Greenidge Secures 60 MW Power in South Carolina, U.S. Expansion

Continuing Its U.S. expansion amid growing crypto demand

Greenidge Generation Holdings Inc., a vertically integrated cryptocurrency data center and power generation company, has announced the securing of 60 MW of affordable power in South Carolina as part of its ongoing U.S. expansion plan.

This move sees Greenidge increasing its power capacity as it adds access to low-cost power at its South Carolina facility. This agreement brings the total new power capacity added to about 100MW, which includes the previous acquisition of 32.5 MW in Mississippi and 7.5 MW in North Dakota.

Agreement Boosting the Company’s U.S. Footprint

The South Carolina expansion of Greenidge is a result of a recent agreement to develop 20 acres of their 150-acre property located in Spartanburg for projected electric services with a peak electrical load of 60 MW.

With the aim to activate this site by June 2025, Greenidge plans to leverage the GPU data center’s ideal footprint, infrastructure, and power capacity. In addition, there are potential plans to conduct a study to assess the financial and time considerations required to add 250 MW to the remaining 130 acres of the South Carolina property.

CEO’s Take on the Expansion

Jordan Kovler, CEO of Greenidge, expressed his excitement about the recent addition and company’s plans, saying: “With our recent addition of 100 MW of total power capacity, we continue to demonstrate the positive progress we are making at Greenidge. This power distribution deal demonstrates our unwavering commitment on boosting profitability through actions that have the potential to completely change our company as we spread across the nation and build on the expansion we recently announced in North Dakota and Mississippi.”

Greenidge’s Bitcoin Mining Achievements

In March, Greenidge was successful in the production of about 130 bitcoins. Of these, 42 were crafted by the miners directly employed by Greenidge, while the remaining 88 came through their data center hosting. Greenidge’s hash rate in March was approximately 2.62 EH/s, of which 1.77 EH/s was contributed by their data center hosting and 0.85 EH/s from miners that Greenidge owns.

With more than 2,700 miners being deployed continuously, Greenidge’s hash rate is anticipated to jump to 2.87 EH/s. In response to shareholder queries, the company will begin to provide monthly reports on how much bitcoin it has mined.

Looking Forward

Greenidge’s recent securing of 60 MW power in South Carolina solidifies its position as a leader in the field of cryptocurrency data centers. With this move, the company continues to increase its footprint and capacity across the U.S., in line with increasing demand for crypto.

Author: HERE Irmo