Greenidge Generation Holdings Inc., the mining company based in Upstate New York, announced that it has partnered with Digital Currency Group’s mining and staking subsidiary Foundry Digital LLC. In addition, Greenidge announced that it has purchased 2,300 Whatsminer M30S mining rigs made by Microbt and has also secured funding for 6,000 Bitmain-made Antminer S19 devices.
Greenidge enters into partnership with Foundry, 8,300 Bitcoin miners were transferred as part of the deal
On Wednesday, Greenidge announced that it has partnered with Rochester, New York-based Foundry, a company that provides capital and information to North American crypto mining companies.
Greenidge will join Foundry USA’s mining pool, which currently has the fifth largest hashrate in the world. At the time of writing, Foundry USA has 10.46% of Bitcoin’s global hashrate, or 10.23 exahash per second (EH / s) hash power.
In addition to the collaboration, the two companies jointly announced the sale of 2,300 Whatsminer M30S mining machines used by Greenidge. The company’s announcement said the 2,300 mining rigs were previously in operation at the Greenidge facility in Dresden, New York, and Foundry sold 1,800 units to Greenidge. The remaining Whatsminer M30S machines will be transferred by the end of 2021.
‘Pioneering the integration of clean power plant operations and carbon-neutral cryptocurrency mining’
As for the Bitmain Antminer S19 models, 5,000 are currently in operation and the remaining 1,000 machines will be transferred by the third quarter of 2021. Greenidge will join a number of companies that are already members of the Foundry USA pool alliance. Other foundry members include Hive, Bitdeer, Bit Digital, Blockcap, Hut 8, and Bitfarms. Jeffrey Kirt, the CEO of Greenidge, stated that Foundry and the company had a prior relationship on hosting arrangements.
“Foundry is a long-time Greenidge hosting customer and this partnership expands our existing relationship as Greenidge grows outside of New York,” Kirt said in a statement.
The partnership with Foundry follows Greenidge’s plans to develop a mining facility in South Carolina. Greenidge says the carbon neutral facility in Spartanburg will be ready in 2021 or early 2022.
“The Spartanburg site will be the company’s second mining facility in the United States as it aims to reach 500 MW of mining capacity by 2025,” said Wednesday’s announcement. Greenidge’s latest agreement will add “approximately 800 petahashes of computing power to the” [Foundry USA] pool “or 0.8 EH / s hash power.
“Greenidge pioneered the integration of clean power operations and carbon-neutral cryptocurrency mining in North America with its Upstate New York operation,” said Mike Colyer, CEO of Foundry. “We look forward to providing Greenidge with our world-class services tailored to institutional companies in the cryptocurrency mining industry,” added the executive.
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