HomeCryptocurrencyGRIID Infrastructure to Expand Lenoir City, Tenn. Bitcoin Mining Capacity.

GRIID Infrastructure to Expand Lenoir City, Tenn. Bitcoin Mining Capacity.

GRIID Infrastructure to Double Capacity of Lenoir City, Tenn. Bitcoin Mining Operations

GRIID Infrastructure Announces Expansion Plans

GRIID Infrastructure Inc. (Nasdaq: GRDI) is set to double the capacity of its bitcoin mining operations in Lenoir City, Tenn. from 20 MW to 40 MW in mid-2024. The company plans to achieve this by adding a new site expected to power approximately 6,500 machines.

Tennessee Valley Ideal for Bitcoin Mining

CEO of GRIID, Trey Kelly, expressed the company’s focus on growth and expanding capacity by moving sites like this from their power pipeline to production. The expansion is particularly significant as the Tennessee Valley, where the operations are based, offers affordable, reliable, and low-carbon electricity, making it an excellent long-term location for bitcoin mining.

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Positive Local Impact

The expansion has been well-received by the local community, with Lenoir City Mayor Tony Aikens expressing excitement about GRIID’s operations in the city. He highlighted the positive impact on tax receipts and job creation, emphasizing the company’s role in benefitting the city and the state as a whole.

Supporting the Local Economy

CEO of the Lenoir City Utility Board, Shannon Littleton, pointed out the importance of having a reliable customer like GRIID to support public power plants and pay for infrastructure improvements. This not only benefits the company but also helps keep local public power plants in business and eases the burden on local ratepayers.

Continued Growth and Expansion

GRIID operates two other mining facilities in East Tennessee and a development, deployment, and equipment repair center in Rutledge. Additionally, the company operates a facility in Watertown, New York. With the new facilities in Jackson and Lenoir City, GRIID is set to have nearly 150 MW of mining capacity, more than doubling its current capacity and representing its ongoing commitment to growth in the Tennessee Valley.

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