© Reuters.
GRIID Infrastructure Inc. (Nasdaq: GRDI) (“GRIID” or the “Company”), a company engaged in the integrated bitcoin mining operation, revealed its strategy to increase the capacity of its bitcoin mining facilities in Lenoir City , Tennessee, from 20 megawatts to 40 megawatts by mid-2024. This expansion includes the addition of a new site that is expected to operate approximately 6,500 mining devices.
“Our goal is to grow our business and improve our mining capacity by moving sites like this from our energy reserve to active production,” said Trey Kelly, CEO of GRIID. “We are particularly excited to expand our presence in the Tennessee Valley, where the Tennessee Valley Authority’s (TVA) combination of cost-effective, reliable and low-carbon energy has made this region a very favorable in the long term for bitcoin mining activities.”
“GRIID has been a positive presence in our community, and we look forward to its expansion in Lenoir City,” said City Mayor Tony Aikens. “Bitcoin mining has contributed positively to the city and our state by generating tax revenue and creating quality employment opportunities. We believe GRIID will remain an integral part of our community for many years to come.”
This view is shared by Shannon Littleton, general manager of the Lenoir City Utility Board. “Having a regular consumer like GRIID helps support our public power generation facilities that might otherwise face financial difficulties,” Littleton remarked. “They also contribute to the cost of infrastructure improvements, expenses that would normally be borne by local utility customers alone. In times of high inflation, my options are limited: raise rates, accumulate debt, reduce services or attract new customers such as GRIID to alleviate financial pressure.”
GRIID operates two other mining sites in East Tennessee, one in Maynardville and the other in Limestone, as well as an equipment development, deployment and repair center in Rutledge. Additionally, GRIID manages a site adjacent to Glen Park Dam in Watertown, New York.
In total, GRIID oversees 68 megawatts of mining operations (55 megawatts in Tennessee). On February 6, the company announcement its plans to build a new 60-megawatt mining site in Jackson, Tennessee. With upcoming operations in Jackson and Lenoir City, GRIID’s mining capacity would approach 150 megawatts, significantly exceeding its current operations and underscoring its desire for expansion in the Tennessee Valley.
This article was produced and translated with the help of artificial intelligence and has been reviewed by an editor. For more details, see our terms and conditions.