Recently, Digital Currency Group (DCG)'s cryptocurrency mining and staking-focused subsidiary Foundry and Greenidge jointly announced Foundry's sale of 2,300 Whatsminer M30S mining machines to Greenidge and financing for Greenidge's purchase of 6,000 Antminer S19 mining machines.
These 2,300 Whatsminer M30S units were already operational at Greenidge's bitcoin mining facility in Upstate New York. The sale transfers ownership of 1,800 of these units to Greenidge and the remaining units will be transferred in Q4 2021. Of the financed Antminer S19 machines, approx 5,000 units are in operation and the remaining units are scheduled for delivery in Q3 2021.
Source: Greenidge
As part of the agreement, Greenidge will add 800 petahash to Foundry USA mining pool's computing power. Founded in August 2020 by DCG with a $100 million investment, Foundry is trying to boost North America's hashpower. Interestingly, China's crackdown on crypto mining is giving a tailwind for the company.
"Foundry has been a longtime hosting customer of Greenidge and this partnership expands our existing relationship as Greenidge grows outside of New York," said Jeffrey Kirt, CEO of Greenidge.
Recently, Greenidge had shared its plans to develop a new carbon-neutral bitcoin mining operation in Spartanburg, South Carolina, which will be the company's second carbon-neutral mining facility in the US as it seeks to expand to 500 MW of mining capacity by 2025.
Mike Colyer,
CEO of Foundry, said: "Greenidge has pioneered the integration of a clean power plant operation and carbon-neutral cryptocurrency mining in North America with its operation in Upstate New York,...We look forward to providing Greenidge with our best-in-class services that are tailor-made for institutional companies in the cryptocurrency mining industry."