Greenidge Generation Raises $108M to Triple Hashrate

Greenidge Generation Raises $108M to Triple Hashrate

Cryptocurrency mining company Greenidge Generation has announced it has attracted $108 million.

According to the company, it will use the funds to triple the amount its computing power to 4.7 EH/s.

Per the company, $81.4 million was provided by a firm affiliated with NYDIG in the form of a loan, while $26.5 million was provided by B. Riley Financial in the form of a promissory note associated. The company provided secured ANTMINER S19 J Pro ordered from Bitmain in the first case, whereas in the second case, real estate.

The increase in the Greenidge Generation hashrate will not affect the data center located in Dresden (New York). Remember that last year, local residents accused the company of negative environmental impact.

Greenidge Generation will now focus on the development of a data center located in Spartanburg County, South Carolina. Its share of the company’s total hashrate has already hit 15%. The company announced in January investments in the project would reach $264 million.