The new facility, called the Panther Creek plant, generates a maximum 80 megawatts and will nearly double Stronghold’s total net capacity across its two plants to 165 MW. It sits on a 33-acre site in the northeastern Pennsylvania borough of Nesquehoning

Stronghold says it raised approximately $74 million in lease financing to fund the acquisition of a second facility. Of the $74 million, $40 million came from WhiteHawk Capital Partners, a private credit investment manager. The remaining $34 million is from Arctos Credit, an affiliate of NYDIG.

Greg Beard, CEO of Stronghold, looks forward to mining bitcoin (BTC, -4.16%) at “some of the lowest costs in the industry” while also helping the environment. “Coal refuse sites continue to wreak havoc across Pennsylvania,” Beard said in a press release. “We very much welcome the bipartisan political support to continue remediating these vast sites and return the land to the local community.”

In June, Stronghold raised $105 million to open its first plant in Kennerdell, Pa. On July 27, it registered for a $100 million initial public offering (IPO) with the U.S. Securities and Exchange Commission (SEC).

The Pennsylvania company converts waste coal, a material left over from coal mining, into power used to mine bitcoin and other cryptocurrencies. The company estimates that for each bitcoin mined, 200 tons of waste coal is eliminated.