{"id":140852,"date":"2023-09-01T22:50:55","date_gmt":"2023-09-01T17:20:55","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=140852"},"modified":"2023-09-01T22:50:55","modified_gmt":"2023-09-01T17:20:55","slug":"bitcoin-mining-startup-raises-13-million-to-turn-trash-into-btc-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/bitcoin-mining-startup-raises-13-million-to-turn-trash-into-btc-crypto-news\/","title":{"rendered":"Bitcoin Mining Startup Raises $13 Million to Turn Trash Into BTC – Crypto News"},"content":{"rendered":"
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Nodal Power has secured<\/a> a substantial $13 million funding round to continue converting methane gas produced by landfills into electricity, which is then dispatched to local electricity grids as renewable power.<\/p>\n

Not all of that energy will be sold, however. Some of it will be used directly by the firm to secure the blockchain through clean Bitcoin mining.<\/p>\n

\u201cBitcoin mining is a secondary tool we use when grid economics aren’t as favorable,\u201d said Matthew Jones, Nodal Power\u2019s co-founder and chief operating officer, told Decrypt. \u201cWe currently only do Bitcoin mining in our data centers.\u201d<\/p>\n

Methane, a potent greenhouse gas resulting from organic matter decomposition in landfills, largely contributes to global warming. That\u2019s because research suggests that it is 25 times more effective at trapping heat than carbon dioxide.<\/p>\n

Nodal Power captures and repurposes this leaked methane gas by combusting it in a generator to produce power. This reduces carbon emissions when compared to simply flaring off the methane, making a profit<\/a> from an otherwise wasted resource while keeping the atmosphere cleaner.<\/p>\n

Currently, Nodal Power operates two mining data centers in the US, with plans for a third in early 2024. The first and largest site, located in the \u201csouthwest US,\u201d primarily exports electricity to the local power utility, while the second site, situated in the \u201cmountainous western region,\u201d powers 500 miners for 40 petahashes per second (PH\/s) of capacity.<\/p>\n

The third site, backed by the $13 million funding, will mirror the second site in terms of power, mining capacity, and location.<\/p>\n

\u201cProbably noteworthy that our largest facility is the smallest Bitcoin deployment because a majority of the time we dispatch the electricity to the grid instead of using it ourselves,\u201d said Jones.<\/p>\n

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Increasing awareness of how much of a climate hazard landfills are, and that power generation is the best use in most caseshttps:\/\/t.co\/TICnOf3IyB<\/a><\/p>\n

… problem is 75% of landfills can’t sell to the grid so must use that power onsite<\/p>\n

If only we had a user of that power onsite<\/p>\n

\u2014 Daniel Batten (@DSBatten) August 22, 2023<\/a><\/p>\n<\/blockquote>\n<\/div>\n

While most of that power is then sold to the grid like a \u201ctraditional power plant,\u201d practical considerations force 75% of landfills<\/a> to use that methane on site, according to Daniel Batten, co-founder of CH4 Capital. Batten\u2019s $400 million fund<\/a> invests in companies that intend to use landfill gas to mine Bitcoin.<\/p>\n

A recent KPMG report<\/a> suggested that the volume of flared methane in the U.S. and Canada could potentially power the entire Bitcoin network.<\/p>\n

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Stay on top of crypto news, get daily updates in your inbox.<\/h3>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Nodal Power has secured a substantial $13 million funding round to continue converting methane gas produced by landfills into electricity, which is then dispatched to local electricity grids as renewable power. Not all of that energy will be sold, however. Some of it will be used directly by the firm to secure the blockchain through […]<\/p>\n","protected":false},"author":2,"featured_media":140853,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-140852","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/140852","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=140852"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/140852\/revisions"}],"predecessor-version":[{"id":147192,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/140852\/revisions\/147192"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/140853"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=140852"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=140852"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=140852"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}