Following the announcement from Greenidge Technology Holdings that detailed the corporate could be selling a carbon-neutral stance, and the agency’s current partnership with Foundry, Greenidge revealed on Thursday it’s investing income right into a renewable vitality funding program. The corporate is within the midst of expediting the closure of a coal ash landfill so as to assemble a brand new photo voltaic farm.
Greenidge Invests in Renewable Power Funding Program
In 2014, the Lockwood Hills landfill in Dresden, New York was bought by Lockwood Hills LLC, which is a subsidiary of Greenidge. The location has been “safely maintained” over the past seven years, Greenidge claims, and it ended the usage of coal-fired energy on the adjoining energy facility throughout that point. The announcement on Thursday says the corporate plans to soundly cap and shut down the landfill and Greenidge hopes to put in “a photo voltaic undertaking throughout the 143-acre web site that may produce as much as 5MW of energy.”
The bitcoin mining firm says that the transfer is aligned with the agency’s efforts to enhance the setting in New York. Whereas it’s engaged on initiatives just like the Lockwood Hills landfill, Greenidge particulars it’s buying voluntary carbon offsets from U.S. greenhouse fuel discount initiatives. Jeff Kirt, CEO of Greenidge, believes bitcoin mining fashions can advance operations in a method that retains the setting secure.
“Bitcoin mining at Greenidge is already a mannequin for the trade in that we’re advancing this rising monetary platform for individuals internationally in a way that totally protects our surroundings and drives financial progress throughout Upstate New York,” Kirt stated in a press release. The transfer makes renewable vitality a actuality by leveraging bitcoin mining income to fund the creation of a brand new photo voltaic farm at a landfill web site, Kirt added.
Greenidge President Says Bitcoin Mining Provides Jobs, Helps Native Neighborhood and Can Assist the Surroundings
Greenidge is only one of many crypto mining initiatives trying to rejuvenate the setting by reworking enterprise fashions and eradicating waste via the method. For example, Stronghold Digital Mining converts waste coal into different vitality so as to mine bitcoin and different cryptocurrencies. On the finish of Could, EZ Blockchain partnered with a Texas-based oil supplier to monetize wasted pure fuel with bitcoin.
Earlier than Greenidge’s acquisition in 2014, the Lockwood Landfill was permitted to carry coal combustion residuals (CCR) and different wastes. Greenidge particulars that it’s going to guarantee “the positioning will not settle for waste of any variety,” add a water filtration system, and a everlasting engineered membrane to cease erosion.
“For these of us who grew up and nonetheless stay proper right here within the Finger Lakes, the Lockwood Hills landfill has been a continuing presence, overlooking Seneca Lake and the Village of Dresden, and one thing we all the time hoped would finally not be wanted,” Greenidge president Dale Irwin stated in a press release.
Irwin added that he was happy that bitcoin mining services cannot solely create jobs and help native companies, however crypto mining operations may “facilitate the event of renewable vitality at this previous landfill web site.”
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