining to capture wasted methane in the oilfield is a self-funding way to reduce carbon emissions. Likewise, it will help fund renewable energy infrastructure before it can be connected to the grid.
China bans bitcoin, so it's good that the US follows.
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