Greenidge Partners With Foundry To Acquire 8,300 Bitcoin Mining Rigs, Joins Foundry USA Pool

Bitcoin miner Greenidge has partnered with Foundry Digital to buy 2,300 WhatsMiners and finance 6,000 Antminers, plus join Foundry USA Pool.

According to a press release sent to Bitcoin Magazine, bitcoin mining company Greenidge Generation has announced a purchase of 2,300 WhatsMiner M30S mining rigs and a financing deal to acquire 6,000 Antminer S19 machines, both via Foundry Digital. Additionally, the mining firm shared that it will join the Foundry USA bitcoin mining pool.

“Foundry has been a longtime hosting customer of Greenidge and this partnership expands our existing relationship as Greenidge grows outside of New York,” said Jeffrey Kirt, CEO of Greenidge, in the announcement.

The bitcoin mining company plans to increase its hash rate capacity with the new rigs, and some of them are already operational, the company said. Foundry has sold 1,800 of the WhatsMiner machines to Greenidge and expects to deliver the remaining rigs in Q4 2021. Of the financed Antminer units, around 5,000 units are deployed, and the other 1,000 are scheduled to arrive in Q3 2021.

Greenidge also shared that it will add approximately 800 petahashes per second (PH/s) of hash power to the Foundry USA Pool upon joining. According to the release, other bitcoin miners who are already part of the pool include Blockcap, Hut 8, Bitfarms, Hive, BitDeer, Bit Digital and Foundry itself.

“Greenidge has pioneered the integration of a clean power plant operation and carbon-neutral cryptocurrency mining in North America with its operation in Upstate New York,” said Mike Colyer, CEO of Foundry, in the release. “We look forward to providing Greenidge with our best-in-class services that are tailor-made for institutional companies in the cryptocurrency mining industry.”

Bitcoin mining company HIVE also recently joined the Foundry USA Pool. Some of the services Foundry provides for its pool members include treasury management services, bitcoin collateralized lending and yield earnings on BTC holdings — likely facilitating a HODL mentality among interested bitcoin miners.

Greenidge, which in May committed to fully offsetting its operational carbon emissions, also announced the development of a new carbon-neutral facility last week. Greenidge’s second farm is planned to be built in South Carolina, leveraging a site previously used by a printing plant.

Publication date: 
07/14/2021 - 15:54
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