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

Bitcoin miner Greenidge experienced a significant stock increase of over 37% following its agreement with New York state officials to renew a crucial environmental permit for five years. The company has pledged to reduce its greenhouse gas emissions by 44% by 2030, a target aligned with New York's ambitious climate goals set by legislation passed in 2019. This settlement resolves a prolonged legal battle between Greenidge and the state’s Department of Environmental Conservation, which had previously denied the company a permit due to environmental concerns. The local labor union welcomed the agreement as a victory for both workers and environmentalists, emphasizing the balance between job preservation and progress on climate action. Despite the stock initially surging more than 75% upon the announcement, it stabilized to an increase of 37% at $2.08 by the latest report.

Source 🔗