Bitcoin Miner Greenidge Settles New York Permit Dispute, Prompting Stock Spike

Bitcoin miner Greenidge's stock surged over 37% following the renewal of its five-year environmental permit by New York state. In exchange for this permit, Greenidge committed to reducing its greenhouse gas emissions by 44% by 2030, aligning with the state's climate policies. This settlement resolves years of legal disputes between Greenidge and state regulators regarding the environmental impact of its operations. The local union praised the settlement as a balance between job preservation and environmental responsibility, with ongoing discussions about taxing proof-of-work miners for their electricity consumption. The stock increase reflects broader market optimism as the cryptocurrency sector is experiencing a renewed interest amid speculation regarding a potential end to the U.S. government shutdown. Greenidge operates a natural gas power plant that supports its mining operations in Dresden, New York, which powers both its mining facilities and the state’s electricity grid.

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