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Senator Warren expressed her concern about Bitcoin miner Greenidge Generation's energy usage and its effect on the environment and consumers in a letter to Jeffrey Kirt. Massachusetts summoned the bitcoin miner, requesting further information regarding the mining operation's environmental impact.
Senator Warren Questioned the Environmental Footprint of Bitcoin Miner Greenidge Generation's (GREE)
Senator Elizabeth Warren (D-Massachusetts) questioned Greenidge Generation's (GREE) bitcoin mining business in New York state's environmental imprint in a comprehensive letter to the publicly traded company's CEO.
"Given the extremely high energy consumption and carbon emissions associated with Bitcoin mining, mining operations at Greenidge and other plants raise concerns about their impacts on the global environment, local ecosystems, and consumer electricity costs," she wrote, requesting a detailed response by Dec. 17.
Greenidge's mining plant in New York was heavily criticized earlier this year. Environmentalists were concerned about the power plant's use of natural gas to mine bitcoin, as well as its cooling system's purported influence on a nearby lake. In May, the business said that from June 1, it would acquire carbon offset credits to offset the emissions produced by its rigs.
Bitcoin miners consume a lot of energy to keep their operations running. Miners have recently opted for more sustainable power sources to offset this perception.
Sustainable Power has Grown to About 58%
According to a recent assessment conducted by the Bitcoin Mining Council, sustainable electricity grew to around 58 percent of the total used by the industry worldwide in the third quarter, up from 3% in the second quarter. The surge is due in part to North American mining's quick expansion in the face of a Chinese departure, as well as a transition to sustainable energy and better mining practices.
Nonetheless, Warren pointed out that bitcoin miners used the same energy as Denmark, Chile, Argentina, and Washington state. She added, "Bitcoin's predicted yearly power consumption climbed more than triple between January 2019 and May 2021."
Warren's letter is the first time he has asked a miner for details about its operations. "Greenhouse gas emissions at the Dresden facility climbed nearly tenfold from 2019 to 2020," she said, referring to the New York plant. "By 2020, it will have released nearly 220,000 metric tons of CO2 into the atmosphere, equivalent to the emissions of 50,000 cars," she added.
On its website, Greenridge describes itself as the "first and only carbon neutral, vertically integrated power generator and scale bitcoin miner in the United States." Later this month or early next year, the business is also preparing to begin mining operations in Spartanburg, South Carolina.