New York Residents Slam Bitcoin Mining Plant For Ruining Seneca Lake, More FUD?

A Bitcoin mining plant operated by Greenidge Generation LLC has been accused of heating Seneca Lake by the residents of Dresden, New York. Seneca Lake is the deepest and one of the largest lakes in Finger Lakes in upstate New York.

Bitcoin Mining Heating Lake, Killing Marine Life - Residents

Speaking to NBC, the residents disclosed that the gas-fired power plant is heating the lake and causing pollution. One of the residents, Abi Buddington, told the news outlet that the lake now feels as warm as a hot tub as the temperature rises. Other residents also expressed concerns about how the high temperatures are killing marine life. The trout species of fish that is common in the lake is a key concern for locals. The fish only thrives in temperatures between 52F and 64F, levels above 75F are lethal for some. These accusations by the locals have been previously refuted by Greenidge's spokesperson, Michael McKeon, who denied the firm’s influence in the Lake’s rising temperature.

“We are not blasting heated water into the lake, that's not true. We have the most advanced technology and we will continue to invest in the most advanced technology to protect the fish in the lake.”

Greenidge uses no less than 8,000 computers 24/7, burning through an enormous amount of energy to mine virtual currency. Greenidge claims its Bitcoin mining operations are now carbon neutral. In May, the firm revealed plans to purchase carbon offsets as part of its sustainability goals. However, Judith Enck, a former regional administrator of the Environmental Protection Agency (EPA), does not agree with the firm’s plans or actions. Enck said carbon offsets are not particularly effective in reaching greenhouse gas reduction goals. She added that there is no system in place to regulate it in New York.

Authorities Supporting Greenidge

While the majority of residents are against Greenidge, not everyone wants them gone. Apart from hiring miners and contributing to the employment sector in the community, Greenidge has also been making payments to local authorities. The Dresden Fire Department received the company’s $25,000 donation for a jaws-of-life machine, while the school district welcomed a $20,000 gift to develop education and enrichment programs. Meanwhile, Bitcoin enthusiast Hector has supported Greenidge as he criticized NBC’s take in a series of tweets. Hector said that it takes about 1.17 watt-hours to raise the temperature of one Kg of water by one degree. Therefore, according to him, to raise Seneca Lake by even 1 degree, one would need about 7,000 MW continuously over 365 days. This, he said, is not up to what Greenidge uses. With 8,000 computers, Greenidge’s facility has only 24MW of capacity and can not raise the lake’s temperature to that degree. Earlier this year, Greenidge announced a merger with IT company Support.com in a bid to become the first publicly traded Bitcoin miner to generate its electricity. This merger would be completed in the third quarter of this year, after which Greenridge will be listed on Nasdaq. Greenidge is also furthering expansion plans as it intends to move its crypto mining operations to South Carolina later this year. The firm intends to broaden its crypto mining operations across numerous locations and achieve an operational capacity of at least 500MW by 2025.