Greenidge Sells South Carolina Land and Power Rights as Bitcoin Mining Footprint Shrinks
Bitcoin miner and power provider Greenidge Generation is selling its remaining land holdings in Spartanburg, South Carolina, along with rights to 60 megawatts (MW) of future electrical service.
Greenidge said in a filing on Tuesday that it will sell two parcels totaling 152 acres to a subsidiary of Lightstone Group. The deal includes the assignment of 60 MW of “Initial Load” expected to be available to the site in September 2026.
The New York-headquartered real estate investment firm will pay an initial $18 million in cash at closing—subject to upward adjustment for certain substation development costs—and up to an additional $18 million tied to future energization above the initial capacity before the end of 2030.
The buyer has posted a $1.5 million non-refundable escrow deposit that will be credited at closing. The deal is expected to close on the later of December 11 or two business days after certain utility documentation is delivered to effectuate the power-rights assignment.
Those “Success Payments” would be calculated at $180,000 per MW and are backed by an irrevocable guarantee from Lightstone Group.
The transaction potentially revisits the same location the company partially sold in 2023 as it continues to reshape its asset base amid constrained growth and ongoing financial pressures.
The land involved appears to be the same Spartanburg property where Greenidge sold data center facilities and development rights to Data Journey in December 2024. In that earlier transaction, the company sold the property for $12.1 million and retained an 8% interest in future profits from Data Journey’s development plans. At the time, Greenidge said the site had access to 60 MW of power and could support a third data center for the North Carolina- and Texas-based operator.
Greenidge originally bought the broader Spartanburg site in 2021 for $15 million during the crypto bull market, developing a 44-MW Bitcoin mining operation on a portion of the land. That facility was transferred to NYDIG in 2023 as part of a debt-settlement agreement, leaving the company with the remaining acreage now slated for sale.
