According to a press release sent to Bitcoin Magazine, Greenidge Generation Holdings’ bitcoin mining operations facility in Upstate New York will be entirely carbon neutral by June 1, 2021.
“Greenidge will purchase voluntary carbon offsets from a portfolio of U.S. greenhouse gas reduction projects,” according to the release. “Each project has been reviewed and certified by one of three well-recognized Offset Project Registries … ensuring that any projects funded by Greenidge reduce emissions or increase sequestration of greenhouse gas in a manner that is real, permanent, and verifiable.”
Greenidge Generation Holding Inc. is a holding company that includes Greenidge Generation LLC, its vertically-integrated bitcoin mining and power generation facility in Upstate New York. Its 106-megawatt natural gas plant allows Greenidge to mine bitcoin and contribute to the security of the Bitcoin network with reduced costs while meeting the power needs of homes and businesses in the Finger Lakes region.
“Our bitcoin mining capability is already best-in-class and seamlessly integrated with our electricity generation that powers thousands of homes and businesses,” Jeffrey Kirt, CEO of Greenidge Generation Holdings Inc, per the release. “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.”
Kirt added that, with this commitment, Greenidge is demonstrating that it is possible to secure the Bitcoin network while maintaining a fully carbon-neutral footprint. The company is also calling on others to join in cutting greenhouse gas emissions “now.”
There has been plenty of movement in the Bitcoin energy field lately. At the beginning of this week, Ninepoint announced it would invest its management fees in forest conservation to offset the carbon footprint of its bitcoin exchange-traded fund (ETF). And yesterday, Argo Blockchain announced that it had purchased two hydro-powered data centers to propel its green bitcoin mining vision.
Highlighting some common misconceptions about Bitcoin as an energy “waster,” on Wednesday, Elon Musk tweeted that his company, Tesla, will halt the acceptance of bitcoin as payment for its electric cars due to environmental concerns.