Greenidge Signs Hosting Agreement with Core
Scientific for 6,914 Greenidge-Owned Miners to Be Operated at Core
Scientific's Facilities in Dalton,
Georgia and Calvert City,
Kentucky
Greenidge Announces the Installation of
1,500 Additional Miners in its Existing Facilities Across the
Country
Initiatives Represent Incremental Annual
Profit of ~ $7.5 Million to
Greenidge
FAIRFIELD, Conn., April 27,
2023 /PRNewswire/ -- Greenidge Generation Holdings
Inc. (NASDAQ: GREE) ("Greenidge" or the "Company"), a vertically
integrated cryptocurrency data center and power
generation company, today announced it has entered into an
agreement with Core Scientific, Inc. (OTC: CORZQ) ("Core
Scientific" or "Core") in which Core will host and operate
Greenidge-owned bitcoin miners at its facilities in
Dalton, GA and Calvert City, KY. Greenidge also announced the
installation of an additional 1,500 company-owned miners at the
Company's existing facilities across the country. Together, this
successfully completes the deployment of 9,150 Greenidge
miners.
"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, Chief
Executive Officer 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, our team has shown tremendous creativity in
constructing new miner slots at our facilities across the country,
allowing us to capitalize on low natural gas prices in the U.S. and
a beneficial cost structure. At current bitcoin
economics, the combination of these two initiatives and our
previously announced agreement with Conifex Timber Inc. represents
approximately $7.5 million of
incremental annual profit and significantly improves our ability to
generate cash."
"Greenidge is a proven operator in this industry, and we're
excited to partner with them and host their
miners," said Matt Minnis, Co-Founder of
Core Scientific. "We believe this is a win-win for Core and
Greenidge."
KEY DETAILS
Hosting Agreement
- One-year agreement between Greenidge and Core Scientific to
host miners owned by Greenidge.
- Includes a proceed-sharing component to recognize the
contribution of miners by Greenidge and the infrastructure and
operating expertise provided by Core Scientific.
About Greenidge Generation Holdings Inc.
Greenidge Generation Holdings Inc. (NASDAQ: GREE) is a
vertically integrated cryptocurrency data center and
power generation company.
Forward-Looking Statements
This press release includes certain statements that may
constitute "forward-looking statements" within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. All
statements other than statements of historical fact are
forward-looking statements for purposes of federal and state
securities laws. These forward-looking statements involve
uncertainties that could significantly affect Greenidge's financial
or operating results. These forward-looking statements may be
identified by terms such as "anticipate," "believe," "continue,"
"foresee," "expect," "intend," "plan," "may," "will," "would,"
"could," and "should," and the negative of these terms or other
similar expressions. Forward-looking statements are based on
current beliefs and assumptions that are subject to risks and
uncertainties and are not guarantees of future performance.
Forward-looking statements in this press release include, among
other things, statements regarding the business plan, business
strategy and operations of Greenidge in the future, including
increases in EBITDA. In addition, all statements that address
operating performance and future performance, events or
developments that are expected or anticipated to occur in the
future are forward looking statements. Forward-looking statements
are subject to a number of risks, uncertainties and assumptions.
Matters and factors that could cause actual results to differ
materially from those expressed or implied in such forward-looking
statements include but are not limited to the matters and factors
described in Part I, Item 1A. "Risk Factors" of Greenidge's Annual
Report on Form 10-K for the year ended December 31, 2022. Consequently, all of the
forward-looking statements made in this press release are qualified
by the information contained under this caption. No assurance can
be given that these are all of the factors that could cause actual
results to vary materially from the forward-looking statements in
this press release. You should not put undue reliance on
forward-looking statements. No assurances can be given that any of
the events anticipated by the forward-looking statements will
transpire or occur, or if any of them do occur, the actual results,
performance, or achievements of Greenidge could differ materially
from the results expressed in, or implied by, any forward-looking
statements. All forward-looking statements speak only as of the
date of this press release and Greenidge does not assume any duty
to update or revise any forward-looking statements included in this
press release, whether as a result of new information, the
occurrence of future events, uncertainties or otherwise, after the
date of this press release.
For further information, please contact:
Investor Relations
investorrelations@greenidge.com
Media Inquiries
media@greenidge.com
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SOURCE Greenidge Generation Holdings Inc.