Greenidge Generation Holdings Inc., a U.S. Bitcoin mining and power generation company, has announced it plans to ramp up its operation across the U.S. by more than doubling its previous order with Chinese mining rig maker Bitmain.
Fast facts
- Nasdaq-listed Greenidge said Thursday in a statement it plans to significantly expand beyond its current operating site in upstate New York to Texas and South Carolina.
- Specifically, it has upsized its Bitmain order from 10,000 units of S19j Pros miners to 22,500 units, which are expected to be delivered in the second and third quarters of next year, the company said.
- To fuel its growth, Greenidge said it has signed agreements for at least six potential data centers in Texas — a popular destination for crypto miners. In South Carolina, the company has also agreed to purchase a facility to mine crypto. The potential sites in Texas and South Carolina have over 3,000 MW of combined electrical capacity, according to the statement.
- Greenidge currently operates 45MW of mining capacity at its existing site in Dresden, N.Y., and expects to continue to operate the facility, the company said.
- Greenidge’s expansion plan comes as the U.S. has emerged as a new hub for crypto mining activities. In the wake of the stepped-up ban in China, many crypto miners are moving to more regulation-friendly shores, and the U.S. has appeared to be benefiting from the exodus.
- The U.S. has overtaken China’s leading position in cryptocurrency mining, according to the latest data from the Cambridge Bitcoin Electricity Consumption Index compiled by the Cambridge Centre for Alternative Finance. At the end of August, the U.S. accounted for 35.4% of the global hashrate share — which refers to the level of computing power required to mine — representing a significant surge from 16.8% at the end of April.