Greenidge Generation Holdings has made a commitment to operate an entirely carbon-neutral bitcoin mining operation at its facility in Upstate New York.
It will buy voluntary carbon offsets from a portfolio of greenhouse gas reduction operations in the US, with each project reviewed and certified by one of three offset project registries – the American Carbon Registry, the Climate Action Reserve and Verra.
They will ensure any project funded by Greenidge reduce emissions or increase sequestration of greenhouse gas in a manner that is “real, permanent and verifiable”.
In addition, Greenidge intends to invest a portfolio of its bitcoin mining profits in renewable energy projects.
It will also continue to participate in the Regional greenhouse Gas Initiative (RGGI), a market-based programme in which participating states sell CO2 allowances through auctions and invest proceeds in energy efficiency, renewable energy and other programmes.
Greenidge purchases RGGI allowances each year to cover 100% of its CO2 emitted from power generation and has done so since it started gas-fired operations in 2017.
jeffrey Kirt, CEO of Greenidge Generation Holdings said: “Our bitcoin mining capability is already best-in-class and seamlessly integrated with our electricity generation that powers thousands of homes and businesses. 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.”