Greenidge says N.Y. bitcoin mining operation to be carbon-neutral June 1

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May 14 (Reuters) - Greenidge Generation Holdings Inc said on Friday it will operate an entirely carbon-neutral bitcoin mining operation at its upstate New York facility starting on June 1.

The company said it will purchase voluntary carbon offsets from a portfolio of U.S. greenhouse gas reduction projects. The company converted its power generation operations from coal to natural gas in 2017.

Bitcoin is the best-known cryptocurrency. It hit a high above $65,000 in mid-April and now trades at around $51,000. It requires extensive energy to produce the coins, however, as many miners are seeking less carbon-intense ways to produce the currency.

So-called mining is the process by which new bitcoins are placed in circulation. It involves using sophisticated computers that solve intricate, complex computational math problems.

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Reporting by Scott DiSavino, Editing by Franklin Paul

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