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

Published 05/14/2021, 11:54 AM
Updated 05/14/2021, 11:55 AM
© 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.

 

 

Latest comments

and we should all go back to using cordless type writers because computers use to much energy.
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.
come on, natrual gas also generates co2 when it burns.
Trading imaginary commodities to solve an imaginary crisis so they can “mine” imaginary currency. Makes sense.
god is imaginary...so why are you complaining..its right up your alley
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