Scalable
With institutional backing, strategic industry partnerships, and enterprise-level operational excellence, Greenidge is poised for growth.
Secure
Greenidge helps ensure the security, stability, and decentralization of the bitcoin blockchain, helping to enable cheaper, faster, and more efficient payments worldwide.
Vital
Greenidge supports a global blockchain, helping to power a new, innovative financial and clean energy future that is driving economic growth globally.
Reliable
Greenidge’s record is one of sustained environmental and community stewardship. We are fully permitted to operate as both a power generation facility and data processing center that mines bitcoin, with a professional team of both cryptocurrency industry experts and power plant management veterans with decades of combined experience.
Blockchain Basics
Bitcoin is the first global decentralized cryptocurrency developed in 2009 following the ideas set out in a whitepaper by the pseudonymous Satoshi Nakamoto. The currency uses peer-to-peer technology to facilitate instant payments and balances are kept on a public ledger with transparent access to everyone.
Bitcoin is created, distributed, traded, and stored on a decentralized ledger system, known as the bitcoin blockchain. The blockchain is the official record of every bitcoin transaction that has ever been processed.
Bitcoin mining is the process of verifying bitcoin transactions and adding those transactions to the bitcoin blockchain. Bitcoin miners like Greenidge are an integral part of the bitcoin network, helping to ensure the security, stability, and decentralization of the blockchain.
Every bitcoin transaction from around the world must be validated prior to being added to the bitcoin blockchain. Bitcoin miners process transactions and record these transactions in the bitcoin blockchain. Bitcoin miners create new “blocks” on the blockchain approximately every 10 minutes and are rewarded for creating blocks through transaction fees.
Every block a miner adds to the blockchain comes with a 6.25 BTC “block reward” as well as all fees sent with the transactions that were included in that block.
HOW IT WORKS
Step 1
Someone creates a transaction and offers a fee to bitcoin miners in exchange for validating their transaction
Step 2
The transaction is broadcast to peer-to-peer computers known as nodes
Step 3
Miners, or a network of nodes, validate the transaction and the user's status using known algorithms
Greenidge validates transactions here
Step 4
Once verified the transactions are consolidated to form a data block
Step 5
The new block is added to an existing blockchain in a way that is permanent and unalterable
Step 6
The transaction is verified and 6.25 bitcoin + transaction fees are awarded for solving the block
Greenidge receives payments for mining & transaction fees here