Greenidge Generation, in an announcement on Thursday, said that it plans to create a new Solar Farm. They also plan on increasing the number of renewable energy sources available for use in New York City. They said they would use its Bitcoin mining profit to speed up the closure of a nearby coal ash dump.
The company plans to transform the Lockwood Hills site into a solar farm capable of generating 5 megawatts of electricity. Greenidge may also use the new solar power for the operations of their Bitcoin factory on Seneca Lake. It aims to devote 85 MW to crypto mining by next year.
The mining company said it operates a “100% carbon neutral” BTC mining facility. It also plans to expand to South Carolina as early as this year. Greenidge aims to achieve an operational capacity of at least 500 MW across multiple sites by 2025.
In May of this year, Greenidge announced that it was purchasing voluntary carbon offsets from a portfolio of U.S. greenhouse gas reduction projects to create the first fully a carbon neutral bitcoin mining operation of its kind in the United States. At the same time, they said it was actively exploring investing a portion of its mining profits in renewable energy projects in New York.
Statements of CEO and President of Greenidge
“Bitcoin mining at Greenidge is already a model for the industry in that we are advancing this emerging financial platform for people across the world in a manner that fully protects our environment and drives economic growth across Upstate New York. Today, we’re announcing the next step; making more renewable energy a reality by leveraging bitcoin mining profits to fund the creation of a new solar farm at a landfill site we’re going to close well ahead of schedule,” said Jeff Kirt, CEO of Greenidge Generation Holdings Inc.
“For those of us who grew up and still live right here in the Finger Lakes, the Lockwood Hills landfill has been a constant presence, overlooking Seneca Lake and the Village of Dresden, and something we always hoped would eventually not be needed. I am thrilled that the success of our clean bitcoin mining operation is not only creating great high-tech jobs for residents here, and supporting local businesses, but will now also facilitate the development of renewable energy at this old landfill site,” said Dale Irwin, President of Greenidge Generation Holdings Inc.
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