Greenidge plans to triple US bitcoin mining capacity after securing $100 million in new financing

Greenidge Generation Holdings, the owner of a large crypto mining center in upstate New York, has secured $100 million to fund its growing operations in the US.

The financing includes an $81.4 million loan from an affiliate of NYDIG and a $26.5 million promissory note with an affiliate of B. Riley Financial, Inc. 

The company is planning to triple its data center capacity to 4.7 EH/s this year, “with the vast majority of the capacity expansion focused outside of the company's original site in New York,” according to a statement issued Thursday.

Greenidge recently started bitcoin mining in a new location in South Carolina, which according to the company already accounts for 15% of its aggregate hash rate after three months.


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"These financings are consistent with Greenidge's established strategy of using non-dilutive capital to fund our expansion," said Greenidge's CEO Jeff Kirt.

Greenidge is currently waiting for a decision from the ​​Department of Environmental Conservation on their permit renewal for the mining facility in the Finger Lakes region of New York. A decision should come before March 31.

The mining center has drawn public attention and criticism from environmental groups, with some pushing regulators to intervene.

A recent study by Columbia Law School’s Sabin Center for Climate Change Law argued that the governor of New York had the authority to issue an executive order for a moratorium on the state's mining industry.

New York lawmakers are trying to push forward a moratorium bill that would only affect plants using carbon-based fuel to power proof-of-work mining operations behind-the-meter. Essentially, it would freeze operations at current levels for two years.

About Author

Catarina is a reporter for The Block based in New York City. Before joining the team, she covered local news at and at the New York Daily News. She started her career in Lisbon, Portugal, where she worked for publications such as Público and Sábado. She graduated from NYU with a MA in Journalism. Feel free to email any comments or tips to [email protected] or to reach out on Twitter (@catarinalsm).