Greenidge Generation raised $108 million to triple the hashrate

The company plans to increase the capacity of the data center to 4,7 EH/s-

28.03.2022 - 14:10

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The company plans to increase the capacity of the data center to 4,7 EH/s.

What’s new? Mining company Greenidge Generation Holdings has raised $108 million. This amount will be used to triple the amount of computing capacity for mining. The funding includes an $81,4 million loan from an affiliate of NYDIG and a $26,5 million promissory note from an affiliate of B. Riley Financial, Inc.

Information on the Greenidge website

What does the CEO say? Greenidge’s CEO Jeff Kirt noted:

“This is a transformative year for Greenidge as we expect to more than triple our datacenter capacity to 4,7 EH/s, with the vast majority of the capacity expansion focused outside of the company’s original site in New York.”

The company recently began mining bitcoin in South Carolina, which the company says is already at 15% of its cumulative hashrate after three months of operation.

What is known about the company? Greenidge Generation Holdings Inc. is a cryptocurrency data center and power generation company. The company is based in Torrey, New York. Greenidge is awaiting a decision from the Department of Environmental Conservation to renew its cryptocurrency mining permit in the Finger Lakes area of New York State. The decision is due by March 31.

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