Following the announcement from Greenidge Generation Holdings that detailed the company would be promoting a carbon-neutral stance, and the firm’s recent partnership with Foundry, Greenidge revealed on Thursday it is investing profits into a renewable energy investment program. The company is in the midst of expediting the closure of a coal ash landfill in order to construct a new solar farm.
Greenidge Invests in Renewable Energy Investment Program
In 2014, the Lockwood Hills landfill in Dresden, New York was purchased by Lockwood Hills LLC, which is a subsidiary of Greenidge. The site has been “safely maintained” over the last seven years, Greenidge claims, and it ended the use of coal-fired power at the adjacent power facility during that time. The announcement on Thursday says the company plans to safely cap and close down the landfill and Greenidge hopes to install “a solar project across the 143-acre site that will produce up to 5MW of power.”
The bitcoin mining company says that the move is aligned with the firm’s efforts to improve the environment in New York. While it is working on projects like the Lockwood Hills landfill, Greenidge details it is purchasing voluntary carbon offsets from U.S. greenhouse gas reduction projects. Jeff Kirt, CEO of Greenidge, believes bitcoin mining models can advance operations in a way that keeps the environment safe.
“Bitcoin mining at Greenidge is already a model for the industry in that we are advancing this emerging financial platform for people across the world in a manner that fully protects our environment and drives economic growth across Upstate New York,” Kirt said in a statement. The move makes renewable energy a reality by leveraging bitcoin mining profits to fund the creation of a new solar farm at a landfill site, Kirt added.
Greenidge President Says Bitcoin Mining Adds Jobs, Supports Local Community and Can Help the Environment
Greenidge is just one of many crypto mining projects attempting to rejuvenate the environment by transforming business models and removing waste through the process. For instance, Stronghold Digital Mining converts waste coal into alternative energy in order to mine bitcoin and other cryptocurrencies. At the end of May, EZ Blockchain partnered with a Texas-based oil provider to monetize wasted natural gas with bitcoin.
Before Greenidge’s acquisition in 2014, the Lockwood Landfill was permitted to hold coal combustion residuals (CCR) and other wastes. Greenidge details that it will ensure “the site will no longer accept waste of any kind,” add a water filtration system, and a permanent engineered membrane to stop erosion.
“For those of us who grew up and still live right here in the Finger Lakes, the Lockwood Hills landfill has been a constant presence, overlooking Seneca Lake and the Village of Dresden, and something we always hoped would eventually not be needed,” Greenidge president Dale Irwin said in a statement.
Irwin added that he was pleased that bitcoin mining facilities can not only create jobs and support local businesses, but crypto mining operations can also “facilitate the development of renewable energy at this old landfill site.”