Following Greenidge Technology Holdings’ announcement that the corporate would promote a carbon impartial stance and the corporate’s latest partnership with Foundry, Greenidge revealed on Thursday that it was investing its earnings in an power funding program. renewable. The corporate is accelerating the closure of a coal ash dump with a purpose to construct 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” for the previous seven years, says Greenidge, and it ended the usage of coal-fired electrical energy on the adjoining energy plant throughout that point. Thursday’s announcement says the corporate plans to close down and safely shut down the landfill, and Greenidge hopes to put in “a photo voltaic venture on the 143-acre website that may produce as much as 5 MW of electrical energy.”
The bitcoin mining firm says the transfer is consistent with the corporate’s efforts to enhance the surroundings in New York Metropolis. Whereas engaged on initiatives just like the Lockwood Hills landfill, Greenidge says he is shopping for voluntary carbon offsets from U.S. greenhouse fuel discount initiatives. Jeff Kirt, CEO of Greenidge, believes bitcoin mining fashions can advance operations in a means that protects the surroundings.
“Bitcoin mining in Greenidge is already a mannequin for the trade as we advance this rising monetary platform for individuals world wide in a means that absolutely protects our surroundings and drives financial progress in upstate New York, “Kirt stated in an announcement. The transfer makes renewable power a actuality by leveraging earnings from bitcoin mining to fund the creation of a brand new photo voltaic farm on a landfill, Kirt added.
Greenidge Chairman Says Bitcoin Mining Creates Jobs, Helps Native Neighborhood, Can Assist The Atmosphere
Greenidge is only one of many crypto mining initiatives making an attempt to rejuvenate the surroundings by reworking enterprise fashions and eradicating waste alongside the best way. For instance, Stronghold Digital Mining converts waste coal into various power with a purpose to mine bitcoin and different cryptocurrencies. In late Could, EZ Blockchain partnered with a Texas-based oil provider to monetize wasted pure fuel with bitcoin.
Previous to the Greenidge acquisition in 2014, the Lockwood landfill was licensed to carry coal combustion residues (CCR) and different wastes. Greenidge specifies that it’s going to assure that “the location will not settle for waste of any sort,” provides a water filtration system and a everlasting technical membrane to cease erosion.
“For these of us who grew up and nonetheless dwell right here within the Finger Lakes, the Lockwood Hills Landfill has been a continuing presence, overlooking Lake Seneca and the village of Dresden, and one thing we at all times hoped could be. in the end not needed, “Greenidge stated President Dale Irwin in an announcement.
Irwin added that he was joyful that bitcoin mining services couldn’t solely create jobs and assist native companies, however that cryptocurrency mining operations may additionally “facilitate the event of renewable power on this outdated landfill “.
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