News Summary
Greenidge Generation Holdings Inc. has announced the termination of a crucial property sale deal in Spartanburg. The agreement with Data Journey LLC for two parcels totaling 152 acres and $12.1 million has been canceled as of August 24, 2025. Following this, Greenidge retains a $400,000 deposit and plans to market the property to other buyers. The company’s CEO aims to maintain control of power rights while continuing to explore opportunities for shareholder value. Amid this, Greenidge has secured a new 37-acre plot in Mississippi to enhance its cryptocurrency operations.
Spartanburg, South Carolina – Greenidge Generation Holdings Inc. announced that a significant deal for the sale of property in Spartanburg has been terminated. On August 24, 2025, Greenidge received official notice from Data Journey LLC stating their intention to terminate the Purchase and Sale Agreement which was originally signed on November 27, 2024. The agreement included the transfer of two parcels of land totaling approximately 152 acres, along with associated power rights, for a cash payment of $12.1 million and an 8% profit-sharing interest in the project.
According to the terms outlined in the agreement, Data Journey had conditions that allowed them to conclude the transaction by August 25, 2025, referred to as the “Closing Deadline.” Following the termination, Greenidge is entitled to retain non-refundable deposits amounting to $400,000 made by Data Journey and is free to market the property to other prospective buyers.
In light of the deal’s cancellation, Greenidge Generation’s CEO indicated the company’s intention to maintain control of the power rights for the property and continue seeking opportunities that will enhance shareholder value. The company had acquired the Spartanburg site in 2021 for $15 million. In 2023, Greenidge turned a profit by selling 23 subdivided acres along with 44 megawatts (MW) of cryptocurrency mining facilities to NYDIG for $28 million.
Amid the unfolding situation, Greenidge Generation showed resilience by securing a new acquisition. The company has obtained a 37-acre plot in Mississippi, projected to facilitate access to low-cost power sources by July 2026, which will further bolster its operational capabilities in the cryptocurrency sector. This expansion aligns with the company’s efforts to increase its Bitcoin mining capabilities.
In its most recent quarterly earnings report, Greenidge revealed total revenues of $12.9 million alongside a Bitcoin production of 110 BTC. Earlier in February 2025, the company raised $6 million to support its ambitions for expansion, particularly in low-cost power regions, cryptocurrency mining, and the development of innovative artificial intelligence infrastructure alongside additional data centers.
Data Journey, established in 2024, operates four facilities across two data center locations in Catawba County, North Carolina, and Houston, Texas. The organization has a mission to foster a sustainable and inclusive future for the data center sector. The Spartanburg acquisition was poised to close in the initial quarter of 2025, with plans to utilize up to 60 MW of secured power and potential scalability up to 100 MW.
Despite the termination of the agreement, both Greenidge Generation and Data Journey have expressed optimism regarding future collaboration and potential data center projects throughout the United States. Greenidge is currently assessing other options within its property portfolio that could see the development of additional data centers moving forward.
The financial landscape in the cryptocurrency and data center sectors remains dynamic as companies like Greenidge Generation and Data Journey seek to optimize their operations amidst fluctuating agreements and market conditions.
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Additional Resources
- Data Center Dynamics
- Wikipedia: Spartanburg, South Carolina
- GlobeNewswire
- Google Search: Greenidge Generation
- GoUpstate
- Encyclopedia Britannica: Cryptocurrency
- Bitcoin Magazine
- Google News: Data Journey LLC
Author: STAFF HERE SPARTANBURG
The SPARTANBURG STAFF WRITER represents the experienced team at HERESpartanburg.com, your go-to source for actionable local news and information in Spartanburg, Spartanburg County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as the Spartanburg International Festival, Spartanburg ArtWalk, and motorsport events at Spartanburg Speedway. Our coverage extends to key organizations like the Spartanburg Area Chamber of Commerce and the Spartanburg Regional Healthcare System Foundation, plus leading businesses in manufacturing and textiles that power the local economy such as BMW Manufacturing and Milliken & Company. As part of the broader HERE network, including HEREAiken.com, HEREBeaufort.com, HEREChapin.com, HERECharleston.com, HEREClinton.com, HEREColumbia.com, HEREGeorgetown.com, HEREGreenwood.com, HEREGreenville.com, HEREHiltonHead.com, HEREIrmo.com, HEREMyrtleBeach.com, HERENewberry.com, HERERockHill.com, and HERESpartanburg.com, we provide comprehensive, credible insights into South Carolina's dynamic landscape.
