Greenidge sold a mining facility in the USA for $3.9 million

# Miner Greenidge sold the asset in Mississippi for $3.9 million amid financial difficulties.

Greenidge Generation sold its bitcoin mining center in Mississippi for $3.9 million just a year after its launch. This is stated in a filing submitted to the SEC.

The buyer was U.S. Digital Mining Mississippi — an entity associated with the public mining company LM Funding America.

The devices and warehouse located on the property were not included in the deal. They can be sold separately. Closing is expected by September 16.

Greenidge opened a mining center with 2400 ASIC devices in Mississippi in July 2024. The company had access to 8.5 MW of power and planned to add 25 MW over the year, noted The Miner Mag. However, the facility became unprofitable.

In 2021, the miner faced financial problems — at that time, the firm was actively expanding through loans. The purchase of equipment increased the debt burden.

After the halving in 2024, revenues fell even more sharply. Hashprice remains at historical highs, despite the price of Bitcoin being above $116,000.

Source: Hashrate Index. The new tariffs from the administration of Donald Trump as of August 7 have worsened the situation. Earlier, Luxor Technology's Chief Operating Officer Ethan Vera stated that the USA has become one of the least attractive countries for importing bitcoin mining devices. According to him, the increase in tariffs will slow down the cryptocurrency mining industry in the States.

Oil and gas companies are transitioning to bitcoin mining

Against the backdrop of difficulties in the USA, the British oil and gas company Union Jack Oil announced that it plans to mine cryptocurrency at a gas field in East Yorkshire. The firm has entered into a preliminary agreement with 60 Energy from Texas.

Gas is planned to be used on-site for generating electricity, which will be directed to power the mining equipment. The volume of reserves at the field is estimated at approximately 200 billion cubic feet.

According to representatives of Union Jack Oil, the initiative could yield high returns from the use of gas that would otherwise remain untapped. If the project is successful, the company could form a bitcoin reserve.

Let us remind you that in July, the world's largest manufacturer of Bitcoin mining equipment, Bitmain, announced the opening of its first factory in the USA. The miner Canaan also took a similar step.