Greenidge Deploys 9,150 Miners with Core Scientific Deal

Greenidge Generation Holdings Inc. has announced that it has entered into an agreement with Core Scientific, Inc. to host and operate Greenidge-owned bitcoin miners at Core Scientific’s facilities in Dalton, GA, and Calvert City, KY. Greenidge, a vertically integrated cryptocurrency data center and power generation company, has also installed an additional 1,500 company-owned miners at its existing facilities across the country, completing the deployment of 9,150 Greenidge miners.

The agreement with Core Scientific is a significant step in Greenidge’s strategy to deploy 9,150 miners, and the company expects it to improve its profitability going forward. The favorable power costs and excellent operational performance of Core Scientific’s facilities make it an ideal partner for Greenidge.

“In addition, our team has shown tremendous creativity in constructing new miner slots at our facilities across the country, allowing us to capitalize on low natural gas prices in the U.S. and a beneficial cost structure. At current bitcoin economics, the combination of these two initiatives and our previously announced agreement with Conifex Timber Inc. represents approximately $7.5 million of incremental annual profit and significantly improves our ability to generate cash,” said Dave Anderson, Chief Executive Officer of Greenidge.

Greenidge’s partnership with Core Scientific is expected to be mutually beneficial, as Core Scientific’s Co-Founder, Matt Minnis, explained, “Greenidge is a proven operator in this industry, and we’re excited to partner with them and host their miners. We believe this is a win-win for Core and Greenidge.”

The one-year agreement between Greenidge and Core Scientific includes a profit-sharing component to recognize the contribution of Greenidge’s miners and the infrastructure and operating expertise provided by Core Scientific.

With this deployment of 9,150 miners completed, Greenidge is well-positioned to continue its growth and generate significant profits in the cryptocurrency mining industry.