Imagesines /iStock Editorial via Getty Images

Imagesines /iStock Editorial via Getty Images

The New York State Department of Environmental Conservation's ("NYSDEC") has denied the renewal of Greenidge Generation Holdings' (NASDAQ:GREE ) existing Title V Air Permit, but the decision "does not have any impact on our current operations" in Dresden, New York, the company said Thursday in a statement.

The eco-friendly bitcoin (BTC-USD) miner's operations in the state will be uninterrupted "because our application was already deemed complete, we operate pursuant to the State Administrative Procedures Act ("SAPA")," so "with the provisions of the SAPA, we can continue running uninterrupted under our existing Title V Air Permit, which is still in effect, for as long as it takes to successfully challenge this arbitrary and capricious decision," Greenidge Generation said.

Furthermore, "there is no credible legal basis whatsoever for a denial of this application because there is no actual threat to the State's Climate Leadership and Community Protection Act ("CLCPA") from our renewed permit."

The denial of the air permit was considered a win for regulators as they seek to reduce greenhouse gas emissions. Lately, New York has been clamping down on Proof-of-Work-based bitcoin (BTC-USD) miners given how energy-intensive the process is.

Nevertheless, "our Dresden facility represents a remarkably insignificant 0.2% of New York's target GHG emissions level for 2030, and we have already reduced our GHG emissions at the facility by 70% when compared to the reference date of 1990 in the CLCPA. It is absurd for anyone to look at these facts and rationally claim that renewing this specific permit -- for a facility that makes up a small fraction of the state's electricity generation capacity -- would impede New York's long-term climate goals. It simply would not," Greenidge Generation explained.

Shares of Greenidge Generation (GREE) are falling nearly 9% in the last hour of the trading session, as bitcoin (BTC-USD) drops 6.4% to $18.9K over the past 24 hours.

Previously, (June 3) New York nears decision to ban Proof-of-Work crypto mining.