According to a U.N. report, methane is a harmful greenhouse gas with a 100-year global warming potential that is 28 times to 34 times greater than carbon dioxide. Citing the Environmental Protection Agency (EPA), Vespene said that U.S. landfills account for 15% of U.S. methane emissions, but a recent NASA survey indicated that these numbers may be two times to three times higher.

Vespene will use the fresh capital to launch its pilot site in California, making it the first company to convert wasted landfill methane into bitcoin, the company said. One Vespene module will take about four to six months to establish. Each module will have a power capacity of about 1.5 megawatts (MW) and eliminate 270,000 metric tons of CO2-equivalent per year, Vespene added.