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With the solar farm, the mining company hopes to create high-tech jobs for residents while also supporting local businesses.
Greenidge Generation, a Bitcoin mining company, intends to increase the number of renewable energy sources available in New York.
In a Thursday announcement, Greenidge said it would be using the profits from its Bitcoin (BTC) miners in the Finger Lakes region of New York state to expedite the closure of a nearby coal ash landfill. The company plans to transform the Lockwood Hills site into a solar farm capable of generating 5 megawatts of power.
According to Greenidge CEO Jeff Kirt, the project is “making more renewable energy a reality by leveraging Bitcoin mining profits to fund the creation of a new solar farm at a landfill site.” The solar farm, according to the company, aims to create high-tech jobs for residents while also supporting local businesses.
The new energy source appears to have the potential to supplement the power of the company’s Bitcoin plant operations on Seneca Lake, which aims to dedicate 85 MW to crypto mining by next year. The plant was previously powered by coal but is now reportedly powered by natural gas.
The mining company claims to have “100% carbon-neutral” BTC mining facilities, with plans to expand to South Carolina as soon as this year. Greenidge plans to have at least 500 MW of operational capacity across multiple locations by 2025.
Greenidge’s critics, including the environmental group Seneca Lake Guardian, claim that the mining firm’s operations are not as environmentally friendly as they appear, claiming that the company relies on natural gas produced through fracking. Greenidge has also been accused by locals of being responsible for rising temperatures in Seneca Lake, claiming that it discharged overheated water.