Greenidge Announces Continued Expansion of Power Capacity; Company Has Secured Access To 60 MW of Low-Cost Power in South Carolina

Greenidge Generation Holdings Inc. (NASDAQ: GREE) (“Greenidge” or the "Company"), a vertically integrated cryptocurrency datacenter and power generation company, today announced that it continues to expand its U.S. footprint capacity and has secured access to 60 MW of low-cost power in South Carolina. This follows the Company’s recently announced acquisition of 32.5 MW of mining capacity in Mississippi and 7.5 MW of mining capacity in North Dakota, bringing the total new power capacity added this past month to approximately 100 MW.

Greenidge’s expansion in South Carolina flows from a new agreement for anticipated electric services of a peak electrical load of 60 MW to be developed on 20 acres of a 150-acre parcel of property owned in Spartanburg, South Carolina. In the coming months, Greenidge intends to leverage the site’s power capacity, optimal footprint and infrastructure for the development of a GPU data center, with plans to activate the site by June 2025. In tandem, Greenidge will also commission a study to evaluate the timing and cost associated with the potential addition of 250 MW on the remaining 130 acres of the property in South Carolina.

Greenidge CEO Jordan Kovler commented: “With our recent addition of 100 MW of total power capacity, we continue to demonstrate the positive progress we are making at Greenidge. This power delivery agreement builds on the growth we recently announced in Mississippi and North Dakota, and it shows our clear focus on increasing profitability through steps that have the potential to transform our business as we expand our footprint across the country. In the coming months, we will execute on the development of these sites while continuing to find additional opportunities that allow us to grow.”

In March, Greenidge produced approximately 130 bitcoin, of which 42 bitcoin were produced by Greenidge-owned miners and 88 were produced through our datacenter hosting. Greenidge’s hash rate in March was approximately 2.62 EH/s, with 0.85 EH/s from Greenidge-owned miners and 1.77 EH/s from our datacenter hosting. Greenidge’s hash rate is expected to increase to 2.87 EH/s as a result of ongoing deployment of over 2,700 of its miners. Moving forward, Greenidge will report its bitcoin mined on a monthly basis, in response to shareholder feedback.