- Greenidge secured a five-year renewal of its environmental permit from New York state.
- The company committed to reducing greenhouse gas emissions by 44% by 2030.
- The renewal ends years of legal disputes between Greenidge and state regulators.
- A local union praised the agreement for balancing job preservation and environmental goals.
- A proposed New York bill aims to tax proof-of-work crypto miners to fund energy aid programs.
Greenidge, a Bitcoin mining company, obtained a five-year extension of its environmental permit from New York state after reaching a deal to cut its greenhouse gas emissions. This agreement marks the end of prolonged legal conflicts with state regulators.
The company pledged to lower its permitted emissions by 44% by 2030, aligning with New York’s 2019 climate legislation aiming to cut statewide greenhouse gas emissions by 40% from 1990 levels. The settlement resolves disputes following the state’s initial refusal in 2022 to renew Greenidge‘s air emissions permit, which had been challenged due to environmental concerns.
Following the announcement after market close on Friday, Greenidge‘s stock (Nasdaq: GREE) surged more than 75%, later settling up over 37% at $2.08 as of writing. The company operates a natural gas power plant in Dresden, New York, which powers its Bitcoin mining operations and supplies electricity to the state grid.
Local union IBEW Local Union 10 praised the settlement, with business manager Roman Cefali stating, “By reaching a tough new permit deal, the State of New York is standing up for working-class families,” and thanking state leadership for supporting both environmental progress and union jobs.
The environmental impact of proof-of-work digital asset mining on New York’s power grid has been a contentious issue. Recently, lawmakers introduced a bill to impose taxes on energy consumed by proof-of-work miners like Greenidge. The revenue would fund a statewide energy affordability program for lower-income residents.
For further details, see the official stipulation of settlement.
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