Greenidge to expand Bitcoin mining fleet with order of latest generation mining machines from Bitmain

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Greenidge orders 10,000 S19j Pro bitcoin miners representing 1 EH of mining capacity, marking the company’s final step towards achieving 500MW of bitcoin mining capacity by 2025

DRESDE, NY, Sept. 15, 2021 / PRNewswire / – Greenidge Generation Holdings Inc. (NASDAQ: GREE) (“Greenidge”), a vertically integrated bitcoin mining and power generation company, today announced that it has placed an order for 10,000 Bitmain S19j Pro Bitcoin Miners. Greenidge intends to deploy the 10,000 units at its planned plant in Spartanburg, South Carolina. The order would bring an additional 1 PE to the company’s bitcoin mining operations. The miners are currently scheduled for delivery in the second and third quarters of 2022.

This order is the latest development in the company’s plans to expand its bitcoin mining capacity to 500 MW by 2025 via additional locations beyond its initial power generation and bitcoin mining. in upstate New York. “The addition of 10,000 new miners is an important step in our commitment to expand our fully carbon neutral capacity,” said Jeff Kirt, CEO of Greenidge. “We expect these miners to anchor our planned facility in Spartanburg, expanding our national footprint by developing our environmentally friendly mining operations.”

Greenidge plans to begin operations in Spartanburg in the fourth quarter of 2021 and expects the location to become the company’s second carbon-neutral bitcoin mining operation in the United States. A majority of the electricity at the site is expected to come from zero carbon sources and Greenidge intends to fully offset all carbon emissions at the site as it continues to expand its bitcoin mining capacity in accordance with its commitment to environmental leadership in power generation. and cryptocurrency operations.

About Greenidge Generation Holdings Inc. Greenidge Generation Holdings Inc. (NASDAQ: GREE) is a vertically integrated mining and power generation company. Greenidge is committed to mining 100% carbon neutral bitcoin at all of its locations using low carbon energy sources and offsetting its carbon footprint. Greenidge currently operates a facility in upstate New York and plans to expand its operations to a second location in South Carolina in the coming months, which will source the majority of electricity from zero-carbon sources. . Support.com, Inc., a subsidiary of Greenidge, is a leading provider of in-home technical and customer support solutions.

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This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are forward-looking statements for the purposes of federal and state securities laws. These forward-looking statements involve uncertainties that could significantly affect our financial or operating results. These forward-looking statements may be identified by words such as “anticipate”, “believe”, “continue”, “anticipate”, “expect”, “intend”, “plan”, “may”, “Could,” “”, “” could, “and” should, “and the negative of these terms or other similar expressions. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties and are not guarantees of future performance Forward-looking statements contained in this document include, among other things, statements regarding the prospects, development, business plan, business strategy and operations of Greenidge in the future. Forward-looking statements contained in this press release include, without limitation, statements regarding the current and future construction and acquisition plans of Greenidge, including with respect to its planned expansion at Spartanbu rg, South Carolina or regarding future mining equipment orders to support expansion plans. Forward-looking statements are subject to a number of risks, uncertainties and assumptions. Matters and factors that could cause actual results to differ materially from those expressed or implied in these forward-looking statements include, without limitation, the matters and factors described in Greenidge’s risk factors set forth in its documents filed with the Securities and Exchange Commission, such as as well as statements concerning or relating to or otherwise affected by: (i) the ability to negotiate or execute final documentation relating to a facility in Spartanburg, South Carolina, on terms and conditions acceptable to Greenidge, whether timely or to all; (ii) the ability to recognize the goals and anticipated benefits of expanding to a facility in Spartanburg, South Carolina; (iii) the ability to recognize the objectives and anticipated benefits, including anticipated tax treatment, of the acquisition of Support; (iv) changes in applicable laws, regulations or permits affecting Greenidge’s operations or the industries in which it operates, including regulations regarding the generation of electricity, the use of cryptocurrency and / or the cryptocurrency mining; (v) any failure to secure adequate financing on a timely basis and on acceptable terms with respect to growth strategies or operations; (vi) fluctuations in the market prices of bitcoin and other cryptocurrencies; (vii) loss of public confidence in, or use cases of, bitcoin and other cryptocurrencies; (viii) the potential for cybercrime, money laundering, malware infections and phishing, and the costs associated with these issues; (ix) the potential for manipulation of the cryptocurrency market; (x) the economics of cryptocurrency mining, including with respect to variables or factors affecting the cost, efficiency and profitability of mining; (xi) the availability, delivery schedule and cost of equipment necessary to maintain and develop Greenidge’s business and operations, including mining equipment and equipment meeting technical or other specifications required to achieve our growth strategy, (xii) the possibility that Greenidge may be adversely affected by other economic, business or competitive factors, including factors affecting the industries in which it operates or on which it depends and on which it depends; (xiii) the ability to successfully expand to other facilities, mine other cryptocurrencies, or otherwise grow the business; (xiv) changes in tax regulations applicable to us, our assets or cryptocurrencies, including bitcoin; (xv) any litigation involving Greenidge; (xvi) costs and expenses related to cryptocurrency transaction fees and fluctuation in cryptocurrency transaction fees; (xvii) the condition of our physical assets, including the fact that Greenidge’s sole operating facility may experience material loss and interference, if not total, as a result of malfunction or failure of equipment, physical disaster, data security breach, computer malfunction or sabotage; (xviii) other risks and uncertainties relating to Greenidge’s business plan, commercial strategy, acquisition strategy and development strategy; (xix) the potential economic fallout resulting from the COVID-19 epidemic. No assurance can be given that these are all factors that could cause actual results to vary materially from the forward-looking statements contained in this press release. The actual results, performance or achievements of Greenidge could differ materially from the results expressed or implied in the forward-looking statements. All forward-looking statements speak only as of the date of this press release and Greenidge assumes no obligation to update or revise any forward-looking statements included in this press release, whether as a result of new information. , the occurrence of future events, changes in assumptions or otherwise, after the date of this press release.

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SOURCE Greenidge Generation Holdings Inc.

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