Vulcan Power Shifts Focus from Bitcoin to AI and Grid Ops

Greenidge Generation Holdings has undergone a significant transformation by rebranding itself as Vulcan Infrastructure and Power Inc. This move comes as the company shifts its focus from Bitcoin mining to AI data centers and electric grid operations.

The name change is accompanied by a $39.4 million influx of funds from investors, with $29.4 million coming from a stock sale and $10 million in secured convertible notes. The majority of these proceeds will be used to redeem approximately $33 million in senior notes due this year.

Vulcan now controls 104 megawatts of energized capacity and boasts a development pipeline of 654 megawatts across company-owned sites. Notably, the transition occurs as New York state regulators pause permits for data centers exceeding 50 megawatts, although it remains unclear if Vulcan's application is affected.