Bitcoin mining business contracts, Greenidge sells South Carolina land and 60MW power rights

As the scale of mining in the crypto industry continues to shrink, Bitcoin miner and power supplier Greenidge Generation is accelerating its asset restructuring, announcing the sale of its remaining land and future 60 megawatt (MW) power service rights in Spartanburg, South Carolina. According to documents filed on Tuesday, the company is selling two plots totaling 152 acres to a subsidiary of real estate investment giant Lightstone Group, and transferring the 60MW “initial load” power allocation rights for the site, with the related power expected to come online in September 2026.

The terms of the deal show that Lightstone will pay $18 million in cash at closing as an initial payment (subject to adjustment based on substation construction costs), and, depending on future power generation exceeding the initial load, will pay Greenidge up to an additional $18 million by the end of 2030. These “success payments” will be calculated at $180,000 per megawatt, with an irrevocable guarantee provided by Lightstone. The buyer has already paid a non-refundable $1.5 million deposit, and the deal is expected to close around December 11, with the exact date depending on the completion of power rights transfer procedures.

Notably, this land overlaps significantly with the site previously sold by Greenidge to Data Journey. In December 2024, Greenidge sold the data center development rights for the site for $12.1 million, while retaining an 8% share of future profits. At that time, the site already had 60MW of power access capacity, which could be used to build new data center facilities.

Greenidge purchased the land for $15 million during the 2021 crypto bull market and built a 44MW Bitcoin mining facility on part of it. However, during a debt restructuring in 2023, the mining facility was transferred to NYDIG, with Greenidge retaining only the remaining land, which is now also being sold.

This sale demonstrates that the company is further optimizing its asset structure by selling land and power rights amid declining mining revenues, rising energy costs, and increasing financial pressure. It also reflects a shift in the US Bitcoin mining industry from expansion to contraction and consolidation.