Friday, October 7, 2022

Greenidge to Expand Operations Outside New York Following a $108M Raise

A massive cryptocurrency mining company in New York, Greenidge Generation Holdings has generated capital worth approximately $108 million for the expansion of its service beyond New York City. Based on the statement issued, the fund was raised through affiliates of NYDIG and B.Riley Financial, Inc.

Greenidge Generation Holdings is a company known to produce natural gas which generates electricity at a very low cost for crypto mining as well as for other commercial or individual activities. It serves as a data center that utilizes 100% low carbon sources for generating its energy.

The crypto mining plant is recognized as the first and only vertically integrated power generator and Bitcoin (BTC) mining plant in the United States that is carbon neutral. Almost all Greenidge’s recorded projects make use of low carbon for mining and power generation.

Road Ahead for Greenidge Generation Holdings

Earlier in 2021, Greenidge Generation made known its intention to broaden its BTC mining operations to Spartanburg, South Carolina which is also intended to be fully carbon neutral. The company’s activities in South Carolina are expected to commence this year. With this new fund generated, the South Carolina project is likely to kick off. 

The affiliate of NYDIG spawned approximately $81.4 million of the capital while another $26.5 million was gotten from an affiliate of B.Riley Financial, Inc via a secured note which makes it the third the crypto mining plant has secured from this source.

With this fund, Greenidge will triple its data center capacity up to 4.7 exahashes per second (4.7 EH/s), especially outside its New York plant. Presently, its projects in Spartanburg for the past three months already account for 15%  of its average hash rate.

Amidst all of these, the United States still maintains the position of ‘Bitcoin Mining Capital’ after John Warren, CEO of Gem Mining announced it last month. The U.S is fully equipped to support mining, and this accounts for why mining companies are gravitating towards the country, especially with China and Kazakhstan cracking down on Proof-of-Work (PoW) companies.

Victoria Nye
A Blockchain columnist who is enthusiastic about developing a network interface between the real world and the cryptosphere.

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