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Greenidge says N.Y. bitcoin mining operation to be carbon-neutral by June 1

ForexMay 14, 2021 11:55AM ET
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© Reuters.

(Reuters) - Greenidge Generation Holdings Inc said on Friday it will operate an entirely carbon-neutral bitcoin mining operation at its upstate New York facility starting on June 1.

The company said it will purchase voluntary carbon offsets from a portfolio of U.S. greenhouse gas reduction projects. The company converted its power generation operations from coal to natural gas in 2017.

Bitcoin is the best-known cryptocurrency. It hit a high above $65,000 in mid-April and now trades at around $51,000. It requires extensive energy to produce the coins, however, as many miners are seeking less carbon-intense ways to produce the currency.

So-called mining is the process by which new bitcoins are placed in circulation. It involves using sophisticated computers that solve intricate, complex computational math problems.

 

 

Greenidge says N.Y. bitcoin mining operation to be carbon-neutral by June 1
 

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Comments (5)
John Cerniuk
John Cerniuk May 17, 2021 6:36AM ET
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and we should all go back to using cordless type writers because computers use to much energy.
Investing Man
Investing Man May 17, 2021 2:23AM ET
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Crypto uses low power near hydro and clean energy. Regardless, its still cleaner than driving cash around to banks, stores, hotels, casinos, and atm machines every day. Its also a huge waist of man power and unnecessary security risk that digital money solves.
TL Chan
TL Chan May 15, 2021 11:28AM ET
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The point is vast amount of energy used in btc mining can be better used for other part of economy for enhancing US useful productivity. We are talking about waste of energy on the garb*ge coins.
Investing Man
Investing Man May 15, 2021 11:28AM ET
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The energy (power and human) used to drive cash to atm machines, stores and banks could be used for better parts of the economy.
Jadeson Zang
Jadeson Zang May 14, 2021 1:10PM ET
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come on, natrual gas also generates co2 when it burns.
Catholic Man
CatholicMan May 14, 2021 12:39PM ET
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Trading imaginary commodities to solve an imaginary crisis so they can “mine” imaginary currency. Makes sense.
Mase Gumbo
Mase Gumbo May 14, 2021 12:39PM ET
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god is imaginary...so why are you complaining..its right up your alley
 
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