https://decrypt.co/84635/bitcoin-miner-greenidge-generation-allegedly-threatened-environmental-activists
Bitcoin bad for business Bitcoin Mining Showdown Puts New York on Front Lines of a Green Fight The Finger Lakes region is one of New York state’s most picturesque, but the natural beauty helps conceal the pain of a region hard hit by industrial decline. Jun 2, 2021 10 min read Bitcoin mining itself is a controversial practice, due to the fact that it is often extremely energy-intensive. According to Cambridge University, the Bitcoin network currently consumes over 110 terawatt-hours of electricity per year, meaning that if Bitcoin was a country, it would be among the world’s leading countries by annual electricity consumption. This, in turn, leads to a hefty carbon footprint. According to Cambridge University, only 39% of the Bitcoin network runs on renewable energy. Previous research conducted by Decrypt indicated that the other 61%, which runs on fossil fuels like Greenidge’s facility, generates greenhouse gas emissions equivalent to billions of pounds of burned coal, or millions of homes’ average electricity consumption for the year. The Seneca Lake battleground While there is a broader, industry-wide concern about Bitcoin mining and the environment, concerns surrounding the Greenidge facility have often been in reference to the nearby Seneca Lake. Buddington recently told Decrypt that the Keuka Outlet—a stream close to Greenidge’s facility that feeds into Seneca Lake—felt like it was getting warmer. “When kayaking in the outlet, especially during the summer months, when you dip your hand in the water, it feels unnaturally warm,” she told Decrypt. According to The Committee to Preserve the Finger Lakes, she’s right. The group has measured the changing temperature of the Keuka Outlet, and found that water temperature increased from roughly 50 degrees to roughly 85 degrees between January and July 2021. Bitcoin The Hard Truth About Bitcoin's Energy Consumption Bitcoin recently broke $60,000 for the first time, cementing its perch as the “big dog” of cryptocurrencies. It has been embraced by groups as disparate as politicians, NFL stars, and Tesla CEO This, Taylor claims, can be a “contributing factor” to harmful algae blooms, a form of bacteria that is harmful to humans and animals. “We’re seeing this as a growing problem on our lake, which is a drinking water resource for over 100,000 people,” Taylor previously told Decrypt. Greenidge, on the other hand, said in its recent-most letter to Taylor that “there is zero evidence that Greenidge’s operation is increasing the likelihood of Harmful Algae Blooms or threatening any aspect of Seneca Lake.” What’s next for Greenidge? Greenidge is facing a battle for the renewal of its Title V permit with New York’s Department of Environmental Conservation. That Title V permit—which Greenidge obtained in 2016—compels the facility to monitor and control the amount of greenhouse gas emissions it emits every year. In March 2021, Greenidge submitted a package of documents in support of its renewed application to the DEC. Bitcoin Is Seneca Lake Being Warmed By Bitcoin Mining? Not Quite. Greenidge Generation has made millions of dollars mining somewhere between 3.8 to 4 Bitcoin per day at its Dresden, NY facility. Critics have argued the facility damages the local environment,... That package contained a letter—seen by Decrypt—which specified the company could legally permit up to 641,000 tons of carbon dioxide equivalents annually. That, according to the Environmental Protection Agency’s carbon emissions calculator, suggests the company’s maximum legal emissions would amount to over 700 million pounds of burned coal, or 116 thousand homes’ average electricity consumption for the year. As the company fights for its license renewal, Buddington and Taylor are not the only ones standing in its way. Earlier this week, concerns over Greenidge’s environmental impact were raised at a state Assembly hearing. “Is it or is it not an energy hog? If it is, if it’s undermining our climate goals then we need to take a really, really careful look at it, including saying no,” said Russ Haven, legislative counsel for New York Public Interest Research Group, per WSKG. Decrypt has reached out to Greenidge Generation for further comment on this story. We will update this article should we receive a response.
