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

In a groundbreaking announcement, Greenidge Generation Holdings Inc., a powerhouse in the cryptocurrency data center and power generation sector, has revealed its plan to secure a hefty 60 MW of affordable power in South Carolina. This expands its U.S. footprint capacity, signaling the continued strengthening of Greenidge’s position in the market.

New Power Capacity Added

The ambitious company has made good on its commitment to expand power capacity. After previously disclosing the acquisition of 32.5 MW of mining capacity in Mississippi and 7.5 MW in North Dakota, they secure the South Carolina site, bringing the total new power capacity in this month alone to approximately 100 MW. This proactive and highly strategic approach exhibits Greenidge’s determination and commitment to maintaining a robust presence in the power sector.

Detailing the South Carolina Expansion

Greenidge’s expansion into South Carolina is the result of a recent agreement to develop a 20-acre section of a 150-acre property in Spartanburg. This property is set to provide projected electric services with a peak electrical load of 60 MW. With plans afoot to activate the site by June 2025, the company is poised to take full advantage of the GPU data center’s perfect infrastructure, power capacity, and footprint.

Possible Addition of 250 MW

In a further intriguing detail, Greenidge also declared its decision to commission a study that will estimate the financial and timetable aspects of adding an additional 250 MW to the remaining 130 acres of the South Carolina land.

A Statement from Greenidge’s CEO

Emphasising the company’s forward momentum, Jordan Kovler, CEO of Greenidge, said, “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 reveals our unwavering focus on increasing profitability through actions that could significantly transform our business as we gradually extend our reach throughout the nation.”

Bitcoin Production

In recent news, Greenidge produced around 130 bitcoins in March. 42 of those bitcoins were created by miners employed by Greenidge, and the remaining 88 were created through their data center hosting. The company’s hash rate in March was roughly 2.62 EH/s, constituted of 1.77 EH/s from the data center hosting and 0.85 EH/s from miners that Greenidge owns. The company’s hash rate is set to increase to 2.87 EH/s owing to the continuous deployment of over 2,700 miners.

Monthly Updates for Investors

In response to shareholder’s requests for regular updates, Greenidge has committed to providing monthly reports detailing the number of bitcoins it has mined. This move will further promote transparency and investor confidence in the company’s operations.