Greenidge Joins List of Bitcoin Miners Diversifying Energy Sources

In a year where ESG concerns have dominated headlines, this is one of many public moves to help the decentralized currency lower its energy usage.

article-image

Source: Shutterstock

share

key takeaways

  • The upstate New York mining firm, which formerly sparked controversy for its mining expansion plan, wants to reduce bitcoin’s impact on the environment
  • “There’s a definite righteous and rightful shift towards environmental and impact awareness in the mining community,” said Garrette David, an advisor to Regen Network

U.S.-based bitcoin miners continue their push for an ESG-minded business model as Greenidge Generation Holdings said it will acquire 8,300 bitcoin mining rigs via a new partnership with Foundry Digital, in hopes to reduce its environmental impacts and diversify its energy sources, according to a joint press release.

Greenidge is set to buy 2,300 WhatsMiner M30S mining rigs and will acquire 6,000 Antminer S19 machines in a financing deal through Foundry Digital, which is a cryptocurrency mining and staking-focused subsidiary of Digital Currency Group. They will also join the Foundry USA bitcoin mining pool, according to the release.

“Foundry has been a longtime hosting customer of Greenidge and this partnership expands our existing relationship as Greenidge grows outside of New York,” said CEO of Greenidge, Jeffrey Kirt.

The upstate New York mining firm, which formerly sparked controversy for its mining expansion plan, wants to reduce bitcoin’s impact on the environment. The company said it wants to counteract emissions from rigs with carbon offset credit purchases.

“Greenidge has pioneered the integration of a clean power plant operation and carbon-neutral cryptocurrency mining in North America with its operation in Upstate New York,” said Mike Colyer, CEO of Foundry. 

In a year where ESG concerns have dominated headlines, this is one of many public moves to help bitcoin miners lower their energy usage. 

“There’s a definite righteous and rightful shift towards environmental and impact awareness in the mining community,” said former miner and advisor to Regen Network, Garrette David to Blockworks. 

A California nuclear energy provider, Oklo, aims to produce clean energy through advanced fission and announced a 20-year partnership with Compass Mining on Wednesday. 

Bitcoin is “a huge market opportunity for clean energy generation,” Oklo CEO Jacob DeWitte said in an interview with Crain’s Cleveland. Along the same lines, Energy Harbor also partnered with Standard Power to provide carbon-free nuclear power to bitcoin miners at a data center in Ohio, according to a statement this week.

Tags

Upcoming Events

Salt Lake City, UT

MON - TUES, OCT. 7 - 8, 2024

Blockworks and Bankless in collaboration with buidlbox are excited to announce the second installment of the Permissionless Hackathon – taking place October 7-8 in Salt Lake City, Utah. We’ve partnered with buidlbox to bring together the brightest minds in crypto for […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Research Report Templates.png

Research

ZKPs enable efficient offchain transaction processing and validation, resulting in increased throughput and reduced fees. Solana's ZK Compression leverages ZKPs to minimize onchain storage costs, while Sui's zkLogin streamlines user onboarding by replacing complex key management with familiar OAuth credentials.

article-image

StarkWare takes a step towards making StarkNet for Bitcoin

article-image

The numbers point to one conclusion: Risk is back, or at least it was during the first half of the year

article-image

Plus, Solana’s latest advertising attempt

article-image

“OpenFi” aims to unbundle to take the “account” out of bank account

article-image

And a look into the newest name on the Trump ticket: Sen. JD Vance