Greenidge Finds a Lifeline in Partnership with Core Scientific
New York-based Bitcoin miner Greenidge has announced a new partnership with Core Scientific to expand its operations. Greenidge’s mining rigs will be hosted by Core Scientific as part of a one-year deal, while an additional 1,500 company-owned miners will be installed at Greenidge’s existing facilities. This comes after Greenidge experienced some recent struggles and concerns about its ability to continue as a business. However, the company managed to reduce its corporate debt by $61 million through a deal with NYDIG and B. Riley in January. The company’s controversial environmental practices have drawn criticism from activists and legislators, including the New York Department of Environmental Conservation. Despite this, Greenidge’s CEO Dave Anderson says the partnership with Core Scientific “will significantly improve our profitability as we move forward.” With the recent bear market affecting Bitcoin mining profitability, many mining operations have struggled to stay afloat.
Clever Robot News Desk 29th April 2023