Greenidge Generation says its bitcoin mining operation is going to be carbon neutral beginning this year.
Effective June 1, the company says it will operate an entirely carbon neutral bitcoin mining operation at its facility in Dresden.
Greenidge will purchase voluntary carbon offsets from a portfolio of U.S. greenhouse gas reduction projects. Each project has been reviewed and certified by one of three well recognized Offset Project Registries, the American Carbon Registry (ACR), the Climate Action Reserve (CAR) and Verra, ensuring that any projects funded by Greenidge reduce emissions or increase sequestration of greenhouse gas in a manner that is real, permanent, and verifiable.
In addition to offsetting 100% of its carbon emissions from bitcoin mining, Greenidge also intends to invest a portion of its mining profits in renewable energy projects. Greenidge is actively exploring direct financing of meaningful renewable energy initiatives in New York State and across the country.
“Our bitcoin mining capability is already best-in-class and seamlessly integrated with our electricity generation that powers thousands of homes and businesses. By taking the bold and unique step of making our cryptocurrency mining fully carbon neutral immediately- as opposed to at some distant date in the future- Greenidge is once again leading in environmental efforts,” said Jeffrey Kirt, CEO of Greenidge Generation Holdings Inc. “We are demonstrating we can provide the same critical transaction verification and processing services to secure the bitcoin network while maintaining a fully carbon neutral footprint. We call on others to join us in significantly reducing greenhouse gas emissions now.”
Greenidge will also continue to participate in the Regional Greenhouse Gas Initiative (RGGI), a market-based program in which participating states sell CO2 allowances through auctions and invest proceeds in energy efficiency, renewable energy, and other consumer benefit programs to spur innovation in the clean energy economy and create local green jobs. Greenidge purchases RGGI allowances each year to cover 100% of its CO2 emitted from power generation and has done so since it began gas-fired operations in 2017.
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