Greenidge Holdings to Float $264M Crypto Mining Hub in South Carolina

American digital currency mining and power generation company, Greenidge Generation Holdings Inc has unveiled its plans to establish a new cryptocurrency datacenter in Spartanburg County, South Carolina. According to the company, the new mining site is worth $264 million and will provide approximately 40 direct jobs in the tech sector.

The new data center is notably located on 175 acres of land and the firm says it will be the most advanced and efficient cryptocurrency mining computers commercially available. The Nasdaq-listed company also said the facility is expected to have at least 100 megawatts of data center capacity when fully developed.

“This is a significant step in Greenidge’s strategy to build upon our unique expertise at new locations across the country. The site is ideal, with an energy mix that is more than 60% carbon-free, opportunities for additional growth, and a business-friendly climate. We’re excited to hire great, local talent immediately and support nearby businesses as we grow our company here in South Carolina,” said Greenidge Chief Executive Officer Jeff Kirt.

The first phase of the company’s Spartanburg site is projected to go online by the second half of this year with additional growth investments billed to be added through 2025.

Taking Advantage of America’s Mining Leniency

Since China banned digital currencies and their respective mining operations last year, the United States has now assumed the dominant role as the top country hosting the bulk of the Bitcoin mining hashrate.

As a company committed to 100% carbon-neutral data center operations, Greenidge Holdings is taking advantage of America’s magnanimity, and now ranks as one of the top miners contributing to the Bitcoin mining power hosted in the nation. With Florida and Texas amongst the leading locations for miners, the choice of Spartanburg in South Carolina is thoughtful, and good for the local economy, as the establishment of the mining farm is a mutually benefiting one for all.

“To remain globally competitive, it’s imperative to embrace disruptive change and emerging technologies. Today’s announcement by Greenidge Generation is proof that South Carolina has the cutting-edge business environment and talent in place to attract new and innovative industries,” said South Carolina Secretary of Commerce Harry M. Lightsey III.