With the new equipment, Greenidge expects to set an expansion on its hash rate by 800 pentahashes. Mining pool and advisory company Foundry will bring the set later this year.
Bitcoin mining-focused finance and advisory firm Foundry Digital LLC recently revealed a partnership with mining and power generator Greenidge; This alliance would allow the sale of 2,300 Whatsminer M30S machines and financing for the purchase of 6,000 Antminer S19 miners.
Jeffrey Kirt said in a statement on July 14 said that Foundry had been a long-time Greenidge hosting customer, and this partnership is taking more grounds due to the existing relationship and because of their business growth outside of New York.
The Bitcoin mining company intends to increase its hash rate with the new equipment. According to the statement, the alliance with Foundry, which is also a mining pool, means that Greenidge could reach an increase of approximately 800 penta hashes per second (PH / s) of computing power.
The publication adds that even though 2,300 units of Whatsminer M30S were already operating at Greenidge’s Bitcoin mining facility in New York, Foundry formalized the sale of 1,800 of these units. The remaining units will arrive in the fourth quarter of the year, they say.
Regarding the financing of the Antminer S19 machines, there are 5,000 already active and functioning; the rest will meet their delivery during the third quarter of 2021.
Mining companies such as Blockcap, Hut 8, Bitfarms, Hive, BitDeer, and Bit Digital play a role in the Foundry Digital group, a subsidiary of Digital Currency Group that offers treasury management, loans with guarantee in bitcoin and generates yield in BTC trends. This set of services intends to foster the hodl mentality among interested bitcoin miners.
For his part, Greenidge has said he is trying to lessen the environmental impact of mining Bitcoin, using “low-carbon energy sources” and carbon offsets. “The company has pioneered the integration of a carbon-neutral cryptocurrency mining and clean power plant operation in North America,” Foundry CEO Mike Colyer said recently.
Greenidge’s Carbon Footprint
Last May, Greenidge revealed that it would compensate 100% for CO2 emissions resulting from Bitcoin mining. However, just a few days ago, they faced accusations from the inhabitants of upstate New York. The citizens alleged that their bitcoin mining activities had turned a 12,000-year-old glacial lake into a “hot tub.”
Greenidge denied the allegations. According to a statement “the data taken from March 1 to April 17 of this year”, the lake’s temperature is 9.7ºC, which covers only a 3.7ºC increase since the beginning of mining in the area 18 months ago.
The letter highlighted that Greenidge complies with all the requirements regarding water and air, alleging that the accusations of the inhabitants are false.
This debate around Bitcoin mining has recovered strength after statements by Tesla co-founder and CEO Elon Musk, who accused cryptocurrency mining companies of not adopting green measures to reduce the carbon footprint coming from Bitcoin mining.
By: Jenson Nuñez
