1 month ago
Bitcoin miner Greenidge Generation has filed a suit against the New York Department of Environmental Conservation (DEC) implicit licensing issues.
According to an Aug. 15 tribunal filing, the institution seeks an injunction aft the DEC denied its Title V aerial licence exertion for its Dresden powerfulness procreation and mining facility.
The lawsuit
The DEC had refused to renew the Title V aerial licence successful June 2022, citing non-compliance with the Climate Leadership and Community Protection Act.
Greenidge’s entreaty against the determination was rejected successful May 2024. However, the institution was granted a four-month grace play to proceed operating nether the existing licence until Sept. 8.
Greenidge claims the DEC’s determination was “arbitrary and capricious.” The institution argued that the DEC overstepped its authority, infringing connected the New York State Public Service Commission’s jurisdiction implicit electricity-generating facilities and disregarding the New York Independent System Operator’s process.
The steadfast further argued that the regulator’s stance connected shutting down the installation was based connected its engagement successful crypto mining contempt its relation successful supplying energy to the grid. Greenidge besides emphasized the facility’s publication to the state’s economy, including occupation instauration and taxation payments that enactment the county’s budget.
Greenidge stated that if the DEC’s determination is not annulled, it would beryllium forced to unopen down and cease operating the installation by Sept. 9.
On its website, Greenidge highlights that its Dresden installation provides clean, reliable powerfulness to New York’s vigor grid, susceptible of powering up to 20,000 homes and businesses arsenic of 2020.
Greenidge’s operations
The Dresden works is simply a captious portion of Greenidge’s operations, supporting powerfulness generation, crypto mining, and information halfway hosting services. Greenidge besides operates successful South Carolina, Mississippi, and North Dakota.
Greenidge reported $13.1 cardinal successful gross during the 2nd quarter, with $4.8 cardinal derived from self-mining and $6.6 cardinal from crypto information halfway hosting. The institution besides earned an further $1.5 cardinal from powerfulness and capableness services.
Overall, Greenidge generated $32.4 cardinal year-to-date, chiefly from its crypto information halfway operations. Its CEO Jordan Kovler said:
“The actions we took successful the archetypal fractional of 2024 created a beardown instauration that positions Greenidge to turn efficiently moving guardant arsenic we proceed to standard our business. This quarter, we followed done connected our promises to importantly trim SG&A, grow our powerfulness capableness and get and physique caller sites with debased powerfulness wherever we tin deploy our ain miners.”
The station Greenidge Generation battles New York bureau implicit Dresden powerfulness works permit appeared archetypal connected CryptoSlate.
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