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Greenidge to go carbon neutral as BTC adopters pull back citing environment harm

By:
on May 15, 2021
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  • Greenidge Generation will move to its new facility in upstate New York on June 1, 2021.
  • The firm intends to purchase voluntary carbon offsets from certified carbon reduction projects.
  • Before this, Tesla halted BTC payments until BTC miners switch to a sustainable energy source.

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Greenidge Generation Holdings, a renowned Bitcoin (BTC) mining firm, is planning to launch a carbon-neutral BTC mining operation on June 1, 2021. The new facility is based in Upstate New York.

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Reportedly, the company will achieve carbon-neutral mining by purchasing voluntary carbon offsets from a list of greenhouse gas reduction projects in the US. Each of the projects that Greenidge Generation intends to use has been vetted and certified by one of three leading Offset Project Registries. These include the American Carbon Registry (ACR), the Climate Action Reserve (CAR), and Verra. By selecting certified projects, Greenidge will ensure it funds initiatives that will minimize emissions or separate greenhouse gas in a permanent and verifiable manner.

On top of offsetting its carbon emissions, Greenidge also seeks to invest a fraction of its BTC mining profits into renewable energy initiatives. Against this backdrop, the company is proactively exploring the direct financing of worthy renewable energy projects in the state of New York and the US as a whole.

Pioneering a greener future

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Praising the company for its environment-friendly efforts, the CEO of Greenidge Generation Holdings Inc, Jeffrey Kirt said,

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.

He added that through this new initiative, the company shows it can verify BTC transactions securely and keep its operations 100% carbon neutral. Kirt went on to urge players in the crypto mining industry to join its efforts to minimize carbon emissions.

Leading crypto adopters start pulling away from Bitcoin (BTC), citing concerns over how BTC mining is harmful to the environment. An example is Tesla, which recently purchased £1.06 billion worth of BTC. Despite this significant investment in the nascent sector, Tesla’s CEO, Elon Musk announced that the electric vehicle manufacturer has suspended BTC payments until mining companies start using more sustainable energy.

Following this news, BTC/USD plunged to trade as low as $46,980.02 (£33,319.17). While the coin has since tried to recover its losses, it is yet to revisit the $50,000.00 levels. At the time of writing, BTC is trading at $49,010.18.

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