Greenidge Generation Holdings Inc.
03/05/2020 | Press release | Archived content
Greenidge Generation Announces Successful Start of Operations at ‘State of the Art’ Data Center for Digital Currencies
DRESDEN, NY, March 5, 2020
Greenidge Generation LLC announced today that it has successfully added a unique, "one of a kind" data center for digital currencies and other hosting applications to its power generation site in Upstate New York. The upgraded site, representing an investment of $65 million, includes a fully integrated, behind-the-meter cryptocurrency mining operation, making it a unique and ideal location for the mining of mainstream digital currencies such as Bitcoin and Bitcoin Cash.
The site has several attributes that make it highly competitive globally, including an experienced team of cryptocurrency experts and power plant operators, access to the cheapest natural gas in the United States through its connection to the Empire Pipeline System, ideal climate conditions for digital currency mining the majority of the year, and strategic partnerships with the local community, premier hardware manufacturers and mining pools. Greenidge offers flexible allocation for hosting customers and new investors. Full capacity of the facility is 106MW, and almost 7,000 units of the latest-generation mining hardware, utilizing more than 14 MW, are already in operation.
By leveraging strategic industry partnerships and a workforce from the Yates County and surrounding areas, Greenidge was able to complete the construction of the new facility from start to finish in less than four months.
"As power plant operators with a unique commitment to environmental stewardship, running assets reliably 24/7, 365 days per year is in our DNA. We are up and running successfully and bringing that very same discipline and commitment to our mining operations," said Dale Irwin, CEO of Greenidge. "By partnering with cryptocurrency experts, we've created a truly 'one of a kind' project and we're excited to continue to grow," Irwin said.
"A power plant generating electricity behind the meter to energize its very own mining operation allows investors to tap the profitability of not only cryptocurrency markets but also energy markets. What's equally impressive has been the forethought, diligence, and collaboration towards developing an institutional-grade business that is regulatory- compliant and competitive for many years to come," said Kevin Zhang, Director of Blockchain Strategies at Greenidge Generation.
In 2017, Greenidge completed the conversion of its facility from coal to natural gas and resumed operations as an environmentally-sound power source. The federal and state permits and approvals governing operations at the site, including its Title V air permit approved by the U.S. Environmental Protection Agency and the New York State Department of Environmental Conservation, are uniquely strong. These approvals facilitated a conversion to natural gas and biomass as the exclusive source of energy used and fully protected the region's air and water while providing jobs, community support and a cost-effective source of power.
"We are excited about our new mining initiative as it will build upon our record of creating good jobs and generating tax revenue for local schools and government services, while meeting some of the highest environmental standards for any facility of its kind in America," said Irwin. "Greenidge and our partners at Atlas Holdings have once again demonstrated our commitment to New York State and Yates County with this project."
About Greenidge Generation LLC: Founded in 1937, Greenidge Generation LLC is now a world-class blockchain mining facility with an in-house gas-fueled power plant, option of biomass as fuel and decades of experience in power plant management. With access to behind-the-meter power, access to the cheapest natural gas in the United States and partnerships with industry experts, Greenidge generates unparalleled value for employees, investors and the communities that it operates in. Greenidge uses natural gas as its energy source and complies with all applicable regulations for a minimum impact on the environment. Greenidge Generation LLC is a wholly-owned subsidiary of Connecticut-based Atlas Holdings LLC, which has a total of approximately $3 billion of assets under management.