Bitcoin Miner Greenidge Eyes Expansion With Core Scientific Collaboration
Greenidge, a Bitcoin miner based in New York, has announced that it is recovering from recent challenges and increasing operations through a partnership with Core Scientific.
On Thursday, the company announced the arrangement with Core Scientific. The company hosts 6,914 mining machines belonging to Greenidge. Core Scientific’s mining operations are located in Dalton, Georgia, and Calvert City, Kentucky. Greenidge stated plans to add 1,500 company-owned miners to its existing infrastructure.
As recently as December, the mining business reported “substantial doubt” regarding its viability as a company. By January, the corporation had negotiated a $61 million reduction in corporate debt with NYDIG and B. Riley.
The firm had been contemplating filing for bankruptcy before then. As a result of activists’ and lawmakers’ criticism of the miner’s environmental policies, Greenidge has become a divisive corporation.
(With inputs from Shikha Singh)
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