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Greenidge Generation announced the sale of its remaining land holdings in Spartanburg County. The bitcoin miner and power provider continues to adjust its strategy as market pressure grows. The buyer will receive two parcels totaling 152 acres and the rights to 60 megawatts of electrical capacity expected in 2026. The transaction is being completed with a subsidiary of the Lightstone Group.
The agreement provides an initial payment of 18 million dollars at closing. The final amount may increase based on substation development costs. The buyer has already placed a 1.5 million dollar non refundable escrow deposit. Greenidge expects the deal to close after key utility documents are delivered to finalize the transfer of power rights. This detail is crucial for the execution of the agreement.
<h2 class="wp-block-heading" id="how-the-deal-reshapes-greenidge-s-market-position">How the Deal Reshapes Greenidge’s Market Position</h2>
The company has been restructuring its asset portfolio since 2023. At that time, Greenidge transferred part of its mining equipment to NYDIG in a debt settlement. Later, in 2024, Greenidge sold facilities and development rights to Data Journey but retained a share in future profits. Now the company completes its exit from the region as growth opportunities remain limited.
The sale structure includes Success Payments. These payments are calculated at 180,000 dollars per megawatt of additional future energization. The mechanism could add up to 18 million dollars in total. The obligation is backed by an irrevocable guarantee from Lightstone Group. The transaction reflects rising demand for power capacity in the United States, driven by data center expansion. However, Greenidge reduces its mining exposure as it focuses on stabilizing finances.
The land was originally purchased in 2021 during the crypto bull market. Today the environment has changed, and the company is reassessing asset value. The sale signals a strategic shift and demonstrates ongoing transformation of Greenidge’s mining operations.
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Greenidge Sells Land and Power Rights in South Carolina

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