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

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, Tenn. from 20 MW to 40 MW in mid-2024 by adding a new site expected to power approximately 6,500 machines.

“We’re focused on building our growth and expanding our capacity by moving sites like this from our power pipeline to production,” said Trey Kelly, CEO of GRIID. “We’re especially pleased to be expanding our footprint in the Tennessee Valley, where the Tennessee Valley Authority’s (TVA) mix of affordable, reliable and low-carbon electricity has made this area an excellent long-term location to mine bitcoin.”

“GRIID has been a good neighbor, and we’re excited to see them expand their operations in Lenoir City,” said the city’s mayor, Tony Aikens. “Bitcoin has been a net benefit for the city and for our state, generating tax receipts and good jobs. We look forward to GRIID being our neighbors for many years to come.”

That sentiment was echoed by Shannon Littleton, CEO of the Lenoir City Utility Board. “Having a reliable customer like GRIID helps keep public power plants in business that might otherwise be struggling,” Littleton said. “They also pay for infrastructure improvements, a burden that will normally fall exclusively on local ratepayers. In a period of high inflation, I would have few options: raise prices, issue debt, reduce services, or find more customers like GRIID to bridge the gap.”

GRIID operates two other mining facilities in East Tennessee, one in Maynardville and the other in Limestone, as well as a development, deployment and equipment repair center in Rutledge. GRIID also operates a facility co-located at the Glen Park Dam in Watertown, New York.

In the aggregate, GRIID operates 68 MW of mining capacity (55MW in Tennessee). On February 6, the company announced plans to build a new 60 MW mining facility in Jackson, TN. 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 ongoing commitment to growth in the Tennessee Valley.