Benzinga | Sep 15, 2021 07:15AM EDT

Greenidge To Expand Bitcoin Mining Fleet With Order Of Latest Generation Mining Machines from Bitmain

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 S19j Pro bitcoin miners from Bitmain. Greenidge intends to deploy all 10,000 units at its anticipated Spartanburg, South Carolina facility. The order would bring an additional 1 EH of capacity to the company's bitcoin mining operations. The miners are currently scheduled to be delivered 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 500MW by 2025 via additional locations beyond its initial power generation and bitcoin mining operation 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 Greenidge Chief Executive Officer Jeff Kirt. "We expect that these miners will anchor our anticipated facility in Spartanburg, expanding our national footprint by growing our environmentally sustainable mining operations."

Greenidge expects to commence operations in Spartanburg in the fourth quarter of 2021 and expects the location will 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 be sourced 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 line with its commitment to environmental leadership in power generation and cryptocurrency operations.