Latest news with #Greenidge
DW
3 days ago
- Business
- DW
US rural communities bearing the brunt of bitcoin mining – DW – 06/30/2025
As US President Donald Trump loosens cryptocurrency rules, one community tells how noise and pollution from a local Bitcoin mining operation has become "relentless." In the quiet village of Dresden on the western shore of Seneca Lake in thestate of New York, the fire whistle blows like clockwork at noon every day. Residents don't mind; it's a familiar sound that blends into the rhythm of their small-town life. But there's one noise some of the 300 villagers cannot stand: the constant, mechanical droning of Greenidge Generation. This former coal-fired facility is now a natural gas "peaking plant" that supplies electricity to New York during high demand. Since 2019, it has also powered an energy-gulping Bitcoin mine. Locals say that on some days, the sound it emits is like a refrigerator humming in the background, but when the wind shifts just right, it becomes more of a roar. Winton Buddington, who owns a home in Dresden, said "it was a nice and peaceful community," until 2017. "Then, Atlas Holdings purchased the property." Retired nurse Beth Cain says research shows that constant noise "does affect people. It creates stress for your system," she said, adding that it's like "having tinnitus." But the unwanted soundscape is not the only concern locals share about the plant, which also discharges hot water into the lake and emits carbon dioxide and other greenhouse gases. Many in the community, including Yvonne Taylor, vice president of Seneca Lake Guardian, a grassroots environmental advocacy group in upstate New York, fear that Greenidge poses a threat to the broader region, whose wineries and Mennonite farms are big visitor attractions. "[The wine and tourism industry] is our driving economic engine, and all of those jobs rely heavily on clean air and clean water for survival," Taylor said. Large-scale crypto-mining operations such as the one in Dresden consume massive amounts of energy. They thousands of computer servers to compete in solving mathematical problems that validate blockchain transactions. By 2021, the Greenidge facility was generating about 44 megawatts to mine Bitcoin, which is enough to power up to 40,000 homes — depending on their consumption levels. "Each one of those machines has to solve a puzzle. Each machine can solve that puzzle about 100 trillion times every second," said Colin Read, author of The Bitcoin Dilemma: Weighing the Economic and Environmental Costs and that requires a lot of energy, which generates a lot of emissions. Citing Greenidge's own data, the environmental law group Earthjustice said the facility emitted almost 800,000 tons of carbon dioxide and CO2 equivalents in 2023 — on a par with the tailpipe emissions of over 170,000 to the US Energy Information Administration, 137 cryptomining facilities were already operating in the country at the start of 2024. The current government has not yet released new figures, but Troy Cross, philosophy professor at Reed College in the US city of Portland and senior fellow at the nonpartisan Bitcoin Policy Institute expects that under self-proclaimed "crypto president" Donald Trump, Bitcoin companies will face fewer barriers when scouting for new mining locations. "Trump will make it easier for the large Bitcoin mining companies in the US, and especially in West Texas," he said, in reference to the state being a leading producer of coal and natural gas. It's also among the top states in solar and wind energy coming to office, the president has already formed a working group to draft pro-crypto regulations and has announced a national reserve to stockpile digital assets. In a sharp reversal of his earlier stance that Bitcoin was "not money" and a "scam," he has even launched his own meme coin. Taylor says Bitcoin mines are "spreading across the country like a cancer," adding that "slick crypto corporations" are popping up in rural underserved communities with promises of job creation and earnings. To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video But pointing to the fact that the Greenidge Bitcoin mine employed 48 people full-time in 2022 — about as many as in a typical McDonald's — she said experience shows that such claims "fall short." Margot Paez, of the Bitcoin Policy Council, who studies cryptocurrency mining in New York State, says Greenidge's decision to co-locate its Bitcoin mine with a natural gas plant is a "terrible" idea. But she adds that the site is just "one bad apple," suggesting that Bitcoin miners should tap into renewables or support grid balancing. In a draft environmental impact assessment of the 11 known crypto facilities within its borders, the state said the energy use from such operations "may contribute to challenges meeting New York's renewable energy transition goals." Residents and environmentalists are also concerned about the Greenidge plant's water use. Keeping the crypto mining computers running without overheating requires massive amounts of water. The facility is permitted to draw up to 139 million gallons (525 million liters) from Seneca Lake every day and dump back as many as 134 million gallons. Having been used for cooling, however, the water returned to the lake is much warmer than when it was taken out. Temperatures range between 86 degrees Fahrenheit (30 degrees Celsius) in the winter and 108 F (42 C) in the summer — which some locals say makes the lake too warm for kayakers and swimmers to enjoy. Residents also worry the warm water could affect aquatic life and trigger more harmful algae blooms in the lake. In 2024, the state environment authorities recorded 377 algal blooms — up from 50 in 2023. Exposure to blooms can cause rashes, coughing, sore throat, stomach pain, and have been involved in legal action that has so far failed to halt the facility's operations. They are also part of a network of experts and activists from affected communities across 17 states that has reached out to Trump's crypto working group to explain the impacts of cryptocurrency policies on rural areas. They have not yet received a response. In Dresden, where some residents rent out their properties to visitors who come for the lake, there are fears that proximity to Greenidge will hurt the local rental market. Even 10 miles (16 kilometers) away in the city of Geneva, residents are concerned about the potential impact of the Bitcoin mining facility. Vinny Aliperti, owner of Billsboro Winery, said the plant hasn't affected his business yet, but he's confident it will. "Clean lakes are a big part of agrotourism. They're the reason people visit the area and the wineries," he said. Greenidge, which describes itself on its website as an "environmental leader in power generation and Bitcoin mining," had not responded to a request for comment by the time of publication. The Torrey Town Board, which governs Dresden, said the plant has complied with all its codes, including an independent noise study. "The Greenidge power plant has been an important part of the Town of Torrey since the 1930s, remaining so today as a valuable employer and community partner," it said. The crypto mine has contributed to the community by donating to Dresden's volunteer fire department and the village playground and supporting businesses in the region during theCOVID-19 pandemic. "They've done those things, but that's not something that we consider to be worth the trade-off of the pollution and the impact they're having on the environment," Buddington play this audio please enable JavaScript, and consider upgrading to a web browser that supports HTML5 audio
DW
3 days ago
- Business
- DW
The US rural communities bearing the brunt of Bitcoin mining – DW – 06/30/2025
As US President Donald Trump loosens cryptocurrency rules, one community tells how noise and pollution from a local Bitcoin mining operation has become "relentless." In the quiet village of Dresden on the western shore of Seneca Lake in thestate of New York, the fire whistle blows like clockwork at noon every day. Residents don't mind; it's a familiar sound that blends into the rhythm of their small-town life. But there's one noise some of the 300 villagers cannot stand and that's the constant, mechanical droning of Greenidge Generation. This former coal-fired facility is now a natural gas "peaking plant" that supplies electricity to New York during high demand. Since 2019, it has also powered an energy-gulping Bitcoin mine. Locals say some days the sound it emits is like a refrigerator humming in the background, but when the wind shifts just right, it becomes more of a roar. Winton Buddington, who owns a home in Dresden, said "it was a nice and peaceful community," until 2017. "Then, Atlas Holdings purchased the property." Retired nurse Beth Cain says research shows that constant noise "does affect people. It creates stress for your system," she said, adding that it's like "having tinnitus." But the unwanted soundscape is not the only concern locals share about the plant, which also discharges hot water into the lake and emits carbon dioxide and other greenhouse gases. Many in the community, including Yvonne Taylor, vice president of Seneca Lake Guardian, a grassroots environmental advocacy group in upstate New York, fear that Greenidge poses a threat to the broader region whose wineries and Mennonite farms are big visitor attractions. "[The wine and tourism industry] is our driving economic engine, and all of those jobs rely heavily on clean air and clean water for survival," Taylor said. Large-scale crypto-mining operations such as the one in Dresden consume massive amounts of energy, using thousands of computer servers to compete in solving mathematical problems that validate blockchain transactions. By 2021, the Greenidge facility was generating about 44 megawatts to mine Bitcoin, which is enough to power up to 40,000 homes — depending on their consumption levels. "Each one of those machines has to solve a puzzle. Each machine can solve that puzzle about 100 trillion times every second," said Colin Read, author of The Bitcoin Dilemma: Weighing the Economic and Environmental Costs and that requires a lot of energy, which generates a lot of emissions. Citing Greenidge's own data, the environmental law group Earthjustice said the facility emitted almost 800,000 tons of carbon dioxide and CO2 equivalents in 2023 — on a par with the tailpipe emissions of over 170,000 to the US Energy Information Administration, 137 cryptomining facilities were already operating in the country at the start of 2024. The current government has not yet released new figures, but Troy Cross, philosophy professor at Reed College in the US city of Portland and senior fellow at the nonpartisan Bitcoin Policy Institute expects that under self-proclaimed "crypto president" Donald Trump, Bitcoin companies will face fewer barriers when scouting for new mining locations. "Trump will make it easier for the large Bitcoin mining companies in the US, and especially in West Texas," he said, in reference to the state being a leading producer of coal and natural gas. It's also among the top states in solar and wind energy coming to office, the president has already formed a working group to draft pro-crypto regulations and has announced a national reserve to stockpile digital assets. In a sharp reversal of his earlier stance that Bitcoin was "not money" and a "scam," he has even launched his own meme coin. Taylor says Bitcoin mines are "spreading across the country like a cancer," adding that "slick crypto corporations" are popping up in rural underserved communities with promises of job creation and earnings. To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video But pointing to the fact that the Greenidge Bitcoin mine employed 48 people full-time in 2022 — about as many as in a typical McDonald's — she said experience shows that such claims "fall short." Margot Paez, of the Bitcoin Policy Council, who studies cryptocurrency mining in New York State says Greenidge's decision to co-locate its Bitcoin mine with a natural gas plant is a "terrible" idea. But she adds that the site is just "one bad apple," suggesting that Bitcoin miners should tap into renewables or support grid balancing. In a draft environmental impact assessment of the 11 known crypto facilities within its borders, the state said the energy use from such operations "may contribute to challenges meeting New York's renewable energy transition goals." The Greenidge plant's water use is also a concern for residents and environmentalists. Keeping the crypto mining computers running without overheating requires massive amounts of water. The facility is permitted to draw up to 139 million gallons (525 million liters) from Seneca Lake every day and dump back as many as 134 million gallons. Having been used for cooling, however, the water returned to the lake is much warmer than when it was taken out. Temperatures range between 86 degrees Fahrenheit (30 degrees Celsius) in the winter and 108 F (42 C) in the summer — which some locals say makes the lake too warm for kayakers and swimmers to enjoy. Residents also worry the warm water could affect aquatic life and trigger more harmful algae blooms in the lake. In 2024, the state environment authorities recorded 377 algal blooms — up from 50 in 2023. Exposure to blooms can cause rashes, coughing, sore throat, stomach pain, and have been involved in legal action that has so far failed to halt the facility's operations. They are also part of a network of experts and activists from affected communities across 17 states that has reached out to Trump's crypto working group to explain the impacts of cryptocurrency policies on rural areas. They have not yet received a response. In Dresden, where some residents rent out their properties to visitors who come for the lake, there are fears that proximity to Greenidge will hurt the local rental market. Even 10 miles (16 kilometers) away in the city of Geneva, residents are concerned about the potential impact of the Bitcoin mining facility. Vinny Aliperti, owner of Billsboro Winery, said the plant hasn't affected his business yet — but he's confident it will. "Clean lakes are a big part of agrotourism. They're the reason people visit the area and the wineries," he said. Greenidge, which describes itself on its website as an "environmental leader in power generation and Bitcoin mining," had not responded to a request for comment by the time of publication. The Torrey Town Board, which governs Dresden, said the plant has complied with all its codes, including an independent noise study. "The Greenidge power plant has been an important part of the Town of Torrey since the 1930s, remaining so today as a valuable employer and community partner," it said. The crypto mine has contributed to the community by donating to Dresden's volunteer fire department and the village playground and supporting businesses in the region during theCOVID-19 pandemic. "They've done those things, but that's not something that we consider to be worth the trade-off of the pollution and the impact they're having on the environment," Buddington play this audio please enable JavaScript, and consider upgrading to a web browser that supports HTML5 audio
Business Wire
15-05-2025
- Business
- Business Wire
Greenidge Generation Reports Financial and Operating Results for the First Quarter 2025
PITTSFORD, N.Y.--(BUSINESS WIRE)--Greenidge Generation Holdings Inc. (Nasdaq: GREE) ('Greenidge' or the 'Company'), a vertically integrated cryptocurrency datacenter and power generation company, today announced financial and operating results for the first quarter ended March 31, 2025 and provided an update on the Company's growth prospects. First Quarter 2025 Financial Results: Total revenue of $19.2 million; Net loss from operations of $5.6 million; EBITDA of $0.4 million; Adjusted EBITDA of $1.0 million; Cryptocurrency mining revenue of $4.2 million; Datacenter hosting revenue of $5.8 million; Power and capacity revenue of $9.2 million; and Total bitcoin production of 112 BTC. Recent Highlights: Reduced debt to $60.2 million through privately negotiated exchanges, representing a 16.6% reduction to date of the original $72.2 million aggregate principal amount of Greenidge's senior unsecured debt; Announced board refreshment, appointing Kenneth Fearn and Christopher Krug as independent directors who bring additional expertise in capital markets, real estate and M&A and bolster the Company's strategic focus on value-maximizing transactions; Reported no equity sales under the Company's equity line of credit ('ELOC') during the first quarter and no current plans to utilize the ELOC to sell shares at a price below $2.73 per share; Improved efficiency of Greenidge's current active fleet miner to 23.8 J/TH as a result of strategic purchases of more efficient miners compared to the aggregate fleet efficiency of 26.6 J/TH as of March 31, 2025; Entered into an agreement to purchase 37-acre site in Mississippi, with access to 40 MW of additional low-cost power by July 2026; Added 2.5MW of planned mining capacity at existing Mississippi site; Progressing toward the closing of the sale of the Company's South Carolina property; and Evaluating future sites with significant low-cost power capacity. Greenidge ended the first quarter with $4.9 million of cash, $8.4 million of Bitcoin and $66.7 million in aggregate principal amount of debt. Greenidge CEO Jordan Kovler commented: 'This past quarter, our team's disciplined execution and prudent financial management have significantly advanced the turnaround of our business and operations. We not only made substantial further progress on our debt reduction efforts, but we did so while also continuing to explore strategic transactions to further right-size our capital structure and upscale our mining operations in the midst of unprecedented institutional and sovereign demand for Bitcoin. Against this backdrop, we are excited about the path ahead and look forward to continuing to aggressively pursue opportunities to maximize value for all Greenidge stakeholders.' Greenidge currently has 119MW of active self-mining, hosting and power generation across sites in New York, Mississippi and North Dakota. With planned mining capacity of 2.5MW expected to be added in Q2 or Q3 2025 and at least 40MW by Q2 2026, Greenidge expects to have a total near-term mining capacity of 161.5MW, excluding any future transactions. The Company's active datacenter operations consist of approximately 3.3 EH/s of datacenter hosting and cryptocurrency mining, of which 1.8 E/Hs, is associated with datacenter hosting and 1.5 E/Hs is associated with our cryptocurrency mining. About Greenidge Generation Holdings Inc. Greenidge Generation Holdings Inc. (Nasdaq: GREE) is a vertically integrated power generation company, focusing on cryptocurrency mining, infrastructure development, engineering, procurement, construction management, operations and maintenance of sites. Forward-Looking Statements This press release includes certain statements that may constitute 'forward-looking statements' within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are forward-looking statements for purposes of federal and state securities laws. These forward-looking statements involve uncertainties that could significantly affect Greenidge's financial or operating results. These forward-looking statements may be identified by terms such as 'anticipate,' 'believe,' 'continue,' 'foresee,' 'expect,' 'intend,' 'plan,' 'may,' 'will,' 'would,' 'could,' and 'should,' and the negative of these terms or other similar expressions. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties and are not guarantees of future performance. Forward-looking statements in this press release include, among other things, statements regarding the business plan, business strategy and operations of Greenidge in the future. In addition, all statements that address operating performance and future performance, events or developments that are expected or anticipated to occur in the future are forward looking statements. Forward-looking statements are subject to a number of risks, uncertainties and assumptions. Matters and factors that could cause actual results to differ materially from those expressed or implied in such forward-looking statements include but are not limited to the matters and factors described in Part I, Item 1A. 'Risk Factors' of Greenidge's Annual Report on Form 10-K for the year ended December 31, 2024, as may be amended from time to time, its subsequently filed Quarterly Reports on Form 10-Q and its other filings with the Securities and Exchange Commission. Consequently, all of the forward-looking statements made in this press release are qualified by the information contained under this caption. No assurance can be given that these are all of the factors that could cause actual results to vary materially from the forward-looking statements in this press release. You should not put undue reliance on forward-looking statements. No assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do occur, the actual results, performance, or achievements of Greenidge could differ materially from the results expressed in, or implied by, any forward-looking statements. All forward-looking statements speak only as of the date of this press release and Greenidge does not assume any duty to update or revise any forward-looking statements included in this press release, whether as a result of new information, the occurrence of future events, uncertainties or otherwise, after the date of this press release. Use of Non-GAAP Information To provide investors and others with additional information regarding Greenidge's financial results, Greenidge has disclosed in this press release the non-GAAP operating performance measures of Adjusted EBITDA. Adjusted EBITDA is defined as earnings before interest, taxes and depreciation and amortization, which is then adjusted for stock-based compensation and other special items determined by management, including, but not limited to, gains or losses from the sales of assets, insurance proceeds and the impact of subsidiary deconsolidation. These non-GAAP financial measures are a supplement to and not a substitute for or superior to, Greenidge's results presented in accordance with U.S. GAAP. The non-GAAP financial measures presented by Greenidge may be different from non-GAAP financial measures presented by other companies. Specifically, Greenidge believes the non-GAAP information provides useful measures to investors regarding Greenidge's financial performance by excluding certain costs and expenses that Greenidge believes are not indicative of its core operating results. The presentation of these non-GAAP financial measures is not meant to be considered in isolation or as a substitute for results or guidance prepared and presented in accordance with U.S. GAAP. Because of these limitations, EBITDA and Adjusted EBITDA should not be considered in isolation or as a substitute for performance measures calculated in accordance with GAAP. Greenidge compensates for these limitations by relying primarily on its GAAP results and using EBITDA and Adjusted EBITDA on a supplemental basis.
Yahoo
01-05-2025
- Business
- Yahoo
Bitcoin Miners With HPC Exposure Underperformed BTC for Third Straight Month: JPMorgan
Bitcoin (BTC) mining companies with high-performance computing (HPC) exposure underperformed the world's largest cryptocurrency for the third month in a row in April, Wall Street bank JPMorgan said in a research report on Thursday. Some bitcoin miners have pivoted into new business areas, such as offering HPC services to the fast growing artificial intelligence (AI) market, to reduce their dependence on crypto. "We note miners with HPC exposure (IREN, RIOT, WULF, HUT) underperformed BTC performance for the third consecutive month," analysts Reginald Smith and Charles Pearce wrote. Mining profitability fell in April as the network hashrate increased. Daily block reward revenue declined 6% from March, the bank said, while the monthly average hashrate rose around 56 exahashes per second (EH/s), or 6% month-on-month, to 872 EH/s in April. "This was the second largest sequential increase in the monthly average network hashrate on record," the authors wrote. The hashrate refers to the total combined computational power used to mine and process transactions on a proof-of-work blockchain, and is a proxy for competition in the industry and mining difficulty. The total market cap of the 13 U.S.-listed mining stocks that the bank tracks increased 12% from March. Greenidge (GREE) was a notable outperformer in April with a 46% gain. Read more: Bitcoin Miner 1Q Results May Disappoint as Hashprice Fell, Tariffs Hit: CoinShares Sign in to access your portfolio
