Controversial Bitcoin Mining Facility Applies for Fresh New York License
Documents seen by Decrypt, show that Greenidge Generation is applying for a renewal of its Title V permit with the Department of Environmental Conservation (DEC) in New York. The company’s Dresden facility—which mines ap...
Archive context
Older archive item. Useful for background and entity history, but not a fresh market-moving signal.
Documents seen by Decrypt, show that Greenidge Generation is applying for a renewal of its Title V permit with the Department of Environmental Conservation (DEC) in New York.
The company’s Dresden facility—which mines approximately four Bitcoin per day—obtained its last Title V permit in 2016. Since then, Greenidge Generation has become mired in environmental controversy as critics claim the facility’s cryptocurrency mining activity undermines New York state's climate goals and harms the surrounding environment.
“It’s not environmentally friendly,” Many DeRoche, deputy managing attorney at Earth Justice told Decrypt earlier this year.
Abi Buddington, a Dresden resident, said the facility’s activity has warmed the nearby Keuka Outlet. “When you dip your hand in the water, it feels unnaturally warm,” she told Decrypt.
What is at stake?If Greenidge’s Title V permit is not renewed by the DEC, the company will no longer be able to mine Bitcoin at its Dresden facility.
Without the permit, the company would no longer be able to generate its daily $180,000 in Bitcoin mined. But Greenidge’s critics have other worries.
On March 25, Greenidge submitted a package of documents in support of its application to renew the Title V permit this month to the DEC.
That package contained a letter—which was seen by Decrypt—that specified the legal maximum emissions the facility could legally produce.
Under its permission, the Dresden facility can emit up to 641,000 tons of carbon dioxide equivalents per year. That amounts to approximately 708 million pounds of burned coal, 116 thousand homes’ average electricity consumption per year, or 1.6 billion miles driven by a passenger vehicle.
Despite the environmental damage that Bitcoin mining can cause, individuals close to the matter, ilke DeRoche, say “these permits are renewed as business as usual.”
Earlier this year, the New York Assembly failed to pass a bill that would have given a temporary halt on permits being granted to Bitcoin mining facilities over environmental concerns.
Is Seneca Lake Being Warmed By Bitcoin Mining? Not Quite. Greenidge’s Bitcoin mining futureGreenidge is in talks for a merger with Support.com, subject to shareholder approval.
“This merger is an important next step for Greenidge as we build upon our existing, integrated and proven platform for Bitcoin mining and generation of lower carbon affordable power,” said Greenidge CEO Jeff Kirt earlier this year.
Bitcoin Mining Showdown Puts New York on Front Lines of a Green FightAccording to Support.com CEO Lance Rosenzweig, the merger will “build upon Greenidge’s successful business by providing them with additional cash funding and a public currency to fund their growth plans.”
If the merger is successful, Greenidge will trade publicly on the NASDAQ.
Why this matters
This mining story adds another data point to the current market tape and is useful when read alongside nearby source coverage.
Original source
Read on DecryptRelated market context
Bitcoin miners pay Paraguay $350 million a year, but AI is pushing them out
Contracts that sell power to a 4% slice of the world’s bitcoin mining at $44 a megawatt-hour expire on Dec. 31, 2027. Paraguay’s s...
Bitcoin Core Discloses Tor and Mining Bugs: Who Was Affected and What Was Fixed?
Bitcoin Core developers have disclosed three previously patched security flaws, including a Tor-related permissions mistake that a...
Securitize and Ethena Open 24/7 BlackRock BUIDL Liquidity Facility With $50 Million Funded
Securitize and Ethena Labs have switched on a round-the-clock liquidity facility for BlackRock’s USD Institutional Digital Liquidi...
Dormant Bitcoin Wallets Wake Up After 16 Years, Moving $6.9 Million
Two Bitcoin mining rewards from September 2010 moved minutes apart. The coins are worth nearly 1.15 million times their original m...
$6 in Bitcoin Becomes $6.9 Million as 16-Year-Old Wallets Awaken
Two bitcoin addresses dating back to 2010 transferred 100 BTC on Friday, extending a year of heightened activity among long-dorman...
Bitcoin on track for its first back-to-back annual losses in nearly 18 years
Bitcoin's consecutive annual losses could undermine its resilience narrative, impacting investor confidence and institutional inte...