September 27, 2022

Greenidge Generation raises $108M to triple hash rate

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Mining company Greenidge Generation announced that it has raised $108 million. The funds will be used to triple the amount of computing power to 4.7 EH/s.

$81.4 million in the form of a loan was provided by a firm affiliated with NYDIG, $26.5 million – in the form of a promissory note associated with B. Riley Financial. In the first case, the company provided secured ANTMINER S19 J Pro ordered from Bitmain, in the second case, real estate.

The increase in the Greenidge Generation hashrate will not actually affect the data center located in upstate New York in the city of Dresden. In 2021, local residents accused the company of negative environmental impact.

Greenidge Generation will focus on the development of a data center located in Spartanburg County, South Carolina. Its share of the firm’s total hashrate has already reached 15%, according to a press release. In January, the company announced that investments in the project would amount to $264 million.

Greenidge Generation previously said the Spartanburg facility will be 100% carbon neutral.

Recall that in 2021 the company promised to completely neutralize the carbon footprint of bitcoin mining through the purchase of CO₂ emission quotas.

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