Welcome to our dedicated page for Greenidge Generation Holdings news (Ticker: GREE), a resource for investors and traders seeking the latest updates and insights on Greenidge Generation Holdings stock.
Greenidge Generation Holdings Inc. (Nasdaq: GREE) is a vertically integrated power generation and cryptocurrency datacenter company whose news flow centers on operations, regulatory developments, capital structure, and asset transactions. Company announcements describe a business that combines power generation with cryptocurrency mining, datacenter hosting, and power and capacity activities, anchored by its Dresden, New York facility.
On this page, readers can review GREE news related to cryptocurrency mining performance, datacenter hosting activity, and power and capacity revenue, as reported in company press releases. Greenidge regularly issues updates on quarterly financial and operating results, including metrics such as total revenue, cryptocurrency mining revenue, datacenter hosting revenue, power and capacity revenue, and bitcoin production, along with non-GAAP measures like EBITDA, Adjusted EBITDA, and Adjusted Free Cash Flow.
Greenidge news also covers significant regulatory milestones, particularly around the company’s Title V Air Permit for the Dresden facility. The company has reported a stipulation of settlement with the New York State Department of Environmental Conservation and a historic agreement on a new five-year permit that includes greenhouse gas emissions limits and confirms the facility’s ability to continue supplying power to the local grid while operating as a cryptocurrency datacenter.
Another recurring theme in GREE updates is capital structure and debt management, including tender and exchange offers for its 8.50% Senior Notes due 2026 and the issuance of 10.00% Senior Notes due 2030. Press releases detail the terms, early results, and final results of these offers. In addition, Greenidge issues news about asset sales and development, such as the sale of its Mississippi bitcoin mining facility and the sale of its Spartanburg, South Carolina property and associated electrical capacity rights, as well as commentary on expansion properties and power contracts.
Investors and observers who follow GREE news can use this page to monitor company-reported developments affecting its power generation operations, cryptocurrency mining and hosting activities, regulatory agreements, and senior notes. Bookmark this feed to access a consolidated view of Greenidge’s official announcements and updates over time.
Greenidge Generation reported Q3 2024 financial results with total revenue of $12.4 million and a net loss from continuing operations of $6.3 million. The company's revenue streams included $3.3 million from cryptocurrency mining, $6.5 million from datacenter hosting, and $2.6 million from power and capacity. Year-to-date 2024 results showed total revenue of $44.7 million with a net loss of $15.9 million. The company achieved significant SG&A expense reduction, with total expenses through Q3 2024 at $13.4 million compared to $22.7 million in the same period of 2023, exceeding their $7 million reduction goal by 33%. The company ended Q3 with $11.4 million in cash and digital assets, including 60.7 bitcoin, and approximately $69.5 million of debt.
Greenidge Generation Holdings Inc. (NASDAQ: GREE) announced preliminary financial and operating results for Q3 2024. Key highlights include:
- Revenue of $12.4 million
- Net loss from continuing operations of $6.6 million
- Adjusted EBITDA loss of $0.4 million
- Total bitcoin production of 167 BTC
- SG&A expense reduction of $9.1 million year-to-date, exceeding yearly goal by $2.0 million
- Cash and digital assets of $11.3 million, including 60 bitcoin
- Debt of approximately $69.5 million
The company operates a fleet of 29,000 bitcoin miners with 3.1 EH/s total hashrate capacity. Greenidge plans to upgrade its miner fleet, improving efficiency from 28.7 J/TH to 26.5 J/TH by the end of 2024. A hearing is expected in late October regarding the company's request for a temporary restraining order to continue operations at its Dresden, NY facility.
Greenidge Generation Holdings Inc. (NASDAQ: GREE) has released its bitcoin production update for August 2024 and announced CEO Jordan Kovler's presentation at the H.C. Wainwright Annual Global Investment Conference. Key highlights include:
- Total bitcoin production: 55
- Greenidge-owned miners: 17 bitcoin
- Datacenter hosting: 38 bitcoin
- Total hash rate: 2.50 EH/s
- Greenidge-owned miners hash rate: 0.8 EH/s
- Datacenter hosting hash rate: 1.7 EH/s
- Bitcoin holdings as of September 6, 2024: 51
The company plans to upgrade its miner fleet and secure additional sites for future development throughout 2024 and 2025.
Greenidge Generation Holdings Inc. (NASDAQ: GREE) reported its Q2 2024 financial results, showing a total revenue of $13.1 million and a net loss from continuing operations of $5.5 million. The company highlighted significant cost reductions, with SG&A decreasing by $6.4 million in the first six months of 2024 compared to 2023. Greenidge expanded its power capacity by 100 MW, securing access to 60 MW in South Carolina and commencing mining operations in Mississippi and North Dakota.
The company launched new initiatives including Greenidge Pod X, a crypto mining infrastructure solution, and a GPU datacenter pilot program. Despite temporary disruptions due to miner relocation and a planned plant outage, Greenidge expects improved earnings in future quarters due to ongoing cost savings and new offerings.
Greenidge Generation Holdings Inc. (NASDAQ: GREE) has released its bitcoin production update for Q2 and July 2024. The company's performance fluctuated over the period:
- April: Produced 120 bitcoin (44 self-mined, 76 hosted) with a 2.80 EH/s hash rate
- May: Produced 57 bitcoin (15 self-mined, 42 hosted) with a 2.34 EH/s hash rate
- June: Produced 40 bitcoin (14 self-mined, 26 hosted) with a 1.61 EH/s hash rate
- July: Produced 58 bitcoin (19 self-mined, 39 hosted) with a 2.37 EH/s hash rate
The company's hash rate fluctuations were due to miner redeployment and a planned power plant outage. Greenidge expects increased hash rates in August with the deployment of S21 Pro miners and hydro operation improvements.
Greenidge Generation Holdings Inc. (NASDAQ: GREE) has announced a new self-mined bitcoin retention strategy to drive growth and increase its bitcoin holdings. The company has also secured a $20 million committed equity facility from B. Riley Principal Capital II, to enhance financial flexibility for executing its growth roadmap.
Key points:
- Greenidge's direct costs for Bitcoin mining operations have decreased due to internal power generation capabilities and newly built mining sites.
- The company currently has 122 MW of total power capability and approximately 8,000 owned miners in operation across four active sites.
- Greenidge aims to expand its operational footprint by locating sites with potential for low-cost power expansion.
- The $20 million equity facility will be used to support continued growth and expansion.
Greenidge Generation Holdings Inc. (NASDAQ: GREE) is set to unveil its innovative Greenidge Pod X bitcoin mining solution at the Bitcoin Conference in Nashville, TN, from July 25-27, 2024. Launched in June 2024, the Pod X offers superior mining infrastructure with optimal temperatures for better uptime and longevity. Greenidge has already deployed the Pod X across multiple sites in the US.
Key advantages of the Pod X include:
- 35% higher miner capacity (792 miners)
- Low pod and infrastructure $/kW cost ratio
- Improved filter design for easier maintenance
- Low decibel output
- Compliance with safety standards
CEO Jordan Kovler believes this innovation positions Greenidge competitively in the bitcoin mining industry, potentially accelerating the company's growth trajectory.
Greenidge Generation Holdings (NASDAQ: GREE) has broadened its bitcoin mining capabilities by launching a new site in Mississippi, which began operations on July 1, 2024, with 2,400 bitcoin miners. The site uses Greenidge's proprietary Pod X infrastructure and currently has access to 8.5 MW of power, with a plan to secure an additional 25 MW within the next year. This expansion marks Greenidge's fourth active mining site, extending its total power capacity to 122 MW across locations in the U.S. and Canada. CEO Jordan Kovler highlighted the efficient deployment of the Mississippi site and the company's ongoing strategic expansion efforts. The company also plans to deploy Antminer S21 Pro units shortly to further enhance capacity.
Greenidge Generation Holdings Inc. (NASDAQ: GREE) announced preliminary financial results for Q1 2024, reporting revenue of $19.2 million, adjusted EBITDA of $2.1 to $3.1 million, and a loss per share of $0.33 to $0.43. The company highlighted the production of 409 bitcoins, positive cash flow for two consecutive quarters, and a reduction in SG&A spend. CEO Jordan Kovler emphasized the focus on execution and team strengths for future growth.
Summary not available.
FAQ
What is the current stock price of Greenidge Generation Holdings (GREE)?
What is the market cap of Greenidge Generation Holdings (GREE)?
