In recent months the climate crisis has made headlines globally, and for good reason. And it is that, as the effects of environmental pollution become more evident, criticism also increases against activities that consume too many energy resources. Bitcoin being one of the clearest cases, due to the high energy consumption of its mining process. Which is why Bitcoin mining company Greenidge plans to be carbon neutral by next month.
Energy and Bitcoin mining
Bitcoin’s latest major bull rally has brought many benefits to the crypto community. Increasing the price of the main cryptocurrencies, and awakening the interest of financial markets for the crypto world. Allowing the entry of large capital to this market, financing new projects based on Blockchain technology.
However, it has also brought negative effects, such as a significant increase in the energy consumption of Bitcoin mining. Which has set off alarms around the world in the face of what many consider to be a huge waste of energy. With the Bitcoin mining sector currently consuming more energy than countries like Chile or the Netherlands.
For this reason, even crypto-enthusiast billionaire Elon Musk decided to suspend the sale of Tesla cars in Bitcoin. Arguing that the enormous energy expense that BTC transactions represent, would make it environmentally irresponsible to continue accepting cryptocurrency as a means of payment. A situation that has prompted one of the main Bitcoin mining companies in the United States, Greenidge, to prepare its way to become carbon neutral.
Carbon neutral Greenidge
Thus, this Friday Greenidge Generation Holdings Inc., a Bitcoin mining company located in Dresden, New York, announced that as of June 1, its mining activities would be carbon neutral. This thanks to the voluntary purchase of carbon emission compensating credits. Which allow investment in climate change mitigation projects that offset carbon emissions from mining activities.
In addition, Greenidge has also announced that it will study the installation of its mining activities in locations in the United States that give adequate importance to the climate crisis. As well as that it will invest part of its profits from the mining of BTC to the production of renewable energies.
«By taking the bold and unique step of making our cryptocurrency mining fully carbon neutral immediately – rather than at a distant date in the future – Greenidge is once again leading environmental efforts ( …) We are proving that we can provide the same critical transaction processing and verification services to secure the Bitcoin network, while maintaining a fully carbon neutral footprint.. Greenidge CEO Jeffrey Kirt commented.
In this way, Greenidge would be putting himself at the forefront of the crypto community’s efforts to avoid the worst environmental effects of Bitcoin mining. Thus giving greater weight to those who argue that cryptocurrency mining would in fact be a stimulus for investment in renewable energy worldwide.