Cryptocurrency and power generation company Greenidge Generation has agreed to sell its 152-acre Spartanburg, South Carolina property to Data Journey for $12.1 million in cash and an 8 percent profit participation interest in a planned data center on the site.
Following the close of the sale, expected in Q1 2025, Greenidge will support Data Journey in developing and building a new data center that will utilize 60MW of secured power on the site. According to Greenidge, 60 percent of the site power is from zero-carbon sources, including nuclear energy.
Data Journey plans to scale capacity through propriety on-site generation, bringing the total capacity available to 100MW in the near future.
“Today marks an exciting step forward for Greenidge as our South Carolina property sale to Data Journey represents our first large-scale entrance into the data center space,” said Greenidge CEO Jordan Kovler.
Greenidge is evaluating other sites in its portfolio for similar data center buildouts and intends to partner with Data Journey to develop them.
“Through the work, Greenidge has already done to gain a commitment for future power and set the stage for development of the site, we will be able to operationalize the site much quicker than many comparable sites. We look forward to having Greenidge as a partner as we continue to transform the future of data centers,” said Dr Ishnella Kaur Azad, CEO of Data Journey.
Greenidge initially purchased the property in 2021 for $15 million. In 2023, it sold 23 subdivided acres and its 44MW cryptocurrency mining facilities to NYDIG for $28 million.
Data Journey reportedly operates four facilities across two data center sites in Catawba County, North Carolina (NC), and Houston, Texas (TX). The firm, founded in 2024, acquired both sites this year.
The sites include a retail colocation facility that was converted from the former Bed Bath & Beyond enterprise data center in NC. The conversion cost was estimated at $7 million, with the data center now offering 9,500 sq ft (882.5 sqm) of immediately available raised floor space and the ability to expand capacity to provide more than 3MW of critical load.
The second site, the Westland Bunker data center in TX, spans 240,000 sq ft (22,300 sqm) and has a capacity of 15MW. Located in the MISO energy grid and is serviced by Entergy rather than Texas’ ERCOT grid, Data Journey said the site can accommodate an additional 45MW of capacity.
Greenidge is a vertically integrated power generation company focusing on cryptocurrency mining. In February, it raised $6 million to fund its growth plans. Greenidge intends to use the money to fund its expansion into low-cost power centers and Bitcoin mining and a push to build new AI infrastructure and data centers.
