Greenidge acquires 37-acre plot in Mississippi with access to 44MW of power
US cryptocurrency data center and power generation firm Greenidge Generation has seen a deal to sell off two parcels of land to Data Journey in South Carolina fall through.
The deal was initially signed last November was in relation to two parcels containing approximately 152 acres of land located in Spartanburg, South Carolina, together with the power rights to the property.
As part of the initial agreement, Greenidge was set to support Data Journey in developing and building a new data center that would have utilized 60MW of secured power on the site. According to Greenidge, 60 percent of the site's power was set to be from zero-carbon sources, including nuclear energy.
The deal had been made for $12.1 million in cash and an eight percent profit participation interest in the data center project.
Data Journey initiated the termination of the agreement on August 24, exercising its right to terminate the purchase and sale agreement.
As part of the termination, the two companies agreed to provide Data Journey an option to consummate the transaction, which was scheduled to expire on August 25, 2025, allow Greenidge to retain non-refundable deposits paid by Data Journey totaling $400,000, and continue marketing the property to prospective purchasers.
Commenting on the decision, Jordan Kovler, CEO of Greenidge, said: “We will continue making the investments necessary to secure the property’s long-term power rights and explore all opportunities to maximize value for Greenidge shareholders.”
Greenidge initially purchased the property in 2021 for $15m. In 2023, it sold 23 subdivided acres and its 44MW cryptocurrency mining facilities to NYDIG for $28m.
Despite the deal falling through, Greenidge was separately able to recently close the purchase of a 37-acre plot of land in Mississippi. The site is expected to provide access to 44MW of additional “low-cost” power by July 2026. The company also announced the sale of an existing 7.5MW Mississippi mining facility.
Greenidge is a vertically integrated crypto data center and power generation firm based out of Fairfield, Connecticut.
According to its latest Q2 earnings report, the company reported a total revenue of $12.9m and a total Bitcoin production of 110BTC. Last February, it raised $6m to fund its growth plans. Greenidge intended to use the money to fund its expansion into low-cost power centers, Bitcoin mining, and a push to build new AI infrastructure and data centers.
Data Journey reportedly operates four facilities across two data center sites in Catawba County, North Carolina, and Houston, Texas. The firm, founded in 2024, acquired both sites last year.
Source: DCD
