Profits from Bitcoin Mining to Be Used by Greenidge Generation for New Endeavor
As per the latest reports, Greenidge Generation has made an announcement in regards to its cryptocurrency mining operations. The Greenidge Generation, a major company in the United States known for mining Bitcoin (BTC) has made an announcement about renewable energy sources.
The firm has announced that it is currently in the process of increasing the sources of renewable energy. The energy sources mentioned in the announcement were for the mining facilities based in New York.
With the passage of time, the Bitcoin mining sector is constantly getting highlighted and noticed for the usage of energy sources with high carbon-emission rates.
This is the main reason why Bitcoin has faced a tremendous downtrend for being referred to as “Blood Bitcoin”. Now, the Bitcoin mining companies are adopting as many renewable energy sources as possible for mining Bitcoin.
Being one of the major Bitcoin mining firms in the United States, Greenidge Generation is making all the efforts in order to mine Bitcoin through renewable energy. This is the reason why the platform has announced it is increasing the number of renewable energy sources to meet the mining demand.
The announcement in regards to the increment of renewable energy sources was made by Greenidge Generation on Thursday, July 29, 2021. In the announcement, the firm has also provided more information in regards to other projects it is going to take care of related to the primary goal.
The firm has announced that it is going to use the profits from its Bitcoin mining activities for one particular goal. The Greenidge Generation is aiming to close the coal ash landfill, which is close to its mining facilities. The firm has been aiming to close the particular site for some and now, it is determined to take care of it.
The firm has confirmed that the profits it is aiming to dedicate for the particular project would be from the miners based in New York State’s Finger Lakes region.
The exchange has announced that it is planning to launch a solar farm, which would be developed right at the Lockwood Hills site. The firm has announced that once the location is set up, the solar farm would be able to generate a significant amount of power. Initially, the power generation would be around 5 megawatts.
Jeff Kirt, the chief executive officer (CEO) at Greenidge Generation talked about the project and the process it has undergone. Kirt stated that they would be able to make renewable energy a reality benefiting from the profits they collect from Bitcoin miners.
With their new effort, they will be able to expedite their project for the setting up of a solar farm at the particular site.