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Greenidge Technology will use BTC mining income to construct photo voltaic farm

Bitcoin mining firm Greenidge Technology is planning to extend the variety of renewable vitality sources accessible to be used in New York.

In a Thursday announcement, Greenidge stated it will be utilizing the income from its Bitcoin (BTC) miners within the Finger Lakes area of New York state to expedite the closure of a close-by coal ash landfill. The corporate plans to rework the Lockwood Hills website right into a photo voltaic farm able to producing 5 megawatts of energy.

Greenidge CEO Jeff Kirt stated the challenge was “making extra renewable vitality a actuality by leveraging Bitcoin mining income to fund the creation of a brand new photo voltaic farm at a landfill website.” In response to the agency, it goals to create high-tech jobs for residents and help native companies with the photo voltaic farm.

The brand new vitality supply might additionally seemingly be used to reinforce the ability of the corporate’s Bitcoin plant operations on Seneca Lake, which goals to dedicate 85 MW to crypto mining by subsequent yr. The plant had beforehand been powered by coal however now reportedly makes use of ​​pure fuel.

Associated: Mining agency goals to go public by merger with Nasdaq-listed firm

The mining agency stated it operates “100% carbon-neutral” BTC mining amenities, with plans to increase to South Carolina as early as this yr. Greenidge goals to attain an operational capability of at the very least 500 MW throughout a number of places by 2025.

Nevertheless, critics of Greenidge — together with the environmental group Seneca Lake Guardian — have claimed that the mining agency’s operations should not as environmentally pleasant as they seem, saying the corporate is counting on pure fuel produced from fracking. Native residents have additionally accused Greenidge of being chargeable for rising temperatures in Seneca Lake by claiming it discharged overheated water.