Greenish Generation Holdings Will Fund Crypto Mining Data Center In South California With $264 Million

Greenidge Generation Holdings (GREE), a vertically integrated Bitcoin mining and power generation company, plans to establish a new data center in the US state of North Carolina. The Connecticut-based company will spend $264 million in the state-of-the-art data center.

Greenidge Generation Holdings to establish a Bitcoin mining data center in North Carolina

According to a press release by Nasdaq-regulated Bitcoin mining firm, Greenidge Generation Holdings, plans have been approved for the establishment of a $264 million Bitcoin mining data center in North Carolina.

The new facility will be located on 175 acres of land in Spartanburg and will house the current most cutting-edge and efficient crypto mining equipment. The first phase of the construction is expected to be completed in H2 of 2022, while further expansion will continue till 2025. The facility will reach at least 100 megawatts of data center capacity when fully functional according to Greenidge.

Speaking of the announcement, the CEO of Greenidge, Jeff Kirt, noted that it was a significant step in the company’s goal to build a unique carbon neutral Bitcoin mining operation.

The site is ideal, with an energy mix that is more than 60% carbon-free, opportunities for additional growth, and a business-friendly climate. We’re excited to hire great, local talent immediately and support nearby businesses as we grow our company here in South Carolina, Kirt noted.

North Carolina officials have also welcomed the Connecticut-based company warmly. Henry McMaster, the governor of South Carolina noted that he was delighted to welcome Greenidge to the state that was rapidly transforming into a “hub for tech-focused companies.” He adds that the investment and the around 40 skilled jobs the facility will create will have a positive impact on the state’s economy.

Spartanburg’s County council chairman, Manning Lynch also chimed in noting that Greenidge’s arrival aligns with the county’s aim to diversify its development.

We welcome Greenridge Generation and look forward to the impact they’ll have on the growing eastern side of Spartanburg County, Lynch said.

Crypto mining keeps growing in Countries like the US and Canada

The US Bitcoin and crypto mining scene has had a lot of activity recently. After the exodus from China, the majority of Bitcoin mining power is now in the world’s largest economy.

Recent announcements by several US Bitcoin mining companies indicate that it is a very profitable enterprise. Recently, Core Scientific announced that it had gone public, successfully listing on the Nasdaq stock exchange. In a similar move, Bitmain-backed cloud mining firm BitFuFu also announced that it would be going public in the US by Q3 of this year. Canadian based Mining giant Bitframs also recently increased its BTC holdings by $43.2 million.