Greenidge Generation Holdings, the owner of a large crypto mining center in upstate New York, has invested $100 million fund to expand activities in the United States. The funding consists of a $81.4 million loan from a NYDIG affiliate and a $26.5 million promissory note from a B. Riley Financial, Inc. affiliate.
A statement declared on Thursday by Greenidge that “with the vast majority of the capacity expansion focused outside of the company’s original site in New York.” The company is making strategies to triple its data center capacity till 4.7 EH/s within this year.
In all new locations in South Carolina, Bitcoin mining started by Greenidge. According to the firm, it accounts for 15% of its total hash rate after three months.
Greenidge is sitting tight for a decision from the Department of Environmental Conservation to grant renovation for the mining facility in the Finger Lakes region of New York. It is expected that a decision should come before 31 March.
The mining facility has sparked public outrage and criticism from environmental organizations, with some urging regulators to act. According to a recent report by Columbia Law School’s Sabin Center for Climate Change Law, the governor of New York has the right to issue an executive order prohibiting the state’s mining industry from operating.
New York lawmakers are trying their level best to push a moratorium bill that would only affect plants that use carbon-based fuel to power proof-of-work mining operations. Essentially, it would halt operations for two years at their existing levels.