Greenridge raises $108M in latest funding; to expand operations in US

Cryptocurrency mining firm Greenridge announced Thursday that it has successfully closed two financing rounds, raising over $100 million to aggressively expand its operations in the United States.

Specifically, the company raised an $81.4 million loan from an affiliate of Bitcoin platform NYDIG and a $26.5 million secured note with an affiliate of B. Riley Financial. The funding will allow Greenridge to more than triple the mining capacity of its US-based data centers in New York.

Greenidge’s CEO Jeff Kirt said in the press release:

“This is a transformative year for Greenidge as we expect to more than triple our datacenter capacity to 4.7 EH/s, with the vast majority of the capacity expansion focused outside of the company’s original site in New York. Three months after commencing operations at our Spartanburg location, the facility represents more than 15% of the Greenidge’s aggregate hash rate.”

Greenidge Generation Holdings Inc. is a cryptocurrency mining data center and power generation company that claims to be the only carbon-neutral Bitcoin miner in the US as it uses low-carbon sources of energy and offsets its carbon footprint.

Cryptocurrency miners regularly draw criticism from environmentalists and crypto-skeptics for consuming large amounts of electric power to source their mining operations. The New York State Environmental Conservation Committee is also drafting a bill to limit crypto miners that use carbon-based fuel in the state.

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