Greenidge Generation Holdings Inc. has signed a hosting agreement with Core Scientific, Inc. in which Core Scientific will operate and host 6,914 Greenidge-owned bitcoin miners at its facilities in Dalton, GA and Calvert City, KY.
"The agreement with Core Scientific completes this phase in our strategy to deploy 9,150 miners Greenidge owns, and we believe this agreement will significantly improve our profitability as we move forward," said Dave Anderson, CEO of Greenidge. "We are very pleased to deploy these miners at Core's facilities, which have favorable power costs and a track record of excellent operational performance."
In addition to the hosting agreement, Greenidge announced the installation of an additional 1,500 company-owned miners at the company's existing facilities across the country. With the combination of these two initiatives and the previously announced agreement with Conifex Timber Inc., Greenidge expects to generate approximately $7.5 million of incremental annual profit, according to Anderson.
Matt Minnis, Co-Founder of Core Scientific, expressed his excitement about the partnership, stating, "Greenidge is a proven operator in this industry, and we're excited to partner with them and host their miners. We believe this is a win-win for Core and Greenidge."
The hosting agreement is set to be a one-year agreement between Greenidge and Core Scientific and includes a proceed-sharing component to recognize the contribution of miners by Greenidge and the infrastructure and operating expertise provided by Core Scientific.