© Reuters. GRIID Infrastructure (GRDI) to Double Capacity of Lenoir City, Tennessee Bitcoin Mining Operations
GRIID Infrastructure Inc. (Nasdaq: GRDI) (“GRIID” or the “Company”), a vertically integrated bitcoin mining operator, announced plans to double the capacity of its bitcoin mining operations in Lenoir City, Tennessee, from 20 MW to 40 MW in mid-2024 by adding a new site that is expected to power approximately 6,500 machines.
“We are focused on building our growth and expanding our capacity by moving sites like this from our energy pipeline into production,” said Trey Kelly, CEO of GRIID. “We are especially excited to expand our footprint in the Tennessee Valley, where the Tennessee Valley Authority's (TVA) combination of affordable, reliable, low-carbon electricity has made this area a great long-term place to mine bitcoins.” “.
“GRIID has been a good neighbor and we are excited to see them expand their operations in Lenoir City,” said City Mayor Tony Aikens. “Bitcoin has been a net benefit to the city and our state, generating tax revenue and good jobs. We look forward to GRIID being our neighbor for many years to come.”
Shannon Littleton, executive director of the Lenoir City Board of Public Utilities, echoed that sentiment. “Having a reliable customer like GRIID helps keep public power plants running that might otherwise be struggling,” Littleton said. “They also pay for infrastructure improvements, a burden that would typically fall solely on local taxpayers. In a period of high inflation, you would have little choice: raise prices, issue debt, reduce services, or find more customers like GRIID to close the gap.”
GRIID operates two other mining facilities in East Tennessee, one in Maynardville and the other in Limestone, as well as an equipment development, deployment and repair center in Rutledge. GRIID also operates a facility located at the Glen Park Dam in Watertown, New York.
Collectively, GRIID operates 68 MW of mining capacity (55 MW in Tennessee). On February 6, the company Announced plans to build a new 60 MW mining facility in Jackson, Tennessee. When the new facilities in Jackson and Lenoir City become fully operational, GRIID would have nearly 150 MW of mining capacity, which would more than double its current capacity and represents the continued commitment to growth in the Tennessee Valley.
