A cryptocurrency and power company is set to create 40 new jobs in South Carolina after announcing plans for a new data center.

Greenidge Generation Holdings Inc, which is a vertically integrated cryptocurrency mining and power generation company based in Dresden in New York, has revealed it is looking to build the center in Spartanburg County.

The company is investing $264 million which will create 40 new tech-sector jobs.

READ MORE: ARIZONA DECLARES CRYPTOCURRENCY ‘TOP INVESTOR THREAT’

It says the new center on the 175-acre site will house some of the most advanced and efficient cryptocurrency computers commercially available.

When fully developed, Greenidge expects the center to have “at least 100 megawatts” of data center capacity.

The first phase of the project is expected in the second half of 2022, with additional expansions coming throughout 2025.

More information on the jobs is set to be released on the Greenidge website later this year.

Greenidge Chief Executive Officer Jeff Kirt said: “We are extremely excited to announce our commitment to expand our business to Spartanburg, and we’re grateful for the welcome and support we have received from the state and our local community.

“This is a significant step in Greenidge’s strategy to build upon our unique expertise at new locations across the country.

“The site is ideal, with an energy mix that is more than 60 percent carbon-free, opportunities for additional growth and a business-friendly climate.

“We’re excited to hire great, local talent immediately and support nearby businesses as we grow our company here in South Carolina.”

South Carolina Secretary of Commerce Harry M. Lightsey III added: “South Carolina is transforming into a hub for tech-focused companies, and we welcome Greenidge Generation to our growing roster of innovative companies.

“The company’s $264 million investment and the 40 skilled jobs they are creating will make a tremendous impact in Spartanburg County and beyond.”

Follow WhatNews on YouTubeTwitterLinkedin, and Facebook