Business
Greenidge Announces Expansion of Power Capacity with 40 MW of Low-Cost Power in Key Territories
Acquires 12-Acre Property in Mississippi with Power Expandable to 32.5 MW Secures Lease in North Dakota with Access to 7.5 MW of Power Latest Expansions
About this update from Greenidge Generation Holdings Inc.
[{"type":"text","content":"\n Acquires 12-Acre Property in Mississippi with Power Expandable to 32.5 MW\n\n\nSecures Lease in North Dakota with Access to 7.5 MW of Power\n\n\nLatest Expansions Underscore Continued Focus and Implementation of Strategic Growth Initiatives to Increase Profitability\n\n\n DRESDEN, N.Y.--(BUSINESS WIRE)--\nGreenidge Generation Holdings Inc. (NASDAQ: GREE) (“Greenidge” or the \"Company\"), a vertically integrated cryptocurrency datacenter and power generation company, today announced that it has expanded its U.S. footprint with access to 40 MW of low-cost power through property expansions in Mississippi and North Dakota.\n\n\nGreenidge purchased 12 acres with 32.5 MW of mining capacity in Mississippi and is in the process of deploying 7 MW of miners in Q2. By April 1, the Company intends to deploy additional miners in conjunction with a 7.5 MW mining capacity lease in North Dakota. Greenidge also signed Engineering, Procurement and Construction Management contracts in North Dakota and Texas, which are expected to increase revenue in a growing business line for Greenidge.\n\n\nGreenidge CEO Jordan Kovler commented: “By expanding our self-mining capabilities in key territories, Greenidge will be able to continue increasing our mining load flexibility and optimizing our operations to supercharge growth. We are also pleased that these expansions will create new jobs for local residents in both Mississippi and North Dakota. Greenidge continues to evaluate new sites and exciting opportunities to enhance value for all stakeholders.”\n\n\nIn January, Greenidge produced approximately 150 bitcoin, of which 50 bitcoin were produced by Greenidge owned miners and 100 were produced through our datacenter hosting. Greenidge’s hash rate in January was approximately 2.4 EH/s, with 0.8 EH/s from Greenidge owned miners and 1.6 EH/s from our datacenter hosting. In February Greenidge produced approximately 128 bitcoin, of which 41 bitcoin were produced by Greenidge owned miners and 87 were produced through our datacenter hosting. Greenidge’s hash rate in February was approximately 2.6 EH/s, with 0.8 EH/s from Greenidge owned miners and 1.8 EH/s from our datacenter hosting. Greenidge’s hash rate is expected to increase to 2.8 EH/s by April 1 as a result of deploying over 2,100 of its miners (adding 0.2 EH/s of self-mining). Moving forward, Greenidge...