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

Greenidge Generation Holds Secures 60 MW Power in South Carolina for U.S. Expansion

In a recent development, Greenidge Generation Holdings Inc., a consolidated cryptocurrency data center and power generation firm based in the U.S., has confirmed the procurement of 60 MW of low-cost power resources in South Carolina, thereby indicating a significant step towards the expansion of its U.S. power capacity. Earlier, the company had also reported a 32.5 MW mining capacity acquisition in Mississippi and a 7.5 MW power purchase in North Dakota, Johnson. Thus, the sum of the newly added power capacity in the previous month accounted for approximately 100 MW.

Details of the Deal

The latest move towards expansion by Greenidge in South Carolina is the consequence of a highly anticipated agreement to develop a considerable portion of a 150-acre parcel of land located at Spartanburg, South Carolina. It projected electric services will have a peak load of about 60 MW. In pursuit of tapping into the beneficial infrastructure, footprint, and power strength of the GPU data center, Greenidge plans to activate the site by June 2025.

Greenidge is actively considering a feasibility study that aims at assessing the financial and scheduling implications of adding another 250 MW to the remaining 130 acres of the South Carolina land.

Reaction from Greenidge

In a statement, Jordan Kovler, CEO of Greenidge, expressing his enthusiasm about the new power distribution deal, mentioned that “With our recent addition of 100 MW of total power capacity, we continue to demonstrate the positive progress we are making at Greenidge”. He felt that this recent move further showed their determination to improve profitability via initiatives that could potentially revolutionize their organization as it expands across the nation. This also complements their recent expansion in North Dakota and Mississippi.

Impact on Bitcoin Production

The operations at Greenidge led to the production of nearly 130 bitcoins in March. While 42 of these were generated by the miners employed by Greenidge, the remaining 88 via their data center hosting. The March hash rate for Greenidge was about 2.62 EH/s, which comprised data center hosting (1.67 EH/s) and Greenidge-owned miners (0.85 EH/s). The hash rate is estimated to surge to 2.87 EH/s because of the ongoing deployment of over 2,700 miners. As part of their future plans and in response to shareholder feedback, Greenidge aims to provide monthly reports on the bitcoin mined.

Looking Forward

With this forward-thinking power procurement in South Carolina, Greenidge has firmly set its foot towards expanding its power-generating capacity to aid its cryptocurrency data centers. This development not only contributes to a green cryptocurrency mining model but also indicates the massive potential that the U.S. holds in becoming a global leader in digital currency production.