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

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

The total sum included $81.4 million as a loan from an affiliate of NYDIG and $26.5 million as a promissory note 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 company owns a large crypto mining centre in upstate New York. It plans to increase its data centre capacity to 4.7 EH/s this year, “with the vast majority of the capacity expansion focused outside of the company’s original site in New York,” according to a statement.

According to the company’s recent development, Greenridge has begun mining Bitcoin in a new location in South Carolina. After months, the company claims that its Bitcoin mining accounts for 15% of its aggregate hash rate.

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

Currently, Greenridge is waiting for approval from the ​​Department of Environmental Conservation for its permit renewal for the mining facility in the Finger Lakes region of New York.

The major concern for the mining facility has been the environmental impact. They have drawn criticism from environmental groups, and some have asked 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 source: Shutterstock


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Bitcoin miner Greenidge set for Nasdaq listing through merger

Bitcoin mining and power generation company Greenidge is set to complete a merger with customer and technical support solutions provider to become the latest publicly listed mining firm. 

Once the merger transaction is complete, Inc. will become a wholly-owned subsidiary of Greenidge Generation Holdings Inc. The new entity’s Class A shares will trade under the ticker GREE.

According to a Sept. 13 announcement published by the SEC, the merger is expected to become effective by market close the following day. The merger, settled as a stock-for-stock transaction, will see each share in Inc. automatically converted into the right for its bearer to receive 0.115 Class A Greenidge shares. Greenidge CEO, Jeff Kirt, stated:

“This merger is an important next step for Greenidge as we build upon our existing, integrated and proven platform for Bitcoin mining and generation of lower carbon affordable power.”

According to a March 22 statement that first announced the planned merger, will also provide Greenidge with $33 million in additional cash.

“This transaction will build upon Greenidge’s successful business by providing them with additional cash funding and a public currency to fund their growth plans, as well as important new capabilities including customer interface, security software, and privacy expertise,” said’s president and CEO, Lance Rosenzweig.

Upon completion of the merger, Kirt will lead the combined company as CEO. Rosenzweig, will remain in his position as CEO of the existing business, which will continue to operate in the ordinary course as a wholly-owned subsidiary of Greenidge.

Related: Crypto miner Argo Blockchain goes ‘climate positive’ on greenhouse gas emissions

In July, Greenidge announced its commitment to become a 100% carbon-neutral Bitcoin mining operation by purchasing voluntary carbon offsets from a portfolio of U.S. greenhouse gas reduction projects.

The firm also aims to utilize low-carbon sources of energy at its facility in Upstate New York, and offset the carbon footprint of its new South Carolina plant by sourcing electricity from zero-carbon sources.