Bitcoin miner Greenidge Generation plans to develop a mining facility in South Carolina

On Friday, bitcoin mining company Greenidge Generation Holdings announced that it is expanding to South Carolina to develop the company’s next bitcoin mining facility. Greenidge says the carbon neutral facility in Spartanburg will be ready in 2021 or early 2022.

Bitcoin miner Greenidge Generation plans expansion to South Carolina

Spartanburg, South Carolina, the state’s twelfth largest city, will be home to bitcoin miners in the fourth quarter of 2021 or the first quarter of 2022, according to Greenidge Generation Holdings.

The Dresden, NY-based company signed a letter of intent with LSC Communications stating that Greenidge plans to expand its bitcoin mining activities to property owned by Atlas Holdings’ portfolio company LSC. The terms of the contract begin with a ten-year lease for a closed printing plant.

Greenidge says the print shop once used about 80 megawatts (MW) of energy, but believes the Spartanburg facility has “potential beyond that capacity.” The company will use the existing electrical framework at the site and also use clean nuclear energy.

“This is an important step in Greenidge’s strategy to build on our unique expertise in environmentally responsible Bitcoin mining in additional locations across the country,” said Jeff Kirt, CEO of Greenidge, in a statement.

Flare gas and 500 MW by 2025

Like many companies in the Bitcoin mining industry, Greenidge has continued to expand its business. In March, Greenidge announced plans to go public on the Nasdaq through a merger with Support.com. The year before, the company had put a fleet of mining rigs into operation in the 65,000 square meter natural gas power plant in Dresden New York.

During the merger, bitcoin mining company Greenidge hoped to have 500 MW online by 2025. In addition, Greenidge stressed Friday that the company plans to “invest some of its mining profits in renewable energy projects across the country.”

Bitcoin Miner Greenidge Generation plans to develop a mining facility in South Carolina Carolina
The Greenidge Generation power plant in Dresden, NY. “By using natural gas to generate electricity, Greenidge Generation is reaching new levels of thermodynamic efficiency and historically lows in generating costs, ”the company says. “A pipeline brings natural gas straight to the plant, eliminating the transportation and handling procedures required to burn coal.”

The Greenidge Generation power plant in New York’s Finger Lakes region uses flare or excess gas to power the company’s bitcoin miner fleet. Similarly, companies like Upstream Data, Crusoe Energy Systems and EZ Blockchain work with systems that use flare-reducing mechanisms.

“We have a superior team with proven expertise in this emerging field,” said Kirt. “With its favorable energy mix, capacity potential and business-friendly climate, the LSC site in Spartanburg is the ideal next location for us. The existing electrical infrastructure at the site should allow us to begin the data mining expansion almost immediately, ”added the Greenidge manager.

What do you think of Greenidge’s expansion into South Carolina? Let us know what you think on this matter in the comments below.

Tags in this story

Bitcoin Mining, BTC Mining, Crypto Mining, Dresden, Flare Gas, Greenidge, Greenidge Executive, Greenidge Generation, Jeff Kirt, Mining, Mining Bitcoin, Mining Bitcoins, New York, Nuclear Power, South Carolina, Spartanburg, Spartanburg County

Photo credits: Shutterstock, Pixabay, Wiki Commons

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