Greenidge Generation Holdings Inc., a mining company based in upstate New York, announced that it has partnered with Foundry Digital LLC, the mining and mortgage subsidiary of Digital Currency Group. In addition, Greenidge revealed that it has purchased 2,300 Whatsminer M30S miners manufactured by Microbt and has obtained financing for 6,000 Antminer S19 equipment manufactured by Bitmain.
Greenidge partnered with Foundry to transfer 8,300 Bitcoin miners in the transaction
On Wednesday, Greenidge announced that the company has partnered with Rochester, New York-based Foundry, which provides funding and intelligence for North American crypto mining operations.
Greenidge will join the Foundry USA mining pool, which currently has the fifth largest computing power in the world. At the time of writing, Foundry USA controls 10.46% of Bitcoin’s global computing power, or 10.23 exahash (EH/s) per second.
In addition to the cooperation, the two companies also jointly announced the sale of 2,300 Whatsminer M30S mining machines for use by Greenidge. The company’s announcement stated that Greenidge’s plant in Dresden, New York previously had 2,300 mining equipment, while Foundry had sold 1,800 equipment to Greenidge. The remaining Shenma M30S machines will be transferred before the end of 2021.
“Be the first to combine clean power plant operations with carbon neutral cryptocurrency mining”
As far as Bitmain’s Antminer S19 model is concerned, there are currently 5,000 machines in operation, and the remaining 1,000 machines will be transferred in the third quarter of 2021. Greenidge will join some companies that are already members of the American Foundry Mining Pool Alliance. Other Foundry members include Hive, Bitdeer, Bit Digital, Blockcap, Hut 8 and Bitfarms. Jeffrey Kirt, CEO of Greenidge, explained that Foundry and the company had previously had a relationship with the company in terms of hosting arrangements.
“Foundry has been a long-term hosting customer of Greenidge, and as Greenidge grows outside of New York, this partnership expands our existing relationship,” Kirt said in a statement.
The collaboration with Foundry follows Greenidge’s plan to develop mining facilities in South Carolina. Greenidge detailed that the carbon-neutral Spartanburg plant will be ready in 2021 or early 2022.
“The Spartanburg mine will become the company’s second mining facility in the United States as it seeks to expand its mining capacity to 500 MW by 2025,” the announcement on Wednesday detailed. Greenidge’s latest arrangement will increase “approximately 800 petahashes of computing power to [Foundry USA] pool” or 0.8 EH/s computing power.
Foundry CEO Mike Colyer said: “Greenidge is the first to combine clean power plant operations and carbon-neutral cryptocurrency mining in North America with its operations in northern New York. “We look forward to providing Greenidge with first-class services. Institutional companies in the cryptocurrency mining industry are tailor-made,” the executive added.
What do you think of the cooperation between Greenidge and Foundry Digital LLC? Please tell us your thoughts on this topic in the comments section below.
Tags in this story
Bitcoin Miner, Bitcoin Mining, BTC Mining, BTC Mining Pool, Digital Currency Group, Dresden Factory, Foundry, Minting Digital, Minting American Mining Pool, Greenidge, Greenidge Foundry, Greenidge Generation, Hashpower, Hashrate , Jeffrey Kirt, Mike Colyer, mining, mining equipment, swimming pools, Spartanburg facilities
Image Source: Shutterstock, Pixabay, Wiki Commons, Btc.com,
Disclaimer: This article is for reference only. It is not a direct offer or invitation to buy or sell, nor is it a recommendation or endorsement of any product, service or company. Bitcoin.com does not provide investment, tax, legal or accounting advice. The company or the author shall not bear direct or indirect responsibility for any damage or loss caused or claimed to be caused by using or relying on any content, goods or services mentioned in this article.