Bitcoin-Mining Power Plant Mentioned by Elon Musk to Go Carbon-Neutral

An abandoned New York power plant that has turned into a Bitcoin mining farm is set to go carbon-neutral

Fri, 05/14/2021 - 18:15

New York’s Greenidge power plant—which has been repurposed for Bitcoin mining in 2017—is going to be entirely carbon-neutral starting from June, Reuters reports.

It will achieve this by purchasing carbon offsets, which allow to balance out the CO2 footprint by funding green projects.

Greenidge’s announcement came just one day after Tesla CEO Elon Musk mentioned the company as proof of Bitcoin’s wastefulness.

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The e-car manufacture ditched the cryptocurrency as a means of payment earlier this week due to environmental concerns, causing a sharp drop in its price.

Bitcoin is currently trading at $50,606 on Bitstamp.

About the author

Alex Dovbnya

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.

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