Greenidge Generation to sell South Carolina property to Data Journey for $12.1M

Greenidge Generation (GREE) announced that it has entered into a definitive agreement to sell its 152-acre Spartanburg, South Carolina property to Data Journey for $12.1M in cash and an 8% profit participation interest in the property’s planned data center. Greenidge purchased the Spartanburg property in 2021 for a consideration of $15M, and it included 175 acres and over 750,000 square feet of industrial buildings. In 2023, Greenidge then sold approximately 23 subdivided acres and its upgraded 44 MW mining facilities to NYDIG ABL for a total consideration of approximately $28M. The sale of the remaining 152-acre Spartanburg property will now enable Data Journey to build a new data center on the property while leveraging the site’s future access to 60 MW of power that has already been secured by Greenidge. Following the completion of the property sale, Greenidge will provide support to Data Journey in the site development and buildout. The property sale and accompanying profit share structure align with Greenidge’s longstanding focus on identifying and acquiring properties with access to significant low-cost power; evaluating each property’s best use for bitcoin mining and data center development; maximizing power capacity; and, ultimately developing or selling to a strategic buyer, when appropriate. In alignment with this playbook, Greenidge is now evaluating other sites for similar data center buildouts and intends to partner with Data Journey on other similar sites. The property sale is expected to close in the first quarter of 2025.