Greenidge Announces Expansion of Power Capacity with 40 MW of Low-Cost Power in Key Territories
March 11 2024 - 8:00AM
Business Wire
Acquires 12-Acre Property in
Mississippi with Power Expandable to 32.5 MW
Secures Lease in North Dakota with Access to
7.5 MW of Power
Latest Expansions Underscore Continued Focus
and Implementation of Strategic Growth Initiatives to Increase
Profitability
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 U.S. footprint with access to 40 MW of low-cost
power through property expansions in Mississippi and North
Dakota.
Greenidge purchased 12 acres with 32.5 MW of mining capacity in
Mississippi and is in the process of deploying 7 MW of miners in
Q2. By April 1, the Company intends to deploy additional miners in
conjunction with a 7.5 MW mining capacity lease in North Dakota.
Greenidge also signed Engineering, Procurement and Construction
Management contracts in North Dakota and Texas, which are expected
to increase revenue in a growing business line for Greenidge.
Greenidge CEO Jordan Kovler commented: “By expanding our
self-mining capabilities in key territories, Greenidge will be able
to continue increasing our mining load flexibility and optimizing
our operations to supercharge growth. We are also pleased that
these expansions will create new jobs for local residents in both
Mississippi and North Dakota. Greenidge continues to evaluate new
sites and exciting opportunities to enhance value for all
stakeholders.”
In January, Greenidge produced approximately 150 bitcoin, of
which 50 bitcoin were produced by Greenidge owned miners and 100
were produced through our datacenter hosting. Greenidge’s hash rate
in January was approximately 2.4 EH/s, with 0.8 EH/s from Greenidge
owned miners and 1.6 EH/s from our datacenter hosting. In February
Greenidge produced approximately 128 bitcoin, of which 41 bitcoin
were produced by Greenidge owned miners and 87 were produced
through our datacenter hosting. Greenidge’s hash rate in February
was approximately 2.6 EH/s, with 0.8 EH/s from Greenidge owned
miners and 1.8 EH/s from our datacenter hosting. Greenidge’s hash
rate is expected to increase to 2.8 EH/s by April 1 as a result of
deploying over 2,100 of its miners (adding 0.2 EH/s of
self-mining). Moving forward, Greenidge will report its Bitcoin
mined on a monthly basis, in response to shareholder feedback.
About Greenidge Generation Holdings Inc.
Greenidge Generation Holdings Inc. (NASDAQ: GREE) is a
vertically integrated 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20240311145857/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
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