Bitcoin: Greenidge sells 106 petahash of computing power to institutional investors

Greenidge Generation, one of the few plants that mine Bitcoin, sold part of its computing power several institutional investors whose identity has not been disclosed.

In March, we learned that the American Greenidge Generation had installed 7000 ASICs on its premises to use its own electricity for bitcoin mining.

New York-based plant just sold, press release says 106,000 terahash per second (TH / s) of bitcoin mining power investment funds and other family offices.

The sale was allowed with the help of the company BitOoda and the execution of a contract " BitOoda Hash ", A product to optimize the purchase and sale of mining power.

Providing the same type of proven hedging capabilities as seen in traditional commodity markets, this product brings the benefits of clean and energy efficient bitcoin mining from Greenidge to institutional investors in the United States, ” commented Tim Rainey, CFO of Greenidge.

Able to generate up to 100 MW of energy per hour and extract more 5 bitcoins per day, Greenidge offers the possibility for institutional investors to easily expose themselves to bitcoin mining.

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We are proud to have collaborated with Greenidge on this transaction, which we believe is just the start of a robust market for hashing power. […], and a step forward in our mission to develop a suite of digital asset-based products, ”added BitOoda director Tim Kelly.

In December 2019, the New Yorker BitOoda received an investment from $ 7 million to accelerate the development of its platform.