Greenidge announces tax impact

DRESDEN-Greenidge Generation announced Monday, Jan. 24, due to the continued success of its cryptocurrency data center and power generation operation, the amount of taxes it anticipates paying to the state of New York, Yates County, the town of Torrey, and the Penn Yan Central School District for Calendar Year 2021 are expected to exceed $3 million. This number is approximately $2 million higher than what was incurred by the company in 2020.
In 2020, the company paid a total of approximately $1,100,000. That number was $296,814 in 2019, when the cryptocurrency data center was only in its pilot phase. Before Greenidge resumed power generation after eliminating coal-fired operations at the facility, its total tax payments were $167,179 in 2016.
In a press release about their operations at the beginning of 2022, Greenidge reported they have 17,300 digital miners active at the power plant in Dresden. For 2021 their miners produced 1,866 Bitcoin (BTC). As of press time, each Bitcoin was trading for $36,343.30, equaling $67,816,598. The company said at the end of 2020 they had 6,900 miners active and have expanded to 17,300 by the end of 2021. There is an additional order in for 31,700 miners to bring the total to 49,000 when they are all deployed.
Greenidge has said it is committed to using profits from its bitcoin mining operation to close the previous coal ash landfill that existed from the power plant's prior coal use and will purchase carbon offsets from a portfolio of greenhouse gas reduction projects along with investing in renewable energy projects.
Greenhouse gas emissions produced by the fossil fuel power plant, and its use of Seneca Lake water to cool the power generation equipment are two factors opponents of the facility cite as reasons against expanding cryptocurrency mining using on-site generated power.