Greenidge Expands Its Reach With Acquisition of 60 Megawatts in South Carolina

Expansion Plan

In a significant move that secures a robust future for its operations, Greenidge Generation Holdings Inc., the well-regarded vertically integrated cryptocurrency data center, and power generation company have announced the securing of 60 MW of affordable power in South Carolina. This assiduous move aligns with the company’s vision of expansion across the United States. This exciting announcement added to the growing footprint of Greenidge, escalating its new power capacity by just this month to nearly 100 MW.

Previous Dispositions

Prior to this announcement, Greenidge unfurled the acquisition of 32.5 MW of mining capacity in Mississippi and 7.5 MW in the state of North Dakota. This cumulatively elevates the total new power capacity added in the past month to approximately 100 MW.

About the South Carolina Expansion

The expansion of Greenidge in South Carolina is the result of a recent agreement to chalk out 20 acres of a 150-acre area in Spartanburg, South Carolina for the projected electric services with a potential electrical load peak of 60 MW. Greenidge is planning to activate this site by June 2025 to optimize the GPU data center’s ideal infrastructure and power capacity.

Moreover, Greenidge is scheduling to commission a study to better understand the financial consequences and scheduling implications of adding 250 MW to the undeveloped 130 acres of the South Carolina site. Taking the expansion plan a notch higher, this study is further anticipated to bolster Greenidge’s stronghold in the power generation space.

CEO Statements

Jordan Kovler, the CEO of Greenidge, expressed his excitement on this substantial addition to the company’s power capacity. “With our recent addition of 100 MW of total power capacity, we continue to demonstrate the positive progress we are making at Greenidge,” he said. He further highlighted the company’s commitment and optimism and said, “This power distribution deal demonstrates our unwavering commitment to boosting profitability through actions that have the potential to completely change our company.

Previous Accolades

Last month, Greenidge produced about 130 bitcoins with 42 of those mined by miners employed directly by Greenidge and the rest via their data center hosting. The hash rate of Greenidge in the same month was reported to be approximately 2.62 EH/s, with 1.77 EH/s from their data center hosting and 0.85 EH/s from miners that Greenidge owns. As per the recent announcements, the hash rate of Greenidge is expected to surge to 2.87 EH/s owed to the continuous deployment of more than 2,700 miners.

Future Prospects

In a bid to be more transparent and keep its stakeholders updated, Greenidge will commence the provision of monthly reports on the bitcoins it mines in response to shareholders’ comments. This move is expected to foster trust and promote direct communication, thereby solidifying the company’s reputation in the market.