Greenidge Generation Holdings Inc. (“Greenidge” or the “Company”), a vertically integrated cryptocurrency data center and power generation company, today announced it has entered into an agreement with Core Scientific, Inc. (OTC: CORZQ) (“Core Scientific” or “Core”) in which Core will host and operate Greenidge-owned bitcoin miners at its facilities in Dalton, GA and Calvert City, KY. Greenidge also announced the installation of an additional 1,500 company-owned miners at the Company’s existing facilities across the country. Together, this successfully completes the deployment of 9,150 Greenidge miners.
“The agreement with Core Scientific completes this phase in our strategy to deploy 9,150 miners Greenidge owns, and we believe this agreement will significantly improve our profitability as we move forward,” said Dave Anderson, Chief Executive Officer of Greenidge. “We are very pleased to deploy these miners at Core’s facilities, which have favorable power costs and a track record of excellent operational performance.”
“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.”
“Greenidge is a proven operator in this industry, and we’re excited to partner with them and host their miners,” said Matt Minnis, Co-Founder of Core Scientific. “We believe this is a win-win for Core and Greenidge.”
Hosting Agreement
- One-year agreement between Greenidge and Core Scientific to host miners owned by Greenidge.
- Includes a proceed-sharing component to recognize the contribution of miners by Greenidge and the infrastructure and operating expertise provided by Core Scientific.
About Greenidge Generation Holdings Inc.
Greenidge Generation Holdings Inc. is a vertically integrated cryptocurrency data center and power generation company.