2024-8-20 22:00 |
Bitcoin miner Greenidge Generation has filed a lawsuit against the New York Department of Environmental Conservation (DEC) over licensing issues.
According to an Aug. 15 court filing, the company seeks an injunction after the DEC denied its Title V air permit application for its Dresden power generation and mining facility.
The lawsuitThe DEC had refused to renew the Title V air permit in June 2022, citing non-compliance with the Climate Leadership and Community Protection Act.
Greenidge’s appeal against the decision was rejected in May 2024. However, the company was granted a four-month grace period to continue operating under the existing permit until Sept. 8.
Greenidge claims the DEC’s decision was “arbitrary and capricious.” The company argued that the DEC overstepped its authority, infringing on the New York State Public Service Commission’s jurisdiction over electricity-generating facilities and disregarding the New York Independent System Operator’s process.
The firm further argued that the regulator’s stance on shutting down the facility was based on its involvement in crypto mining despite its role in supplying electricity to the grid. Greenidge also emphasized the facility’s contribution to the state’s economy, including job creation and tax payments that support the county’s budget.
Greenidge stated that if the DEC’s decision is not annulled, it would be forced to shut down and cease operating the facility by Sept. 9.
On its website, Greenidge highlights that its Dresden facility provides clean, reliable power to New York’s energy grid, capable of powering up to 20,000 homes and businesses as of 2020.
Greenidge’s operationsThe Dresden plant is a critical part of Greenidge’s operations, supporting power generation, crypto mining, and data center hosting services. Greenidge also operates in South Carolina, Mississippi, and North Dakota.
Greenidge reported $13.1 million in revenue during the second quarter, with $4.8 million derived from self-mining and $6.6 million from crypto data center hosting. The company also earned an additional $1.5 million from power and capacity services.
Overall, Greenidge generated $32.4 million year-to-date, mainly from its crypto data center operations. Its CEO Jordan Kovler said:
“The actions we took in the first half of 2024 created a strong foundation that positions Greenidge to grow efficiently moving forward as we continue to scale our business. This quarter, we followed through on our promises to significantly reduce SG&A, expand our power capacity and obtain and build new sites with low power where we can deploy our own miners.”
The post Greenidge Generation battles New York agency over Dresden power plant permit appeared first on CryptoSlate.
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