Greenidge Generation Holdings, a renowned Bitcoin (BTC) mining company, plans to launch a carbon-neutral BTC mining operation on June 1, 2021. The new facility is based in upstate New York.
The company will reportedly achieve carbon neutral mining by purchasing voluntary carbon offsets from a list of greenhouse gas reduction projects in the United States. Each of the projects Greenidge Generation intends to use has been vetted and certified by one of the three major offset project registries. These include the American Carbon Registry (ACR), the Climate Action Reserve (CAR), and Verra. By selecting certified projects, Greenidge will ensure funding initiatives that will minimize emissions or separate greenhouse gases in a permanent and verifiable manner.
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In addition to offsetting its carbon emissions, Greenidge is also looking to invest a fraction of its BTC mining profits in renewable energy initiatives. In this context, the company is proactively exploring direct financing of valuable renewable energy projects in New York State and the US as a whole.
Pioneers in a greener future
Greenidge Generation Holdings Inc CEO Jeffrey Kirt praised the company for its environmentally friendly efforts, saying:
By taking the bold and unique step of making our cryptocurrency mining completely carbon neutral right away, rather than at a distant date in the future, Greenidge is once again leading environmental efforts.
He added that through this new initiative, the company proves that it can verify BTC transactions safely and keep its operations 100% carbon neutral. Kirt continued to urge players in the crypto mining industry to join forces to minimize carbon emissions.
Major crypto adopters are starting to turn away from Bitcoin (BTC), citing concerns about how BTC mining is harmful to the environment. One example is Tesla, which recently bought BTC worth £ 1.06 billion. Despite this significant investment in the nascent sector, Tesla CEO Elon Musk announced that the electric vehicle maker 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 recoup its losses, it has yet to return to the $ 50,000 levels. As of this writing, BTC is trading at $ 49,010.18.