GRIID Infrastructure to Double Mining Operations in Lenoir City, Tenn.
GRIID Infrastructure’s Expansion Plans
GRIID Infrastructure Inc. (Nasdaq: GRDI) has announced plans to double the capacity of its bitcoin mining operations in Lenoir City, Tenn. The company intends to increase its mining capacity from 20 MW to 40 MW by mid-2024, with the addition of a new site expected to power approximately 6,500 machines.
Growth Strategy
Trey Kelly, CEO of GRIID, expressed the company’s focus on growth and expansion by moving sites like this from their power pipeline to production. The company aims to capitalize on the Tennessee Valley’s mix of affordable, reliable, and low-carbon electricity to mine bitcoin.
Local Support and Impact
Local officials in Lenoir City, including Mayor Tony Aikens and CEO Shannon Littleton of the Lenoir City Utility Board, have expressed their support for GRIID’s expansion. They see the company as a good neighbor that brings economic benefits to the city and state, generating tax receipts and job opportunities.
Operational Footprint
GRIID currently operates two other mining facilities in East Tennessee, as well as a development, deployment, and equipment repair center in Rutledge. The company also has a facility co-located at the Glen Park Dam in Watertown, New York. In total, GRIID operates 68 MW of mining capacity, with 55 MW in Tennessee.
Future Prospects
In addition to the expansion in Lenoir City, GRIID has announced plans to build a new 60 MW mining facility in Jackson, TN. Once these new facilities become fully operational, GRIID’s mining capacity will nearly double to around 150 MW, reflecting the company’s commitment to growth in the Tennessee Valley.
