Block Chain

Greenidge Secures $100m Fund, Aims to Enlarge Operations in U.S.

Greenidge Generation Holdings has secured $100 million in funds to assist in enlarging its operations in the U.S. - 2022-03-28T162341.760.jpg

The complete sum included $81.4 million as a mortgage from an affiliate of NYDIG and $26.5 million as a promissory be aware with a cohort of B. Riley Financial, Inc.

Greenidge claims to be the “first and only carbon neutral, vertically integrated power generator and Bitcoin miner of scale in the United States.”

The firm owns a big crypto mining centre in upstate New York. It plans to enhance its knowledge centre capability to 4.7 EH/s this 12 months, “with the vast majority of the capacity expansion focused outside of the company’s original site in New York,” in accordance to a press release.

According to the corporate’s current improvement, Greenridge has begun mining Bitcoin in a brand new location in South Carolina. After months, the corporate claims that its Bitcoin mining accounts for 15% of its combination hash price.

Greenidge’s CEO Jeff Kirt mentioned, “these financings are consistent with Greenidge’s established strategy of using non-dilutive capital to fund our expansion”.

Currently, Greenridge is ready for approval from the ​​Department of Environmental Conservation for its allow renewal for the mining facility in the Finger Lakes area of New York.

The main concern for the mining facility has been the environmental influence. They have drawn criticism from environmental teams, and a few have requested regulators to intervene.

According to Kirt, Greenidge “believe that bitcoin will be the global currency of the future; we believe it is inevitable, adaptable and will become ubiquitous over time.”


Image supply: Shutterstock

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