New York-based Bitcoin miner Greenidge Generation is revealing that it plans to voluntarily mitigate the environmental impact of its crypto mining operations en route to becoming a carbon-neutral firm as early as next month.
In a statement published on Friday, the natural gas-powered mining firm says that it will purchase carbon offsets from a number of US-based projects that aim to reduce greenhouse gas starting June 1st. Greenidge also notes that the projects they plan to fund must “reduce emissions or increase sequestration of greenhouse gas in a manner that is real, permanent, and verifiable.”
The Bitcoin hybrid miner added that it is looking to invest some of its mining profits in renewable energy initiatives in the state of New York and across the US.
Says Greenidge Generation CEO Jeffrey Kirt,
“We are demonstrating we can provide the same critical transaction verification and processing services to secure the Bitcoin network while maintaining a fully carbon neutral footprint. We call on others to join us in significantly reducing greenhouse gas emissions now.”
Greenidge’s decision to offset its carbon emissions comes after billionaire Elon Musk announced that electric vehicle maker Tesla will no longer accept Bitcoin payments due to the “rapidly increasing use of fossil fuels for Bitcoin mining and transactions.” The tech billionaire also tagged Greenidge as an example for his environmental argument against Bitcoin.
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Mika Heittola