GHG Emissions - May 19, 2021
Greenidge Bitcoin Mining to be Carbon Neutral in June
Greenidge Generation Holdings announced that its entire bitcoin mining operation at its facility in Upstate New York will be carbon neutral beginning June 1 through a portfolio of carbon offset credits.
The bitcoin mining company is also exploring options to invest a portion of its profits into new renewable energy projects around New York and the rest of the country. The carbon offsets that will make Greenidge's operation carbon neutral in June will come from a portfolio of U.S. carbon reduction projects that have been reviewed and certified by one of the Offset Project Registries: the American Carbon Registry (ACR), the Climate Action Reserve (CAR) and Verra.
"Our bitcoin mining capability is already best-in-class and seamlessly integrated with our electricity generation that powers thousands of homes and businesses,” CEO Jeffrey Kirt said in a statement. “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. 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 has been purchasing CO2 allowances through the Regional Greenhouse Gas Initiative (RGGI) to cover 100% of the carbon emitted from power generation since it began gas-fired operations in 2017. The company plans to continue participating in this market-based program that uses the proceeds of selling CO2 allowances to invest in energy efficiency, renewable energy, and other consumer benefit projects.