Despite the current low prices of the cryptocurrency market, cryptocurrency miner Greenidge recently announced a partnership with Core Scientific that will see 6,914 of its rigs hosted at Core Scientific’s facilities and the installation of 1,500 more of its own miners at its existing facilities. This deal comes after the miner overcame a period of instability in December of 2020 where it “substantial doubt” about its ability to continue running as a business, and had to reduce its corporate debt by $61 million just two months later.

Due to its practices, Greenidge has long been a contentious company. Activists and legislators have criticized it for its environmental practices, which was further reflected in the New York Department of Environmental Conservation’s (DEC) denial to renew its air permit because it failed to prove “adequate GreenHouse Gas (GHG) mitigation measures.”

Despite the past struggles, Greenidge’s Chief Executive Officer Dave Anderson claims that the partnership with Core Scientific, specifically, will “significantly improve [their] profitability,” as the cryptocurrency market has been hit hard lately due to the bear market. Prices have fallen substantially since their all-time high of almost $70K in November 2021, causing many miners to close, sell their rewards, or both.

Overall, Greenidge’s partnership with Core Scientific could be a sign that the cryptocurrency market is recovering and is likely to lead to more profit for Greenidge in the near future with more cost-efficient miners and better environmental practices.



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