Greenidge to Sell Mississippi Bitcoin Mine for $3.9M Amid Ongoing Financial Struggles
Greenidge Generation has agreed to sell its Mississippi-based Bitcoin mining facility for $3.9 million, marking a swift reversal just one year after the company announced the site was operational.
According to a regulatory filing on Wednesday, Greenidge agreed to sell the Columbus, Mississippi, property to US Digital Mining Mississippi LLC, an entity that appears to be affiliated with publicly traded miner LM Funding. The buyer’s signatory, Richard Russell, is LM Funding’s chief financial officer.
The deal includes a 6.4-acre parcel at 249 Datco Industrial Road along with contracts, non-mining equipment, and other tangible assets associated with the facility.
Greenidge launched the site on July 1, 2024, deploying 2,400 bitcoin miners sourced from its own fleet. At the time, the company touted the site’s use of its proprietary Greenidge Pod X infrastructure and revealed plans to scale its capacity. Greenidge had access to 8.5 megawatts of power and aimed to secure an additional 25 megawatts within a year. The company also expected to finalize a lease for a 73,000-square-foot warehouse on an adjacent tract by September 2024.
However, Wednesday’s filing makes clear that the transaction excludes both that warehouse and all bitcoin miners deployed at the site. Greenidge said it continues to evaluate options for the warehouse, including a potential sale.
The deal comes amid a harsh operating environment for bitcoin miners. Hashprice—the revenue miners earn per unit of hashrate—has remained under pressure since the April halving, despite Bitcoin remaining above $100,000, while Greenidge continues to grapple with the financial overhang from its 2021 debt-fueled expansion. That cycle saw the company take on significant leverage to fund growth, which has proven difficult to sustain amid a prolonged downturn in mining economics.
The $3.9 million price tag includes a $195,000 refundable deposit, with the remainder to be paid in cash at closing, expected by September 16, pending a due diligence period.
Greenidge did not comment on how it intends to use the proceeds, but the sale appears to be part of a broader strategy to reduce debt and refocus operations. The company previously signaled intentions to streamline its asset base and cut costs in response to market headwinds.
