Fintech: Southeast News

Fintech Southeast News curated each weekday for Alabama, Florida, Georgia, Kentucky, Mississippi, North Carolina, South Carolina, and Tennessee

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Posted October 25, 2021

 

A New York company is betting on Bitcoin to be the global currency of the future and is planning to expand its cryptocurrency mining operation by opening a second location in Spartanburg.

Greenidge Generation Holdings of Dresden, N.Y., has announced it signed a letter of intent with LSC Communications for a 10-year lease to use a portion of the former LSC printing plant to start operations by early 2022.

This past February, Chicago-based LSC Communications closed its Spartanburg commercial printing company – formerly known as the R.R. Donnelley plant – and laid off 401 workers.

{mprestriction ids="1,4,9"}Greenidge Generation Holdings of Dresden, N.Y., announced it will enter a 10-year lease for a portion of the former LSC Communications printing plant. It expects its Spartanburg cryptocurrency operation to start by early next year.

LSC plant to close:Spartanburg LSC Communications plant to close, idle 401 workers

LSC Chairman, CEO and President Thomas J. Quinlan III cited "significant structural changes in the industry" in consumer demand for print books, magazines and catalogs.

The closure came shortly after private equity firm Atlas Holdings of Greenwich, Conn., acquired LSC.

Atlas also owns Greenidge Generation Holdings Inc.

A Bitcoin mining operation uses blockchain technology, which provides a digital ledger of transactions that allows a secure way for people to deal directly with each other without a third-party intermediary such as a bank, according to nerdwallet.com.

 

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