FINGER LAKES / LONDON (IT BOLTWISE) – A controversial Bitcoin mining company in the Finger Lakes is allowed to continue operating on the condition that it drastically reduces its emissions. Greenidge Generation, which uses fossil fuels, has committed to reducing its carbon emissions by 44% by 2030. This agreement was reached after a years-long legal battle with environmentalists and state authorities.
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In the scenic Finger Lakes of Upstate New York, a Bitcoin mining company is causing controversy. Greenidge Generation, which operates a fossil fuel plant, has reached an agreement with state environmental regulators to dramatically reduce its emissions. This agreement allows the company to continue its activities while committing to reducing its carbon emissions by 44% by 2030.
Greenidge Generation’s facility has the capacity to continuously run over 20,000 computers to solve complex algorithms that unlock new Bitcoins. This intensive use of energy has led to significant emissions of greenhouse gases, leading to a protracted legal battle with local environmentalists and the New York Environmental Protection Agency. The agency had previously found the facility to be out of compliance with the state’s climate law, which requires emissions reductions.
The new agreement, signed the same day Gov. Kathy Hochul’s administration approved construction of a new gas pipeline in New York Harbor, ensures that Greenidge Generation must significantly reduce its emissions. However, the details of how these reductions will be achieved have not been specified. Greenidge President Dale Irwin called the agreement a historic step toward reducing emissions.
Environmental groups such as the Seneca Lake Guardian remain skeptical and plan to take legal action against the decision. They fear the agreement is not enough to comply with the state’s environmental laws. Yvonne Taylor, co-founder of the group, expressed disappointment with the governor’s decision and warned of a loss of trust in the region.
The facility, which was converted into a crypto mining center in 2020, can power 75,000 homes at full capacity, but is used exclusively for mining. It emits over 500,000 tons of greenhouse gases every year. Greenidge is not the only New York company active in the crypto industry. Near Buffalo, another company operates a 60-megawatt gas plant that has also applied for a permit to operate as a crypto mining facility.
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