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Support.com owner invests $264M in crypto-mining facility

Banking & Finance
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(Photo/File)Greenidge Generation Holdings purchased 175 acres at Spartanburg’s former LSC Communications site in December as part of the cryptocurrency mining company’s Southeastern expansion.

The $15 million sale launched small-scale mining operations on the site, while the company awaited the delivery of 45,100 Bitmain miners to be used in new facilities across South Carolina and Texas, according to previous reports. Bitmain, headquarted in Beijing, makes up about 80% of the cryptocurrency mining market with its Antminer computational hardware, used to put new cryptocurrency into circulation, according to the supplier.

Now the company has backing from Spartanburg County with the promise of a $264 million investment expected to create 40 new jobs. 

“This kind of technology-fueled investment fits perfectly with our aim to diversify the types of developments, and therefore the types of jobs, we attract to Spartanburg County,” Spartanburg County Council Chairman Manning Lynch said in today’s news release. “We welcome Greenridge Generation and look forward to the impact they’ll have on the growing eastern side of Spartanburg County.”

Today, the site has 750,000 square feet of industrial space. Once the 300 Jones Road site is built out through a series of expansions up to 2025, the company expects to have 100 megawatts of datacenter capacity, part of Greenidge’s 2023 goal to have 5,000 megawatts of capacity across all operations.

The first phase of the project is slated to go online in the second half of 2022.

“We are extremely excited to announce our commitment to expand our business to Spartanburg, and we’re grateful for the welcome and support we have received from the state and our local community,” Greenidge Generation Holdings’ CEO Jeff Kirt said in the release. “This is a significant step in Greenidge’s strategy to build upon our unique expertise at new locations across the country. This site is ideal, with an energy mix that is more than 60% carbon-free, opportunities for additional growth and a business-friendly climate. We’re excited to hire great, local talent immediately and support nearby businesses as we grow our company here in South Carolina.” 

Greenidge Generation Holdings, based in Dresden, N.Y., also operates Support.com, a provider of customer and technical support solutions delivered by home-based employees.

“To remain globally competitive, it’s imperative to embrace disruptive change and emerging technologies,” Commerce Secretary Harry Lightsey said in the release. “Today’s announcement by Greenidge Generation is proof that South Carolina has the cutting-edge business environment and talent in place to attract new and innovative industries.”

Last year, Greenidge Generation signed an exclusive agreement with a developer, allowing the company to locate six properties with potential for at least 2,000 megawatts of capacity in Texas and partner with another company to gain access to 1,000-megawatt power generation assets in the state.

The company has committed to create a 100% carbon-neutral footprint at all locations, according to the release.

“South Carolina is transforming into a hub for tech-focused companies, and we welcome Greenidge Generation to our growing roster of innovative companies,” Gov. Henry McMaster said in the release. “The company’s $264 million investment and the 40 skilled jobs they are creating will make a tremendous impact in Spartanburg County and beyond.”

Reach Molly Hulsey at 864-720-1223.

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