Greenidge Expands Bitcoin Mining Capabilities with Launch of Mississippi Site and Deployment of 2,400 Miners

Rhea-AI Summary

Greenidge Generation Holdings (NASDAQ: GREE) has broadened its bitcoin mining capabilities by launching a new site in Mississippi, which began operations on July 1, 2024, with 2,400 bitcoin miners. The site uses Greenidge's proprietary Pod X infrastructure and currently has access to 8.5 MW of power, with a plan to secure an additional 25 MW within the next year. This expansion marks Greenidge's fourth active mining site, extending its total power capacity to 122 MW across locations in the U.S. and Canada. CEO Jordan Kovler highlighted the efficient deployment of the Mississippi site and the company's ongoing strategic expansion efforts. The company also plans to deploy Antminer S21 Pro units shortly to further enhance capacity.

Positive

• Launch of new Mississippi site with 2,400 bitcoin miners operational from July 1, 2024.
• Expansion increases Greenidge’s total power capacity to 122 MW across four sites.
• Plans to secure an additional 25 MW of power for the Mississippi site in the next 12 months.
• Deployment of the innovative Greenidge Pod X infrastructure, increasing miner capacity by 35%.

Negative

• None listed in the PR.

Financial Analyst

Greenidge Generation Holdings Inc. expanding its bitcoin mining capabilities by launching a new site in Mississippi and deploying an additional 2,400 miners reflects significant strategic growth. This move broadens their operational footprint and increases their power capacity. Currently, the Mississippi site has access to 8.5 MW of power, with plans to boost this by another 25 MW over the next year.

From a financial perspective, the company's investments in infrastructure and power capacity suggest confidence in the future profitability of bitcoin mining. The rapid deployment from acquisition to operational miners in just three months showcases not only the efficiency of Greenidge's processes but also their strategic foresight.

Investors should consider the potential risks. The cryptocurrency market is notoriously volatile and the profitability of mining operations hinges on the price of bitcoin and energy costs. Greenidge’s proprietary Pod X technology could offer a competitive edge, potentially leading to higher margins due to its optimized efficiency and lower costs.

In the short term, this expansion could boost Greenidge's revenue. However, investors must be cautious of the long-term volatility in the crypto market and energy prices, which could affect profitability. The allocation of $25 million for additional power reflects a significant capital expenditure, which, if not yielding proportional returns, could impact financial stability.

Tech Analyst

Greenidge's introduction and deployment of the Greenidge Pod X is noteworthy for its emphasis on efficiency and capacity. The Pod X can accommodate 35% more miners than competitors’ solutions and is designed for optimal temperature control, which is important for maintaining high uptime and longevity of mining devices.

Technical aspects like the low $/kW cost ratio highlight the cost-effectiveness of this infrastructure. This could translate to significant operational savings and higher profitability, making Greenidge an attractive player in the crypto mining space. The ability to deploy 2,400 miners quickly demonstrates operational excellence and potential for rapid scalability.

Tech-savvy investors should watch for further developments and adoption of Pod X, as its competitive edge could reshape the landscape of crypto mining infrastructure. However, tech advancements in the crypto world are rapid and continuous innovation will be essential for Greenidge to maintain its lead.

Demonstrates Competitive Edge of Greenidge’s Best-in-Class Pod X Mining Infrastructure Solution

Plans to Expand Site’s Power Access By At Least 25 MW in Next 12 Months

Grows Greenidge’s Current Footprint to 4 Active Bitcoin Mining Sites with 122 MW of Current Total Power Capacity

DRESDEN, N.Y.--(BUSINESS WIRE)-- Greenidge Generation Holdings Inc. (NASDAQ: GREE) (“Greenidge” or the "Company"), a vertically integrated cryptocurrency datacenter and power generation company, today announced that it has expanded its bitcoin mining capabilities with the launch of its newest bitcoin mining site located in Mississippi. The site went live on July 1, 2024 with 2,400 bitcoin miners that Greenidge deployed from its fleet. In the coming weeks, Greenidge also expects to deploy its first shipment of Antminer S21 Pro bitcoin miners across its active sites to further increase its mining capacity.

Greenidge acquired the 12-acre property in Mississippi earlier this year and built out the site utilizing its proprietary Greenidge Pod X, a best-in-class crypto mining infrastructure solution. Greenidge currently has access to 8.5 MW of power at the site and intends to obtain at least 25 MW of additional power within the next 12 months in order to further expand its overall power capacity. In addition, Greenidge expects to finalize the planned lease of the on-site warehouse by September 1, 2024.

Greenidge CEO Jordan Kovler commented: “Greenidge has made tremendous progress transforming our business over the last 12 months, and with the introduction of the Greenidge Pod X, we’ve now reached a key inflection point that will further benefit our long-term growth trajectory. Our ability to quickly and efficiently take the Mississippi site from acquisition to miner deployment within just three months is a testament not just to the competitive advantage of our proprietary Pod X infrastructure solution but also to our team’s highly complementary expertise in both mining and power and electric infrastructure. With Pod X, Greenidge is now one of only several pod manufacturers in the world that offers a mining pod of this scale and is the only bitcoin mining company with integrated pod sales capabilities.”

Kovler added: “As we continue to expand our footprint across the country, we are actively evaluating new strategic opportunities to develop, purchase, lease or, when appropriate, sell properties in alignment with our value creation playbook.”

Greenidge now has 122 MW of total power capacity across four bitcoin mining facilities in the U.S. and Canada with approximately 8,000 miners in operation. In addition to the Mississippi site, Greenidge most recently acquired 60 MW of future low-cost power in South Carolina and 7.5 MW of mining capacity in North Dakota.

Launch of the Greenidge Pod X

In June, Greenidge launched the Greenidge Pod X in order to provide the industry with a crypto mining infrastructure solution that offers miners an innovative design with optimal temperatures that result in superior uptime and better longevity. The Greenidge Pod X has capacity for 792 miners, which is 35% more than other pod manufacturers, and offers one of the lowest pod and infrastructure $/kW cost ratios in the industry. From design to operation, Greenidge has deployed the Pod X at its sites in New York, South Carolina, North Dakota and now Mississippi.

For more info on purchasing Greenidge Pod X for miner deployments, please visit: https://greenidge.com/pod-x.

About Greenidge Generation Holdings Inc.

Greenidge Generation Holdings Inc. (NASDAQ: GREE) is a vertically integrated cryptocurrency datacenter and power generation company, focusing on cryptocurrency mining, infrastructure development, engineering, procurement, construction management, operations and maintenance of sites.

Forward-Looking Statements

This press release includes certain statements that may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are forward-looking statements for purposes of federal and state securities laws. These forward-looking statements involve uncertainties that could significantly affect Greenidge’s financial or operating results. These forward-looking statements may be identified by terms such as “anticipate,” “believe,” “continue,” “foresee,” “expect,” “intend,” “plan,” “may,” “will,” “would,” “could,” and “should,” and the negative of these terms or other similar expressions. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties and are not guarantees of future performance. Forward-looking statements in this press release include, among other things, statements regarding the business plan, business strategy and operations of Greenidge in the future. In addition, all statements that address operating performance and future performance, events or developments that are expected or anticipated to occur in the future are forward-looking statements. Forward-looking statements are subject to a number of risks, uncertainties and assumptions. Matters and factors that could cause actual results to differ materially from those expressed or implied in such forward-looking statements include but are not limited to the matters and factors described in Part I, Item 1A. “Risk Factors” of Greenidge’s Annual Report on Form 10-K for the year ended December 31, 2022 and Quarterly Reports on Form 10-Q for the periods ended March 31, 2023, June 30, 2023 and September 30, 2023, as well as statements about or relating to or otherwise affected by the completion of management’s final review of the financial results and Greenidge’s other closing procedures. Consequently, all of the forward-looking statements made in this press release are qualified by the information contained under this caption. No assurance can be given that these are all of the factors that could cause actual results to vary materially from the forward-looking statements in this press release. You should not put undue reliance on forward-looking statements. No assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do occur, the actual results, performance, or achievements of Greenidge could differ materially from the results expressed in, or implied by, any forward-looking statements. All forward-looking statements speak only as of the date of this press release and Greenidge does not assume any duty to update or revise any forward-looking statements included in this press release, whether as a result of new information, the occurrence of future events, uncertainties or otherwise, after the date of this press release.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240711036497/en/

Investors

Nick Ratti

315-536-2359

nratti@greenidge.com

investorrelations@greenidge.com



Media

Longacre Square Partners

Charlotte Kiaie / Kate Sylvester, 646-386-0091

greenidge@longacresquare.com

Source: Greenidge Generation Holdings Inc.

FAQ

What recent expansion did Greenidge Generation Holdings (GREE) announce?

Greenidge announced the launch of a new bitcoin mining site in Mississippi, operational since July 1, 2024.

How many bitcoin miners are deployed at Greenidge's new Mississippi site?

Greenidge deployed 2,400 bitcoin miners at its Mississippi site.

What is Greenidge Generation's total power capacity after the latest expansion?

After the latest expansion, Greenidge Generation's total power capacity is 122 MW across four sites.

What is the Greenidge Pod X?

The Greenidge Pod X is a proprietary crypto mining infrastructure solution that increases miner capacity by 35% and features optimal temperature control.

What future plans does Greenidge have for its Mississippi site?

Greenidge plans to secure at least 25 MW of additional power for its Mississippi site within the next 12 months.