Greenidge Generation Lists Nasdaq Expands Bitcoin Mining Operations

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Bitcoin miner Greenidge Generation announced on September 15 that it has ordered 10,000 S19j Pro bitcoin mining rigs from Bitmain to expand the company’s mining fleet. The new machines, which are expected to ship in the second and third quarters of 2022, could deploy an additional 1,000 petahashes (PH) of hash capacity at Greenidge’s planned facility in Spartanburg, South Carolina.

“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.”

The purchase marks the latest development in the bitcoin miner’s plans to achieve 50 megawatt (MW) of electrical capacity at its mining facilities by 2025. Greenidge has been working to expand its operations beyond its facility initial in upstate New York and expects mining operations in Spartanburg to begin in the fourth quarter of 2021.

Greenidge has announced plans to set up the Spartanburg facility in July and expects it to be the company’s second carbon-neutral bitcoin mining operation in the United States. In addition to sourcing clean electricity from the site, Greenidge also intends to fully offset the facility’s carbon emissions. The company has been active in the environmental cause through its operations and also announced in July the reuse of a former coal ash landfill into a new solar farm. Additionally, in the same month, Greenidge partnered with Foundry to acquire 8,300 bitcoin mining rigs and join the Foundry USA Pool.

On September 14, the bitcoin miner announced the successful completion of its merger with Support.com to have its Class A common stock traded on the Nasdaq Global Select Market. Support.com will continue to operate its existing business line as a wholly-owned subsidiary of Greenidge, and Kirt will lead the combined company. As determined by the exchange ratio for the merger, Support.com shareholders will receive, for each common share they held prior to the merger, 0.115 Class A common share of Greenidge.

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