Miner Greenidge Generation raises $108M to triple hash rate
Mining company Greenidge Generation announced that it has raised $108 million. The funds will be used to triple the amount of computing power to 4.7 EH/s.
$81.4 million in the form of a loan was provided by a firm affiliated with NYDIG. Another $26.5 million in the form of a promissory note was invested by Riley Financial.
The increase in the Greenidge Generation hash rate will not actually affect the data center located in upstate New York in the city of Dresden.
Greenidge Generation will focus on the development of a data center located in Spartanburg County, South Carolina. Its share of the firm’s total hash rate has already reached 15%, according to a press release.