
Daniel Batten|Jan 24, 2025 03:13
Misinformation is so persistent!
Even a really well researched, and powerfully explained article from @MarcelDeer on Bitcoin mining, contained this factually incorrect statement about Greenidge industry being opened "to power their crypto-mining operations".
I understand why you'd think that. I was saying the same thing about Greenidge even up until late 2023, when I too was challenged, and read the original SEC reports.
What I found was this:
Greenidge was unequivocally not fired up to mine Bitcoin (this was misreported). It was fired up to supply power back to the grid, and did not commence bitcoin mining until two years later.
Greenidge's own SEC filings confirm this.
Context: We can see this evolution in the S-1 form with the SEC, here
https://www.sec.gov/Archives/edgar/data/1844971/000119312521332868/d253482ds1.htm
which provides a detailed look on when and how the operation grew from a then inactive power facility.
Greenidge brought the now natural gas facility to the wholesale energy market in 2017 as a merchant power provider, under newly issued air and water permits. There was no crypto mining operation, it was just a natural gas power plant when Greenidge restarted operations.
Additionally, you can see Greenidge's initial press release announcing its exploration into bitcoin mining dated March 5, 2020 here. https://greenidge.com/greenidge-generation-announces-successful-start-of-operations-at-state-of-the-art-data-center-for-digital-currencies/
It started with 1MW of crypto-mining in 2019.
Marcel, I'd be grateful if you could correct this part of an otherwise excellent article.
https://cointelegraph.com/explained/bitcoin-miners-as-energy-buyers-explained
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