Greenidge Generation announces plan to offset its bitcoin mining emissions

May 14, 2021 | The Block News | 0 comments

greenidge-generation-announces-plan-to-offset-its-bitcoin-mining-emissions

The hybrid bitcoin miner and power plant Greenidge Generation Holdings says it will buy carbon offsets in an effort to become carbon neutral starting June 1.

The company also said it will redirect some of its profits into renewable energy initiatives, according to a release published Friday. 

The New York-based bitcoin mining firm has joined what appears to be a growing number of other crypto companies seeking to reduce their carbon footprint through carbon offsetting — funding ways to reabsorb excess CO2 from the atmosphere or reducing emissions, which have mixed results based on how actually effective they are in combatting climate change. 

The carbon offset projects for its 19 MW bitcoin mining capacity — from its 106 MW total — will be verified through the American Carbon Registry (ACR), the Climate Action Reserve (CAR), and the carbon emission reduction standardization company Verra. According to Greenidge’s press statement, these three carbon offset consulting agencies will help ensure the efficacy of Greenidge-funded carbon emission reduction and sequestration projects. 

Greenidge has a history of environmental action, as it has used carbon market allowances to neutralize its natural gas-powered plant emissions since 2017. However, in mid-April, Greenidge faced 150 protestors pushing back against the company’s influence on the ecology of Seneca Lake, and particularly the lake’s trout, though the NASDAQ-listed company denied any serious environmental impact. 

Greenidge did not respond to a request for comment by press time.

© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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