Based in New York, the mining company Greenidge Generation will from June 1 fully neutralise the carbon footprint from Bitcoin mining through the purchase of CO2 emissions allowances.
Greenidge Generation will direct the funds to a portfolio of greenhouse gas reduction projects. The firm also plans to allocate a portion of profits to the development of renewable energy capacity.
«Projects reduce emissions or increase the absorption of greenhouse gases in a constant and verifiable manner. This is confirmed by one of three recognised agencies», the press release said.
Greenidge Generation urged other mining companies to join this initiative.
Since 2017 the firm has annually purchased “carbon credits” under the Regional Greenhouse Gas Initiative. The programme envisages auctions during which proceeds from the sale of CO2 emission allowances are invested in energy-efficiency programs and the development of renewable energy sources.
As reported in May 2021, Tesla stopped selling electric vehicles for bitcoins due to concerns about the environmental sustainability of cryptocurrency mining.
Earlier, Square and ARK Invest presented a model for green energy development through Bitcoin mining.
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