FinCEN

Expansion of crypto mining arm has been announced by world’s leading mining company called “Greenidge Generation Holdings” which has proposed to launch a carbon-neutral mining facility in Spartanburg, South Carolina.

Spartanburg is currently one of the highly populated cities within Carolina State. This very city is going to house a crypto mining facility to be developed by the world’s leading mining company, Greenidge Generation Holdings. It has been announced by Greenidge that it will be laying down the foundations of a carbon-free crypto mining facility in Spartanburg. It was also told by the company that the work for developing the crypto mining site has been initiated. It will take up to 5 to 6 months i.e. December 2021 or January 2022 when the facility will be complete. Thereafter, after conducting tests, the facility will be made operational for the purpose of mining cryptocurrencies.

It was reported in the media that an LOI has been sent to LSC Communications. According to this LOI, Greenidge has told LSC Communications that the firm is desirous of expanding its mining services in the area. The property and the plant therein, at which the mining facilities are to be installed, belong to Atlas Holdings, which is owned by LSC Communications. As regards the tenure of the contract, it was reported that the land had been given to Greenidge on lease. The lease period, according to the agreement, has been told to be 10 years. However, this is an initial lease period and in fact, the contract is extendable for a further period subject to the mutual agreement of both parties.

It was also told that the existing plant at the site was once a printing plant, however, the plant suspending its printing capacity. But the plant was capable of producing at least 80 MW of power. It has been stated by Greenidge that the plant has the capacity of producing more power, however, that will require a few upgrades.

This is going to be the first exclusive carbon-free crypto mining plant to be run, operated, and maintained by Greenidge. Jeff Kirt, Greenidge CEO, said that the plant at Spartanburg will be utilized for Bitcoin mining. Once the project is complete or before its completion, there is a possibility that Greenidge might develop further carbon-free plants at other locations.

The major produce of Greenidge-operated mining plants is the production of Bitcoin. Likewise any other crypto mining company, Greenidge is also actively involved in expanding its operations throughout the US. The company also wishes to be a member of NASDAQ listed companies. However, so far, it hasn’t been able to get it registered with NASDAQ.

As regards its future plans, Greenidge had informed that it is going to install plants producing 500MW energy by the year 2025.

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