Greenidge Vows to Pursue More Carbon-Neutral Bitcoin Mining Operations
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Without a doubt, last week’s Bitcoin (BTC) market dynamics got driven by Tesla’s announcement that it would stop receiving BTC payments for vehicles. The electric vehicle manufacturer cited environmental concerns as the reason for its unexpected decision.
The message has resonated across the industry, as Greenidge Generation Bitcoin Mining has promised to become carbon neutral this year and every year after. This announcement comes just a few weeks after the mining company stated that it would expand its operations.
The company has shown commitment to the cause and intends to invest in US-based renewable energy projects.
According to a report, the mining company will participate in the Regional Greenhouse Gas Initiative, a market-based program where members sell carbon dioxide allowances through auctions and invest the funds raised in renewable energy and energy efficiency.
When commenting on the topic, the CEO of Greenidge stated that:
“Our bitcoin mining capability is already best-in-class and seamlessly integrated with our electricity generation that powers thousands of homes and businesses. By taking the bold and unique step of making or cryptocurrency mining fully carbon-neutral immediately – as opposed to some distant date in the future – Greenidge is once again leading in environmental efforts.”
Key Bitcoin Levels to Watch — May 16
Bitcoin continues to trade with an overt bearish bias, as the benchmark cryptocurrency plunges to a near three-month low around $44k. The cryptocurrency got buoyed by a modest wave of bullish momentum earlier today but failed to capitalize on the uptick.
The bearish reversal confirmed a bearish channel for BTC, as trading volume remains thin. That said, the primary cryptocurrency could regain bullish momentum only when it reclaims the $50k mark.
Meanwhile, our resistance levels are at $46,000, $47,000, and $48,300, and our key support levels are at $45,000, $44,000, and $43,000.
Total Market Capitalization: $2.08 trillion
Bitcoin Market Capitalization: $839 billion
Bitcoin Dominance: 39.8%
Market Rank: #1
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