Greenidge Generation Holdings (NASDAQ: GREE) shares surged more than 30% after reaching a landmark agreement with the State of New York, ending years of disputes over its emissions permit.
The resolution grants the company a five-year renewal to operate its power generation and Bitcoin mining facility in Dresden under environmental limits that are stricter than those required by state law.
Eco-Friendly Crypto Mining
The New York State Department of Environmental Conservation (NYSDEC) and Greenidge signed a new Title V permit mandating a 44% reduction in allowed emissions and a 25% reduction in actual emissions by 2030. These targets exceed those of the Climate Leadership and Community Protection Act, which calls for an overall 40% cut within the next decade. The agreement also resolves all pending litigation and confirms that Greenidge’s operations fully comply with state climate standards.
The Dresden facility, converted from coal to natural gas in 2016, combines electricity generation and cryptocurrency mining without drawing power from the public grid. Its design allows mining operations to pause within minutes to redirect energy to the regional system during peak demand, providing grid stability and lowering consumer costs. Since 2022, the plant has increased the amount of electricity supplied to upstate New York’s grid each year.
Greenidge Sets A Historic Precedent For The Industry
Greenidge President Dale Irwin described the agreement as a “strong and balanced permit” that validates the company’s responsible mining model — one that generates power, supports the grid, and meets the nation’s toughest environmental goals. The International Brotherhood of Electrical Workers (IBEW Local 10) praised the outcome, noting that it protects union jobs and strengthens the region’s energy infrastructure.
Since acquiring the facility, Greenidge has invested over $100 million to modernize the plant, which now accounts for roughly 10% of Yates County’s tax revenue. This case marks a turning point in the relationship between the mining industry and regulators, showing that Bitcoin mining can integrate into the energy system as a tool for balance and efficiency.