Greenidge releases economic impact study

DRESDEN-A new study released Monday outlines the economic impact on the Finger Lakes region and New York state by Greenidge Generation. The study, conducted over the last several weeks by Appleseed, an economic consulting firm, included an analysis of Greenidge's impact on job creation, state and local taxes, and support of businesses. It also details the company's private investment in its power facility and the data processing center for mining cryptocurrency.
The report says in 2020, Greenidge Generation employed 27 people (26 of whom worked full-time) across the operation in Dresden. In 2014, the company employed two people, and now in 2021, the facility employs 31 full-time and five part-time workers, including six hired between February and May 2021.
The analysis also notes the annual salaries and wages of full-time employees at Greenidge averaged $77,565.
Greenidge Generation LLC was founded in 2014 to acquire a coal-fired power plant that had been shuttered in 2011. Greenidge then converted the plant to operate on natural gas and resumed operations in 2017. Two years later, the company added a second line of business to the Yates County site - a data processing center and cryptocurrency mining operation.
The report states, "From 2014 through the spring of 2017, Greenidge invested approximately $35.2 million in acquisition, rehabilitation, and conversion of its Dresden power plant; and from 2019 through the end of 2020, it invested $18.5 million in construction and equipping of its data center and cryptocurrency mining operation."
Appleseed concluded of Greenidge's total $18.5 million investment in the development of its data center, approximately $5.9 million (31.9 percent of the total investment) was spent within New York, including approximately $880,000 (4.8 percent) in Yates County.
The group also said Greenidge's payments of state and local taxes and fees in 2020 totaled $1,083,205. This included $320,515 to New York state, $423,226 for payments in lieu of real property taxes to Yates County, the Town of Torrey and the Penn Yan Central School District and $339,464 to the Finger Lakes Economic Development Center.
Founded in 1993, Appleseed provides economic impact analysis studies, economic development planning, social research and analysis, and strategic planning and program development services to government, non-profit and corporate clients. The New York City based firm has experience in providing economic and community impact analyses for institutions spanning major U.S. colleges and universities, multinational corporations, city and state agencies and cultural institutions.
Opponents to the Greenidge Generation operation cite the use of Seneca Lake water to cool the power generation equipment, the greenhouse gases emitted by the natural gas powered plant and the energy-intensive cryptocurrency end-usage of the power "behind the meter" as reasons the facility should be under increased scrutiny from regulators. Greenidge maintains they abide by all permits that pertain to the operation.