Greenidge Driving Significant Economic Growth in Upstate New York, New Study Finds

DRESDEN, N.Y., June 8, 2021 /PRNewswire/ -- A new study released today outlines the significant positive economic impact on the Finger Lakes Region and New York State being made by Greenidge Generation.  The study, conducted over the last several weeks by Appleseed, a highly regarded economic consulting firm, included a detailed analysis of Greenidge's impact on job creation, state and local taxes, and support for New York State and local businesses.  It details the company's considerable private investment to transform its facility into a clean, reliable source of power for thousands of homes and businesses in New York State and innovative data processing center mining cryptocurrency. 

Greenidge's favorable impact on families across the Finger Lakes is profound, the study concluded.  The company has already added dozens of new jobs at its Dresden location, and expects to add at least 10 more full-time positions in the next 12 months. 

Appleseed conclusions included the following:

"Statewide (including Yates County), we estimate that Greenidge's combined spending on ongoing operations and capital investments in 2020 directly and indirectly supported 108 jobs in New York, with earnings totaling nearly $8.4 million [and] nearly $16.8 million in statewide economic output.

"Greenidge is – and will continue to be – a vital part of the County's and Region's economic future."

The Study's key findings included:

• From 2014 through 2020, Greenidge Generation's capital investments directly and indirectly supported 183 jobs in New York State in construction and related industries, with nearly $13.4 million in employee earnings.
• Without Greenidge's annual tax payments, maintaining the level of spending authorized in the Town of Torrey's 2020 budget would have required an increase of approximately 6.84 percent in real property taxes paid by the Town's other taxpayers.
• The annual salaries and wages of full-time employees at Greenidge in 2020 averaged $77,565 – more than double the average earnings of all wage-and-salary workers in Yates County in 2019.
• In 2020 alone, during the most difficult months of COVID-19 pandemic, spending by Greenidge supported over 80 businesses in Upstate New York.

"This study is clear and convincing evidence; Greenidge is making an enormous contribution to our state and local economy, and to people's quality of life here in the Finger Lakes," said Dale Irwin, CEO of Greenidge Generation LLC.  "Our operation is generating millions in economic activity, benefitting local and statewide businesses, and we are creating new high-tech jobs right here in New York State, the financial capital of the world.  That is why we have overwhelming support – from local government, many civic organizations, our neighbors and the awesome IBEW workers that are helping to create our amazing data center project."

"We certainly knew up here the positive impact of Greenidge's transformation but to see the analysis from a reputable New York-based firm like Appleseed really reinforces the reason why we're all so excited about the future here," added Tim Dennis, Chair of the Greenidge Community Advisory Board and former Yates County Legislative Chairman.  "The impact Greenidge is having is both positive and profound." 

Founded in 1993, Appleseed provides economic impact analysis studies, economic development planning, social research and analysis, and strategic planning and program development services to government, non-profit and corporate clients. The firm has extensive experience in providing economic and community impact analyses for institutions spanning major U.S. colleges and universities, multinational corporations, city and state agencies and cultural institutions.  These entities have included organizations such as Cornell University, Ithaca College, Empire State Development Corporation, Roswell Park Cancer Institute and Con Edison.

About Greenidge Generation LLC
Greenidge Generation LLC is a vertically integrated bitcoin mining and power generation facility in Upstate New York.   Boasting an environmentally-sound operation that has undergone a remarkable transformation in recent years, Greenidge employs dozens of skilled associates, creating attractive new blockchain jobs and serving as an anchor for the Upstate New York economy.

Link to Appleseed Economic Impact study: https://greenidgellc.com/static/pdf/Greenidge-Economic-Study-Appleseed.pdf

SOURCE Greenidge Generation LLC