Greenidge Generation has changed its name to Vulcan Infrastructure and Power as it moves away from Bitcoin mining and looks to convert its power portfolio for AI and high-performance computing (HPC) data centers.

The company’s shares began trading under the Nasdaq ticker VIP on July 24, replacing its previous GREE symbol.

Vulcan said it has transitioned away from its “historical Bitcoin mining data center operations” and will focus on acquiring, developing, and operating powered infrastructure serving data centers and local electricity grids.

The company claims to control 104MW of existing energized capacity and a 654MW development pipeline across its owned sites. It is seeking to commercialize more than 100MW for AI and HPC workloads in the near term.

One of its main development opportunities is the former Greenidge cryptomining facility and natural gas power plant in Dresden, New York. The company has secured approval for 60MW of non-curtailable grid power at Dresden and is working with utility New York State Electric and Gas on the required facility upgrades.

It has also entered the New York Independent System Operator’s system impact study process for an additional 200MW of grid capacity. The additional capacity has not yet been approved.

The Dresden facility can generate approximately 106MW and previously directed up to 60MW to Bitcoin mining equipment while selling electricity to the grid. Vulcan said the power plant's operation would not change under the proposed data center conversion.

The AI/HPC plans could face delays under a temporary data center permitting moratorium introduced by New York Governor Kathy Hochul in July.

The order directs the Department of Environmental Conservation to hold discretionary permit applications for the construction or expansion of data centers consuming 50MW or more while the state conducts an environmental impact study.

The department told Gothamist that it had not received a new application concerning the conversion of Vulcan’s facility. It did not confirm whether the proposed project would fall under the moratorium.

Vulcan also has access to 40MW of non-curtailable power at a 34-acre greenfield site in Mississippi, which is expected to become available in the first quarter of 2027.

The rebrand follows the announcement of a proposed $39.4 million investment led by affiliates of Machine Investment Group and Atlas Holdings, alongside Conversant Capital, institutional investors, and company insiders.

The financing comprises $29.4m in Class A common stock and a $10m secured convertible note issued to Machine. Vulcan intends to use most of the proceeds to redeem approximately $33m of senior unsecured notes due in October 2026.

Vulcan reported second-quarter revenue of $3.4m and a net loss of $9.9m. It held $9.2m in cash and digital assets at the end of June.