Bitcoin miner Greenidge to sell Mississippi facility for $3.9 million amid financial strain and Trump’s latest tariff overhaul

The Block

Aug 07, 2025 19:53:54

Share to

Nasdaq-listed bitcoin miner Greenidge Generation is selling its Mississippi site just a year after it went operational, as the company's financial struggles and a challenging environment for U.S. miners more generally continue to bite.

According to an 8-K filing with the Securities and Exchange Commission on Wednesday, Greenidge agreed to sell the 6.4-acre facility in Columbus, Mississippi, including certain contracts, mining equipment, and other business assets, for approximately $3.9 million to U.S. Digital Mining Mississippi — an entity affiliated with the publicly traded rival U.S. miner LM Funding America, The Miner Mag first reported.

The deal excludes bitcoin mining machines currently hosted at the site and also does not include a nearby 73,000-square-foot warehouse, which Greenidge may sell separately. Closing is expected by Sept. 16, subject to standard conditions.

Greenidge began operations at the Mississippi site in July 2024, launching with 2,400 miners relocated from its existing fleet and plans to scale its capacity. Greenidge initially had access to 8.5 megawatts of power at the facility and planned to add another 25 megawatts within a year.

"As we continue to expand our footprint across the country, we are actively evaluating new strategic opportunities to develop, purchase, lease or, when appropriate, sell properties in alignment with our value creation playbook," Greenidge CEO Jordan Kovler said at the time.

Greenidge stock closed up 0.7% at $1.54 on Wednesday, according to The Block's GREE price page. The company's shares are currently up 0.7% in pre-market trading on Thursday, per . Greenidge is a top 20 publicly-listed bitcoin miner by market cap, though much smaller than the $5.9 billion market leader MARA, valued at around $23.8 million.

Challenging environment for US bitcoin miners

Greenidge remains weighed down by a heavy burden stemming from its aggressive, debt-financed expansion during 2021 — including heavy purchases of mining equipment — with the financial strain persisting despite efforts to downsize operations.

The firm also continues to face pressure from weak post-halving mining economics, with hashprice remaining at historic lows despite bitcoin trading at above $116,000.

Hashprice is a term coined by bitcoin mining services firm Luxor Technology, referring to the expected value of 1 TH/s of hashing power per day. The metric quantifies how much a miner can expect to earn from a specific quantity of hashrate.

Meanwhile, the U.S. is now one of the least competitive countries to import bitcoin mining equipment amid President Trump's latest tariff overhaul that came into effect on Aug. 7, Luxor Technology COO Ethan Vera told The Block earlier this week.

U.S.-based bitcoin miners are bracing for a slowdown in growth following the White House's move to impose steep reciprocal import tariffs on mining rigs from Southeast Asia, and are exploring overseas expansion, while waiting for manufacturers to ramp up domestic production capacity, Vera said — a process that could take years to scale.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.