Greenidge Generation Announces Letter of Intent to Expand Bitcoin Mining Operation to Site in South Carolina

Greenidge Generation Holdings, Inc. announced today that it plans to develop its next bitcoin mining operation in South Carolina. Consistent with Greenidge’s longstanding commitment to environmental leadership in power generation and cryptocurrency operations, the Spartanburg facility will be fully carbon neutral. Greenidge expects to commence mining operations in Spartanburg in late 2021 or early 2022.

Greenidge has signed a Letter of Intent with LSC Communications, an Atlas Holdings’ portfolio company, to execute a 10-year lease for Greenidge to utilize a portion of the property owned by LSC. The site, a retired printing plant, previously drew approximately 80MW of power and has expansion potential beyond that capacity. Greenidge plans to make use of existing electrical infrastructure at the location, with opportunities for continued growth.

Approximately two thirds of the electricity at the site is sourced from zero carbon sources such as nuclear power, making it an attractive location for Greenidge. Greenidge has committed to offsetting the operation’s remaining carbon footprint, building on its record in New York State of operating a fully carbon neutral mining business. Greenidge also announced earlier this year that it will invest a portion of its mining profits in renewable energy projects across the country.

“This is an important step in Greenidge’s strategy to build upon our unique expertise in environmentally sound bitcoin mining at additional locations across the country,” said Jeff Kirt, Chief Executive Officer of Greenidge. “We have a superior team with proven expertise in this emerging field. LSC’s Spartanburg site, with its favorable energy mix, capacity potential and business-friendly climate, is the ideal next location for us. The site’s existing electrical infrastructure should allow us to commence our data mining buildout almost immediately.”

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