Bitcoin miner Greenwich saw its stock price rise more than 35% on Monday after announcing an agreement with New York state regulators to secure a five-year renewal of a key environmental permit.
In exchange for the permit, Greenwich agreed to significantly reduce greenhouse gas emissions to an extent consistent with New York State’s ambitious climate goals. The company has committed to reducing allowable emissions by 44% by 2030.
This goal is consistent with the landmark New York Climate Act passed in 2019, which aims to reduce statewide greenhouse gas emissions by 40% from 1990 levels by 2030.
The New York State Department of Environmental Protection’s settlement with Greenwich comes three years after the state regulator agreed. I refused Renew air emissions permits for cryptocurrency miners due to negative environmental impact.
Friday’s transaction It also ended all litigation between New York State and Greenwich, which filed suit after being denied another air emissions permit in 2022.
Greenwich stock (NASDAQ: GREE) soared more than 75% after news of the settlement broke after the market closed on Friday. The stock price has since fallen a bit, but is still up more than 37% since Friday afternoon to $2.08 at the time of writing.
Greenridge operates a natural gas power plant in Dresden, New York, that powers its Bitcoin mining operations and feeds into the state’s power grid.
The local union representing workers at the Dresden factory celebrated Friday’s settlement as a win-win for workers and environmental activists.
““By reaching tough new permitting agreements, New York State is standing up for working-class families,” Roman Sefari, business manager for IBEW Local Union 10, said in a statement. decryption. “I want to thank Governor (Cathy) Hochul and her staff for their efforts to protect good-paying union jobs while achieving real, tangible environmental progress.”
toll of proof of work Digital asset mining on New York’s power grid has long been a controversial issue in one of the most economically important and important regions of the United States. skeptical of cryptography state.
Last month, a group of New York state legislators invoice Proof-of-work cryptocurrency miners like Greenidge would then be taxed on their electricity consumption. Revenue from the tax funds a statewide energy affordability program for low-income households.