Greenidge stock jumps 30% after New York settles air-permit battle over crypto mining operation
Greenidge stock surged after settling a long-standing air-permit dispute with New York State regulators.Summary
Nasdaq-listed Greenidge Generation Holdings (GREE) shares rose over 30% after the company announced a settlement with the New York State Department of Environmental Conservation, securing the renewal of its air-emissions permit for its Dresden, N.Y., facility.
The new five-year permit resolves all litigation stemming from a 2022 permit denial. Under the agreement, Greenidge must cut permitted greenhouse gas output by 44% and actual emissions by 25% by the end of the decade, exceeding New York's 2030 climate-reduction goals. Greenidge President Dale Irwin praised the settlement, noting the required reductions surpass the state's Climate Leadership and Community Protection Act (CLCPA) goals.
The Dresden facility operates as a combined power-generation and cryptocurrency-mining site, capable of diverting power to the grid during peak demand, mirroring a trend seen globally where mining is used for grid balancing.
(Source：The Block)