Greenidge Generation Holdings Inc., once among the largest public Bitcoin miners in the US, has launched a new mining site in Mississippi with the capacity to support 2,400 Bitcoin mining units.
New Mining Facility Details
The extensive mining facility spans 12 acres and currently utilizes 8.5 megawatts (MW) of power, according to the company’s official release. Greenidge is also looking to secure an additional 25 MW of power over the next 12 months, indicating potential for significant expansion.
“With potential future expansion of at least 25 MW in Mississippi, other drivers for growth are on the horizon,” the company stated.
The mining site employs the Greenidge Pod X, which is designed to maintain optimal temperatures for better longevity, accommodate 792 miners per pod, and reduce noise complaints. The pods are also compliant with the National Electrical Code (NEC).
“Utilizing the NEC-compliant Greenidge Pod X helped reduce buildout costs and increase the efficiency of the new mining site,” the company shared on X (formerly Twitter).
Future Plans and Expansion
The Bitcoin mining site was inaugurated on July 1. Greenidge plans to deploy its first shipment of Antminer S21 Pro Bitcoin miners in the coming weeks. Additionally, the company expects to finalize the planned lease of the on-site warehouse by September 1, 2024.
Environmental Concerns and Legal Issues
Greenidge Generation’s mining operations have faced criticism for their environmental impact. A ruling in September 2023 noted that the company’s activities have affected New York’s Climate Law (the CLCPA) greenhouse gas emissions limits. The company faced a lawsuit after thousands of community members submitted comments opposing its air permit.
Furthermore, Greenidge sought bankruptcy protection and entered into a debt restructuring agreement for about $74 million with lender New York Digital Investment Group, as revealed in an SEC filing.
Despite these challenges, Greenidge currently has a total power capacity of 122 MW across 8,000 miners in operation. In addition to the Mississippi site, the company has acquired low-cost power capacity establishments in South Carolina and North Dakota.
With its latest expansion in Mississippi, Greenidge Generation aims to solidify its presence in the Bitcoin mining industry while navigating the complexities of environmental regulations and financial restructuring.
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