Atlas Holdings Abandons Bitcoin Mining, Shifts Focus to AI Data Centers

The struggling Greenidge Generation, which owns the Dresden power plant in New York, is attempting to pivot its business from Bitcoin mining to AI data centers. The company has secured a $39.4 million recapitalization deal with Machine Investment Group and Conversant Capital.

As part of the deal, Atlas Holdings will surrender control of Greenidge Generation, reducing their ownership share from 66.2% to 17%. The new partnership aims to launch AI data centers at several sites across the US and Canada, including the Dresden plant.

The conversion of the power plant would shift it from being a net seller of power to the New York grid to a net buyer. This could drive up electricity rates for consumers.