Cryptocurrency mining company Greenidge Generation Holdings Inc. will invest $264 million to develop a new cryptocurrency data center in Spartanburg, South Carolina. The project is expected to create 40 jobs.

Located along 175 acres at 300 Jones Road, operations will house some of the most advanced and efficient cryptocurrency mining computers commercially available. Greenidge Generation expects the facility to have at least 100 megawatts of data center capacity when fully developed. The first phase of the project is expected to be online in the second half of 2022, with additional expansions to reflect this investment through 2025.

“We are extremely excited to announce our commitment to expand our business to Spartanburg, and we’re grateful for the welcome and support we have received from the state and our local community. This is a significant step in Greenidge’s strategy to build upon our unique expertise at new locations across the country. This site is ideal, with an energy mix that is more than 60% carbon-free, opportunities for additional growth and a business-friendly climate. We’re excited to hire great, local talent immediately and support nearby businesses as we grow our company here in South Carolina,” Greenidge Generation Holdings Inc. Chief Executive Officer Jeff Kirt said.

Greenidge Generation Holdings Inc. is a vertically integrated bitcoin mining and power generation company. The company is committed to 100% carbon-neutral bitcoin mining at all of its locations by utilizing low-carbon sources of energy and offsetting its carbon footprint.

“To remain globally competitive, it’s imperative to embrace disruptive change and emerging technologies. Today’s announcement by Greenidge Generation is proof that South Carolina has the cutting-edge business environment and talent in place to attract new and innovative industries,” Secretary of Commerce Harry M. Lightsey III said.