Our Story

We believe that bitcoin will be the global currency of the future; we believe it is inevitable, adoptable and will become ubiquitous over time.

— Jeff Kirt, CEO, Greenidge Generation Holdings

Bitcoin is becoming ubiquitous around the globe, leveling the financial playing field for millions by enabling more equitable access to investment and cheaper, faster, and more efficient payments. Greenidge is helping make this new financial reality possible, ensuring the security, stability, sustainability, and decentralization of the bitcoin blockchain through its carbon neutral mining services.

Greenidge is the first and only carbon neutral, vertically integrated power generator and bitcoin miner of scale in the United States. Our team of seasoned professionals have built a model that is unique in the industry and is succeeding in our mission: to be exceptional stewards in three areas – energy, environment, and economic growth.

Energy

At Greenidge, we are committed to bitcoin mining operations that are one hundred percent carbon neutral. We utilize zero and low carbon sources and continue to invest heavily in reliable carbon offset credits to maintain net-zero carbon emissions. We have prioritized working collaboratively with local governments and the communities we share to transform our Dresden, New York power generation facility into a clean source of energy that fully complies with strict environmental permits and regulations, effectively lowering the carbon emissions of the sector globally.

Environment

A true environmental leader in power generation and bitcoin mining, Greenidge is advancing responsible bitcoin mining across the industry. Our bitcoin mining operations are 100% carbon neutral – today – and we are investing in reliable, verified carbon offset credits to ensure we maintain net-zero carbon emissions across the enterprise. Moreover, most of our operations employ only the latest generation mining machines that are more than twice as efficient as the global network standard. We are also investing significant profits from our operation into renewable energy projects in New York State, and beyond, as we believe bitcoin can be a vital lever to expand the use of renewables in the years to come.

Economic Growth

The United States has a window of opportunity to build bitcoin mining into an American success story, where hundreds of millions of dollars of equipment, know-how, and entrepreneurial talent are searching for a home. At Greenidge, we perform all operations in-house, and our operation boasts low fixed costs, an efficient mining fleet, operational expertise, and low power costs. We are committed to creating even more high-skilled, high-paying jobs to improve North America’s share of the global bitcoin mining network and support the currency of the future.

At our New York location, our bitcoin mining operation has made this goal a reality. Bitcoin mining, as a portion of our fully state-approved and permitted operation, has allowed us to nearly double the size of our workforce in just 2021 alone. According to a recent economic impact analysis conducted by New York-based Appleseed, Inc., the annual wages of full-time employees at Greenidge in 2020 averaged $77,565 – more than double the average earnings of all wage-and-salary workers in Yates County, New York in 2019.

Timeline

1937

NYSEG puts plant online as a coal-fired operation

1953

NYSEG current steam turbine installed

1985

Two turbines and three boilers taken out of service

1999

Plant purchased by AES Corporation

2009

One turbine and one boiler taken out of service

2014

Plant purchased by affiliates of Atlas Holdings LLC

2016

After 2.5 years of site evaluation and environmental impact studies, Greenidge receives required permits

2017

Greenidge Generation comes back online using natural gas

2020

Commercial bitcoin mining starts

2020

Greenidge reduces approximately 75% of historic carbon emissions from the plant

2021

Greenidge announces it will become fully carbon neutral in its bitcoin mining operations through the purchase of carbon offsets

2021

Greenidge announces it will expand to South Carolina, in a facility to be powered mainly from zero-carbon sources

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