Greenidge to undertake Crypto expansion in South Carolina

  • Greenidge Generation, a bitcoin mining company, has announced that it would start operations in South Carolina this year
  • Despite Greenidge’s declaration that it aims to be a leader in green power generation and cryptocurrency operations, critics such as Seneca Lake Guardian say that the firm is just transitioning from coal to fracking-produced natural gas
  • Greenidge is exploring mining in South Carolina, while many companies ostensibly fleeing China’s regulatory crackdown are setting up shop in Texas

Greenidge Generation, a bitcoin mining firm, stated that it will begin operations in South Carolina as soon as this year. Greenidge announced on Friday that it will be operating in a carbon-neutral crypto mining plant in Spartanburg. The business announced that it has signed a letter of intent for a 10-year lease with LSC Communications, a printing firm on the outskirts of the South Carolina city, where it expects to begin mining cryptocurrency in late 2021 or early 2022. 

According to Greenidge, the site has the capacity to generate 80 megawatts (MW), with two-thirds of that coming from carbon-free sources such as nuclear energy. Greenidge CEO Jeff Kirt said the move was a step toward the firm developing environmentally sound Bitcoin mining in the US.

For its New York activities, the company currently has a power plant, which it plans to extend to 85 MW by 2022. Despite Greenidge’s announcement that it wants to be a pioneer in green power production and cryptocurrency operations, detractors such as the environmental organization Seneca Lake Guardian argue that the company is just moving from coal to natural gas produced by fracking. While Greenidge is considering mining in South Carolina, several firms purportedly escaping China’s regulatory crackdown are establishing operations in Texas. Blackware, a cryptocurrency mining company, said on Thursday that it will expand its operations in Kentucky, which has some of the lowest industrial energy prices in the US. Greenidge, on the other hand, has sparked considerable debate as to the most visible of a handful of new bitcoin mining farms targeted by state lawmakers earlier this year in upstate New York. It was among a number of miners who announced their carbon offsets scheme.

As China tightens down on its domestic sector, bitcoin miners have been extending their operations in the United States and abroad. Many North American miners have banded together to create new standards for energy mix reporting since the regulatory requirements of US authorities have gotten increasingly stringent. Greenidge’s spokesperson declined to say how much the company is paying for the Spartanburg lease. 

The LSC site is a decommissioned printing facility that once drew 80 megawatts of power, a quantity Greenidge hopes to raise. The Dresden facility was reportedly mining $50,000 worth of bitcoin every day using 15 megawatts as of March.

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