Greenidge Generation Holdings owns a large crypto mining facility in upstate New York. Received an additional $100 million to finance growing operations in the United States.
The financing consisted of an $81.4 million loan from an NYDIG subsidiary and promissory notes. (Promissory Note) $26.5 million with subsidiary of B. Riley Financial, Inc.
The company is planning to triple its mining capacity to 4.7 EH/s this year, “where most of the capacity expansion is focused outside of the company’s original site in New York,” according to the company.statementreleased on Thursday
Greenidge just started bitcoin mining in a new location in South Carolina. That, according to the company, accounts for 15% of its total hash rate after three months.
“These financings are consistent with Greenidge’s established strategy of using the funds to fund our expansion,” Greenidge CEO Jeff Kirt said.
Greenidge is awaiting a decision from the Department of Environmental Conservation on renewing its license for BTC mining in the Finger Lakes region of New York, the decision should come before March 31.
The post Greenidge plans to triple its mining capacity after $100 million in funding appeared first on Bitcoin Addict.