Greenidge Generation Bitcoin Mining to Go Carbon Neutral Next Month

Jafrin  |  May 17, 2021

Bitcoin mining company Greenidge Generation Holdings Inc has vowed to go carbon neutral by the end of the year starting from June 1. The company’s move to go environmental-friendly follows the recent statements from Tesla and Square dismissing BTC as payments citing environmental concerns over Bitcoin mining.

Bitcoin Mining Company Going Carbon Neutral Next Month

Greenidge Generation Holdings Inc. announced that effective from June 1, 2021, it will operate an entire carbon-neutral bitcoin mining operation at its facility in Upstate New York.

Ever since Tesla cited environmental concerns over Bitcoin (BTC) mining and stating that it would not be accepting BTC for its electric cars, debates of Bitcoin’s environmental concerns have been circulating over the internet.

After Tesla’s announcement, Jack Dorsey’s Square payments company also announced that it would not make future Bitcoin purchases.

Responding to this, Greenidge Generation Holdings Inc. too announced on May 14th that the company will offset all greenhouse gas emissions from BTC mining through a portfolio of fully accredited offset credits.

This means Greenidge aims to buy “voluntary carbon offsets from a portfolio of U.S. greenhouse gas reduction projects.”

Investing BTC Mining Profits Into Renewable Projects

Greenidge is also planning to invest portions of BTC mining profits into renewable energy projects. The company is also participating in the Regional Greenhouse Gas Initiative (RGGI), a market-based program where participants sell CO2 allowances through auctions and invest the proceeds in renewable energy and energy efficiency.

Commenting on this, Jeffrey Kirt, CEO of Greenidge Generation Holdings Inc, said:

"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."

The company is also exploring alternative green energy sources and other locations across the nation that has strong sustainable practice.

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