NEW YORK CITY, April 10, 2020
Greenidge Generation LLC (“Greenidge), the world’s first fully- compliant bitcoin mining-power plant hybrid, today announced the successful sale of exactly 106 Petahash of computing power to an undisclosed buyer, as the company continues to roll out services allowing US institutional investors to benefit from its bitcoin mining operations.
Structured and executed by BitOoda Digital LLC (“BitOoda”), today’s sale was enabled through the execution of a BitOoda HashTM contract, a pioneering fully-compliant financial product launched in January 2020 allowing for the purchase and sale of large blocks of BTC hash power, the computing power vital to validating and securing the bitcoin network. This BitOoda product optimizes the settlement and delivery process and enables seamless transacting of hashpower in the over-the-counter markets and for institutional investors. Working with BitOoda, Greenidge is now able to offer US investors a fully regulated, safe and secure means of purchasing Bitcoin generated at its state-of-the-art mining facility in Dresden, New York.
“Providing the same kind of time-tested hedging capabilities seen in traditional commodity markets, such product brings the benefits of clean and energy-efficient bitcoin mining from
Greenidge to institutional investors throughout the United States,” said Greenidge CFO, Tim Rainey. “We look forward to working with BitOoda and other partners as we continue to scale our mining operations and, through our partners, extend the range of investment options over the coming year.”
Greenidge Generation – Geared Towards Maximum Value
Capable of generating over 100mw of clean energy an hour and with access to the US’ lowest- priced natural gas via the Empire Pipeline System, Greenidge’s hybrid facility provides reliable and efficient operations guaranteed by next-generation technology and a professional team of cryptocurrency mining experts. With contracts settled physically and acting like a traditional hedging product, institutional investors purchasing hashpower through Greenidge’s partners benefit from being able to own Bitcoin at a discount to the market spot price. Greenidge meanwhile gains from the ability to lock in their profits and receive an upfront source of capital to further expand their operations.
BitOoda CEO Tim Kelly stated, “BitOoda’s physically settled hashpower contract was created with firms of Greenidge’s caliber in mind. We are proud to have collaborated with Greenidge on this trade, which we believe is just the beginning of a robust market for hashpower and related solutions, and a step forward in our mission to develop a suite of next-generation digital asset- based products for institutional investors.”
For more information on Greenidge’s cryptocurrency mining services, please contact email@example.com