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

by Reuters
Friday, 14 May 2021 16:48 GMT

FILE PHOTO: Representation of the bitcoin virtual currency standing on the PC motherboard is seen in this illustration picture, February 3, 2018. REUTERS/Dado Ruvic/File Photo

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Company says it will purchase voluntary carbon offsets from a portfolio of U.S. greenhouse gas reduction projects to offset energy emissions from its gas power generation

 - 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.

(Reporting by Scott DiSavino in New York; Editing by Franklin Paul and Matthew Lewis)

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