After Greenidge Generation Holdings announced in detail that the company will promote its carbon neutral position and the company’s recent partnership with Foundry, Greenidge revealed on Thursday that it is investing its profits in renewable energy investment plans. The company is speeding up the closure of coal ash waste landfills to build a new solar farm.
Greenidge invests in renewable energy investment program
In 2014, the Lockwood Hills landfill in Dresden, New York was acquired by Lockwood Hills LLC, a subsidiary of Greenidge. Greenidge claims that the site has been “safely maintained” for the past seven years, and that during this period the use of coal-fired power generation in adjacent power facilities has ceased. Thursday’s announcement stated that the company plans to cover and close the landfill safely, and Greenidge hopes to “install a solar project on a 143 acre site that will generate up to 5 megawatts of electricity.”
The Bitcoin mining company stated that the move is in line with the company’s efforts to improve the environment in New York. While Greenidge is working on projects such as the Lockwood Hills landfill site, he detailed that it is purchasing voluntary carbon offsets from the US greenhouse gas emission reduction project. Jeff Kirt, CEO of Greenidge, believes that the Bitcoin mining model can advance operations in a way that protects the environment.
“Greenidge’s Bitcoin mining industry has become a model for the industry because we are advancing this emerging financial platform for people around the world in a way that fully protects our environment and promotes economic growth in northern New York State,” Kirt said. Said in a statement. Kirt added that this move makes renewable energy a reality by using bitcoin mining profits to fund the establishment of new solar farms in landfills.
President Greenidge stated that Bitcoin mining has increased employment opportunities, supported local communities and helped protect the environment
Greenidge is just one of many crypto mining projects that try to revitalize the environment by transforming business models and eliminating waste. For example, Stronghold Digital Mining Conversion Convert waste coal into alternative energy sources to mine Bitcoin and other cryptocurrencies. At the end of May, EZ Blockchain Cooperation Work with an oil supplier in Texas to monetize wasted natural gas with Bitcoin.
Before Greenidge was acquired in 2014, the Lockwood landfill was allowed to store coal residues (CCR) and other waste. Greenidge detailed that it will ensure that “the site will no longer accept any type of waste”, adding a water filtration system and permanent engineered membranes to prevent erosion.
“For those of us who grew up in the Finger Lakes and still live here, the Rockwood Mountain Landfill has always existed, overlooking Lake Seneca and the village of Dresden. We have always hoped that these things will eventually be unnecessary. “Greenwich President Dale Irving said in a statement.
Irving added that he is happy that not only can Bitcoin mining facilities create jobs and support local businesses, but also that cryptocurrency mining operations can “promote the development of renewable energy in this old landfill.”
What do you think of Greenidge’s transformation of the Lockwood Hills landfill in New York? Please tell us your thoughts on this topic in the comments section below.
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