YATES COUNTY, N.Y. — A New York State Supreme Court judge has ruled that Greenidge Generation’s Bitcoin mining facility can continue to operate at Seneca Lake for now.
The ruling overturns a decision by the state Department of Environmental Conservation denying the cryptocurrency mining company’s application to renew its air permit. The court did uphold the DEC’s power to deny permits and permit renewals for any operations it deems a threat to the state’s climate harm reduction goals.
As News10NBC has reported, local climate change activists are concerned about the Yates County facility’s greenhouse gas emissions. The facility uses natural gas to “mine” for Bitcoins.
Good Question: How does cryptomining affect the environment?
To “mine” crypto, you need a powerful computer and a lot of power to run complicated programs to create digital currency. Greenidge was getting its power from a former coal power plant that the company converted to run on natural gas instead.
The company uses the lake to cool down computers. Opponents say that warms up the lake and disturbs the ecosystem.
Supporters say the facility brings innovation to the Finger Lakes region. The Yates County Legislature signed on because it brought 45 high-paying jobs to the area.
Cryptocurrency works just like any other dollar, but they’re not accepted in most of the brick-and-mortar world. Most people see cryptocurrency as an investment because it’s unstable compared to other currencies, meaning the value can shoot up quickly. However, some major online spaces like Amazon, Microsoft, and PayPal do accept Bitcoin.
