Greenidge Technology Holdings Inc, guardian company of Greenidge Technology LLC, a vertically-constructed-in bitcoin mining operation, presented this day that it plans to head public via a merger with Enhance.com (Nasdaq: SPRT). The agreement can be the well-known to ship a self-ample energy producing bitcoin mining operation to the inventory market, in accordance to the release.
“This merger is a fundamental next step for Greenidge as we form upon our gift, constructed-in and confirmed platform for bitcoin mining and abilities of lower carbon realistic energy,” mentioned Greenidge’s CEO Jeff Kirt within the release.
By integrating the energy abilities aspect of bitcoin mining into their industrial, Greenidge sidesteps the vitality variables that historically complicate bitcoin mining.
“The Firm additionally boasts low mounted charges shared between its energy abilities and bitcoin mining operations. As well to, Greenidge’s Upstate Unique York plot affords access to a pair of of the lowest-cost natural gasoline in North The united states, ensuing in a median mining energy cost of approximately $22/MWh,” states the clicking release.
As bitcoin mining grows in North The united states, it an increasing number of incentivizes vitality producers treasure Greenidge to allocate extra sources to an economically rewarding practice treasure mining. The plant Greenidge operates is in a position to producing 106 megawatts (MW) via natural gasoline; at showcase, 19 MW is directed to mining capacity, to be expanded to 85 MW by the end of 2022, in accordance to the clicking release.
The merger would make a contribution to a rising list of public entities converting extra energy to bitcoin mining — and can be the well-known in which your total operation, from vitality abilities to the mining process, is owned by the the same agency.