Greenidge Generation to buy carbon offset credits
DRESDEN-Greenidge Generation Holdings Inc. announced effective June 1, 2021, it will operate an entirely carbon-neutral bitcoin mining operation at its facility.
Greenidge will purchase voluntary carbon offsets from a portfolio of U.S. greenhouse gas reduction projects. Each project has been reviewed and certified by one of three offset project registries, the American Carbon Registry (ACR), the Climate Action Reserve (CAR) and Verra. According to the company, this will ensure any projects funded by Greenidge reduce emissions or increase sequestration of greenhouse gas in a manner that is real, permanent, and verifiable.
In addition to offsetting 100 percent of its carbon emissions from bitcoin mining, Greenidge also intends to invest a portion of its mining profits in renewable energy projects.
"Our bitcoin mining capability is already best-in-class and seamlessly integrated with our electricity generation that powers thousands of homes and businesses," said Jeffrey Kirt, CEO of Greenidge Generation Holdings Inc. "By taking the bold and unique step of making our cryptocurrency mining fully carbon-neutral immediately - as opposed to at some distant date in the future -- Greenidge is once again leading in environmental efforts. We are demonstrating we can provide the same critical transaction verification and processing services to secure the bitcoin network while maintaining a fully carbon-neutral footprint. We call on others to join us in significantly reducing greenhouse gas emissions now."
Greenidge will continue to participate in the Regional Greenhouse Gas Initiative (RGGI), a market-based program in which participating states sell CO2 allowances through auctions. Greenidge purchases RGGI allowances each year to cover 100% of its CO2 emitted from power generation and has done so since it began gas-fired operations in 2017.