GRIID Infrastructure to Double Capacity of Lenoir City, Tenn. Bitcoin Mining Operations By Investing.com

© Reuters. GRIID Infrastructure (GRDI) to Double Capability of Lenoir Metropolis, Tenn. Bitcoin Mining Operations

GRIID Infrastructure Inc. (Nasdaq: GRDI) (“GRIID” or the “firm”), a vertically built-in bitcoin mining operator, introduced plans to double the capability of its bitcoin mining operations in Lenoir Metropolis, Tenn. from 20 MW to 40 MW in mid-2024 by including a brand new website anticipated to energy roughly 6,500 machines.

“We’re targeted on constructing our progress and increasing our capability by transferring websites like this from our energy pipeline to manufacturing,” mentioned Trey Kelly, CEO of GRIID. “We’re particularly happy to be increasing our footprint within the Tennessee Valley, the place the Tennessee Valley Authority’s (TVA) mixture of inexpensive, dependable and low-carbon electrical energy has made this space a superb long-term location to mine bitcoin.”

“GRIID has been a great neighbor, and we’re excited to see them increase their operations in Lenoir Metropolis,” mentioned the town’s mayor, Tony Aikens. “Bitcoin has been a web profit for the town and for our state, producing tax receipts and good jobs. We look ahead to GRIID being our neighbors for a few years to come back.”

That sentiment was echoed by Shannon Littleton, CEO of the Lenoir Metropolis Utility Board. “Having a dependable buyer like GRIID helps maintain public energy vegetation in enterprise which may in any other case be struggling,” Littleton mentioned. “In addition they pay for infrastructure enhancements, a burden that can usually fall completely on native ratepayers. In a interval of excessive inflation, I might have few choices: increase costs, concern debt, scale back companies, or discover extra prospects like GRIID to bridge the hole.”

GRIID operates two different mining services in East Tennessee, one in Maynardville and the opposite in Limestone, in addition to a improvement, deployment and tools restore heart in Rutledge. GRIID additionally operates a facility co-located on the Glen Park Dam in Watertown, New York.

Within the combination, GRIID operates 68 MW of mining capability (55MW in Tennessee). On February 6, the corporate introduced plans to construct a brand new 60 MW mining facility in Jackson, TN. When the brand new services in Jackson and Lenoir Metropolis change into totally operational, GRIID would have practically 150 MW of mining capability, which might greater than double its present capability and represents the continuing dedication to progress within the Tennessee Valley.