Upstate New York Bitcoin Miner Greenidge to Offset Carbon Emissions from Miners

Greenidge Generation Holdings plans to offset carbon emissions from its miners by purchasing carbon offset credits starting June 1.

Upstate New York Bitcoin Miner Greenidge to Offset Carbon Emissions from Miners

Greenidge Generation Holdings plans to offset carbon emissions from its miners by purchasing carbon offset credits starting June 1. The company’s natural gas-powered bitcoin mining operation has stirred controversy in upstate New York.

The power station operator said it will invest in a “portfolio” of greenhouse gas reduction projects to offset 100 percent of its miner’s carbon footprint. Greenidge has its own 40-megawatt natural gas plant, an energy source that has prompted the purchase of carbon credits, according to a statement Friday. Greenidge is planning to go public through a merger with a special purpose acquisition company (SPAC). Last month, the company came under fire for plans to expand its bitcoin mining facility in upstate New York. Environmentalists objected to the power station’s burning of natural gas to mine bitcoin, as well as the impact its cooling system would have on a local lake.

A related press release reads, “Each project is reviewed and certified by one of three recognized registries for offset projects – the American Carbon Registry (ACR), Climate Action Reserve (CAR) and Verra – to ensure that any project funded by Greenidge reduces emissions or increases sequestration of greenhouse gases in a real, permanent and verifiable manner. “

This Greenidge case is a frontline in the battle over Bitcoin’s environmental impact. While critics blast energy-hungry cryptocurrency miners for contributing unnecessarily to the climate crisis, defenders of Bitcoin’s proof-of-work-enabled blockchain argue that cryptocurrencies account for a minuscule fraction of global emissions.

Nic Carter, a partner at Castle Island Ventures and frequent commentator on mining controversies, said of Greenidge, “All miners should follow their example and buy offsets; they only need about 10 basis points to neutralize the climate impact , and offsets are a stopgap and effective tool to address the problem.”

Nic Carter, a partner at Castle Island Ventures and frequent commentator on mining controversies, had this to say about Greenidge, ” The new wave of media attention around Bitcoin energy use has sparked controversy as Greenidge announces its carbon offset program.” The Chinese government has already begun a crackdown on coal mining in Inner Mongolia, clearly stating its carbon footprint.

Earlier this week, Elon Musk, CEO of electric car maker Tesla, suspended a policy that allowed payments in bitcoin for environmental reasons. He said Tesla may reconsider supporting bitcoin as payment once “mining transitions to more sustainable energy sources.”

In response, some North American miners have already begun to use 100% renewable energy in their energy sources. This month, the Crypto Carbon Accord was formed, with a growing number of companies pledging to make the cryptocurrency mining industry carbon neutral by 2040.

While Greenidge’s bitcoin platform will still rely on fossil fuels and will use more energy once it expands its mining operations, the company appears to be one of the first cryptocurrency miners to implement a carbon offset program.

It’s worth noting that the energy mix trend for bitcoin mining is 36-76% renewable, depending on the time of year. Currently, Chinese miners are migrating from the coal-rich Xinjiang region to the hydro-rich Sichuan region.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/upstate-new-york-bitcoin-miner-greenidge-to-offset-carbon-emissions-from-miners/
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