Greenidge, which is based in Rochester, New York, announced Wednesday that it has partnered up with Foundry, a company providing capital and intelligence to North American crypto mining companies.
Greenidge will join the Foundry USA mining pool, which currently holds the fifth-largest global hashrate. Foundry USA currently commands 10.46% Bitcoin’s global havehrate, or 10.23 Exahash per Second (EH/s), of hashpower.
The collaboration was not only announced by the two companies, but also the sale of 2,300 Whatsminer 30S mining machines to Greenidge. According to the company’s announcement, the 2,300 mining machines were used previously at Greenidge’s Dresden, New York facility. Foundry sold 1,800 of these devices to Greenidge. The remainder of the Whatsminer M30S will be transferred before 2021.
“Pioneering Integration of a Clean Power Plant Operation, and Carbon-Neutral Cryptocurrency mining”
The Bitmain Antminer S19 models have 5,000 currently in operation, and the remaining 1,000 machines are expected to be transferred by Q3 2021. Greenidge joins a number other Foundry USA members. Hive, Bitdeer and Bit Digital are all Foundry members. Blockcap, Hut 8 and Bitfarms are also Foundry members. Jeffrey Kirt, CEO of Greenidge, explained that Foundry had previously worked together in hosting arrangements.
Kirt stated in a statement that Foundry was a long-standing customer of Greenidge. This partnership will expand our existing relationship as Greenidge expands outside of New York.
Foundry’s partnership with Greenidge follows his plans to build a South Carolina mining facility. Greenidge reveals that the Spartanburg facility, which is carbon neutral, will be available in 2021 or 2022.
The announcement made Wednesday stated that Spartanburg will be the company’s second US mining site. This is in addition to its plans to increase its mining capacity to 500 MW by 2025. Greenidge’s new arrangement will provide ‘approximately 800 petahashes computing power to [Foundry USA] pool,’ or 0.8 EH/s in hashpower.
Mike Colyer, Foundry CEO, stated that Greenidge was the first to integrate a clean power plant operation with carbon-neutral cryptocurrency mining in North America. “We look forward providing Greenidge our best-in class services that are tailored-made for institutional businesses in the cryptocurrency mining sector,’ the executive said.