Bitcoin Mining

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.

Leaf

Carbon Neutral

Greenidge is a 100% carbon neutral bitcoin mining operation and has invested heavily in reliable, fully accredited carbon offset credits to ensure it maintains net-zero carbon emissions across the enterprise. Each project has been reviewed and certified by one of three well-recognized Offset Project Registries – the American Carbon Registry (ACR), the Climate Action Reserve (CAR) or Verra – ensuring that any projects funded by Greenidge reduce emissions or increase sequestration of greenhouse gas in a manner that is real, permanent, and verifiable.

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

Greendige 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