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Liam Denning

Who’s Subsidizing This Bitcoin Miner IPO? You Are.

Stronghold Digital gets hefty state credits for burning waste coal, exploiting a Pennsylvania law deeming this to be somehow environmentally friendly.

Environmentally friendly waste coal in Pennsylvania. 

Environmentally friendly waste coal in Pennsylvania. 

Photographer: MediaNews Group/Reading Eagle vi/MediaNews Group RM/Getty Images

The best Bitcoins are the ones you bought early. The second best are the ones someone else helped pay for.

Stronghold Digital Mining Inc. is a cryptocurrency producer with a twist, one that features prominently in their recent IPO filing. Aware that Bitcoin has an ESG problem because of all the coal burned to produce it, Stronghold is buying its own power plants which … burn coal. Not just any coal; waste coal. Which is, in fact, worse than coal.