Vulcan Seeks to Transform Bitcoin Mine into Data Center Amid AI Boom

A bitcoin mining operation in Upstate New York's Finger Lakes region is seeking to transform into a data center, despite Governor Kathy Hochul's moratorium on new facilities powering the AI boom. The Greenidge Generation plant has rebranded as Vulcan Infrastructure and Power and is asking for an additional 200 megawatts of power from the grid, enough to power approximately 150,000 homes.

The company has raised nearly $40 million in connection with this effort. Earlier this month, Hochul signed the country's first data center moratorium, pausing permits for facilities that use 50 megawatts or more of power. However, it is unclear whether Vulcan's application falls under this moratorium.

Lisa Perfetto, an attorney at Earth Justice, said there isn't much difference between running a data center and mining for digital currency: 'It's the same old company with a new name.' Local residents and environmental groups have campaigned to close the facility for roughly six years, citing pollution that mars the local tourism industry.

Vulcan began trading stock under its new moniker last Friday. According to the company's announcement, it is unclear if crypto-mining operations will cease completely, but investors plan to develop the site immediately as a data center.