Bitcoin Mining Exchange Greenidge Secures $100 Million USD

Greenidge Secures $100 Million

With the aim to expand operations in the United States, Greenidge has closed two financing with a value of $108 million in gross proceeds. The accounted money will provide liquidity in funding for the present year’s growth. 

The financings of the fundings include $81.4 million from an affiliate of the New York Digital Investment Group LLC (NYDIG). An additional $26.6 million payable note (promissory note) was received from another affiliate, B. Riley Financial Inc. 

Future Plans of Greenidge

Greenidge desires to increase the capacity of its data center to 4.7 EH/s. Quoting the statement announced,

“With the vast majority of the capacity expansion focused outside the company’s original site - New York.”

Additionally, Greenidge has also begun mining Bitcoin in a new location in South Carolina. After mining for months together, the company claims that its Bitcoin mining accounts for 15 percent of its aggregate hash rate. 

At present, Greenidge has been waiting for the Department of Environment Conservation's approval. This is due to the permit renewal required for the mining facility in one of the lakes of New York. Mining facilities have been garnering quite a handful of criticism as the environmental impact is hard to hide.