Bitcoin has a carbon problem. Producing Bitcoins and keeping them secure relies too much on cheap coal power, especially in China. This adds to the world’s actual greenhouse gas emissions in exchange for a virtual thing of debatable benefit. So promoters are touting various ways to give Bitcoin a green sheen.
Funnily enough, the latest one involves coal. Actually, coal refuse, which is as bad as it sounds. Greg Beard, who used to head up Apollo Global Management Inc.’s natural resources business, is now chief executive of a new venture called Stronghold Digital Mining. Stronghold aims to mine coal that was already mined in order to mine Bitcoin and thereby make it green. Got that?