Greenidge Doubles Previous Mining Rigs’ Order
Leading bitcoin mining firm, Greenidge, generation holdings has disclosed that it has ordered twice its previous mining rig order from Bitmain in a bid to strengthen its operations in America. In an official announcement, the company stated that it plans to expand its operations to Texas and South Carolina from its present location (New York). Consequently, it has ordered over 20,000 mining rigs from Bitmain instead of its previous order of 10,000 mining rigs.
New Crypto Mining Facilities Outside New York
The announcement further stated that the company had completed all the paperwork for seven possible Texas data centers. Texas is the state with the highest population of crypto miners at the moment.
The company also bought a crypto mining facility in South Carolina whose output, when combined with that of Texas, showed that the company would start generating more than 3,000 MW of electricity once the facilities start working optimally. However, Greenidge will keep running its new york facility, which currently provides 45MW of electricity for mining purposes.
The US Leads Crypto Global Hash Rate Index
Greenidge expansion plans coincide with a period when the US has become a hot spot for crypto miners following the outright ban on all crypto-related activities in china. Even though not all miners are moving towards America, a large percentage of them are doing so.
New data evidence by the Cambridge BEC index suggests that the US is now the leading crypto-mining country globally – a position previously occupied by china. The data revealed that as of April this year, the US only accounted for 16.9% of the world’s BTC Hashrate, but it is responsible for about 35.5% of it, representing almost a 100-fold increase.
Solana Flips XRP’s Market Cap
In other news, Ethereum’s biggest rival, Solana, has replaced XRP in the top six digital currencies globally. SOL has surged by over 10% in the past 24 hours and trades at about $210. This figure represents a 33% rise from its price one week ago. SOL even rose to about $212 on some exchanges, making it close to reaching its previous peak price set earlier in the year.
Various factors are pushing SOL’s price. Data from late last week showed that Solana’s defi protocols’ total value locked (TVL) was almost $13B. Most metrics measure the performance and growth (or growth potential) of smart-contract enabled blockchains such as Solana based on the value of their DeFi protocols’ TVL.
A DefiLLama data revealed that as of this writing, the TVL on Solana is over $13.6B. A coin center NFT collectible on Solana generated almost $100k. The blockchain announced that people could form DAOs on its network through its “squads” tool on the same day. However, the tool is still in its beta launch.
Based on its current market cap, Solana looks set to overcome another major Ethereum rival, Cardano. Solana has risen to become the top three smart contract networks globally within one and a half years. A proof of what it offers the crypto universe.
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