Greenidge Buying 8,300 Bitcoin Mining Rigs From New Partner Foundry

15 July 2021

Greenidge Generation Holdings, an upstate New York bitcoin mining firm, is acquiring 8,300 rigs in a new partnership with Foundry.

  • Greenidge is buying 2,300 Whatsminer M30S mining machines from Foundry, according to a company press release. The rigs have been operating in Greenidge's facility. The sale transfers their ownership to Greenidge from Foundry, Nishant Sharma, founder of BlocksBridge Consulting, told CoinDesk via email.. His company is a public relations firm that represents both Greenidge and Foundry.
  • Foundry is also financing Greenidge's purchase of 6,000 Antminer S19s, 5,000 of which are already in operation, according to the statement. The remaining 1,000 are scheduled for delivery in Q3. Foundry and CoinDesk are both subsidiaries of Digital Currency Group.
  • By joining Foundry USA Pool, the company is adding 800 petahash to the pool's hash power, the press release said. It is unclear whether the added hash power refers to all or part of the 8,300 total rigs.
  • Greenidge is trying to clean up bitcoin's environmental impact, using "low-carbon sources of energy" and carbon offsets, the company said. It owns a natural gas energy plant in New York that powers its nearby mining facility.
  • The company plans to expand in South Carolina and go public through a merger with IT firm
  • Founded in August 2020 by DCG with a $100 million investment, Foundry is trying to boost North America's hash power. China's crackdown on crypto mining is providing a tailwind for the company.
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