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 Holdings Inc. (NASDAQ: GREE) announced preliminary financial results for Q4 and the full year 2021. The company expects Q4 revenue of approximately $44 million and a GAAP net loss between $(51) million and $(41) million, impacted by a noncash goodwill impairment charge of $42 to $47 million. Adjusted EBITDA is projected at $18 to $20 million. For the full year, revenue is anticipated to reach $107 million with a net loss of $(54) to $(44) million.
Greenidge mined 1,866 bitcoin in 2021, maintaining a cash and investment position of $85 million.
Greenidge Generation Holdings (NASDAQ: GREE) announced a $264 million investment to establish a new cryptocurrency datacenter in Spartanburg County, South Carolina. This project aims to create 40 tech-sector jobs and will feature advanced cryptocurrency mining technology with an expected capacity of at least 100 megawatts. The first phase is projected to be operational in the second half of 2022, with expansions planned through 2025.
Greenidge Generation Holdings Inc. (NASDAQ: GREE) reported significant growth in bitcoin production for December 2021, achieving 609 BTC, a 168% increase from the same period in 2020. For the full year, total production reached 1,866 BTC. The company ended the year with approximately 17,300 miners, delivering a hashrate of 1.4 EH/s, up from 6,900 miners and 0.4 EH/s in 2020. Greenidge has an order book of about 31,700 additional miners to be delivered by September 2022, which will increase its capacity to approximately 49,000 miners and a hashrate of 4.7 EH/s.
Greenidge Generation Holdings Inc. (NASDAQ: GREE) announced the appointment of Terence Burke as General Counsel, effective January 7, 2022. Burke brings extensive legal experience from his previous roles at First Solar, FERC, and several power companies. CEO Jeff Kirt emphasized Burke's suitability due to his background in the green energy sector and regulatory oversight. Burke expressed enthusiasm about contributing to Greenidge's growth and noted the company's commitment to carbon-neutral bitcoin mining. Greenidge operates as a vertically integrated bitcoin mining and power generation firm.
Greenidge Generation Holdings Inc. (NASDAQ: GREE) announced the completion of its purchase of a former industrial site in Spartanburg, SC, in early December. The company has begun small-scale cryptocurrency mining operations at this site, utilizing temporary space within an existing structure on a 175-acre property with over 750,000 square feet of industrial buildings. Greenidge is focused on achieving 100% carbon-neutral bitcoin mining by leveraging low-carbon energy sources and plans to expand its operations across North America.
Greenidge Generation Holdings Inc. (NASDAQ: GREE) announced that its existing Title V air permit remains active and unaffected amid misinformation circulating online. The New York State Department of Environmental Conservation (NYSDEC) completed the renewal application on September 1, 2021, and the public comment period ended on November 19, 2021. Currently, NYSDEC is reviewing public comments, with no stipulated deadline for their decision. Greenidge emphasizes its commitment to working with NYSDEC for a robust permit renewal.
Greenidge Generation Holdings Inc. (NASDAQ: GREE) has published an updated corporate presentation along with a webcast link, available in the Investor Relations section of its website. The company is focused on vertically integrated bitcoin mining and power generation, aiming for 100% carbon-neutral bitcoin mining through low-carbon energy sources and carbon offsetting. Currently, Greenidge operates one facility in New York and plans to expand to multiple locations across North America.
Greenidge reported a significant financial performance for Q3 2021, with total revenue of $35.8 million, a 484% increase year-over-year, boosted by cryptocurrency mining revenue of $31.2 million, up 924% year-over-year. However, the company posted a net loss of $7.9 million, compared to a loss of $0.3 million last year. The adjusted EBITDA soared to $21.2 million, marking a 59.2% margin. Cash holdings rose to approximately $105 million. Greenidge is expanding its mining operation, committing to 49,000 miners with a capacity of 4.7 EH/s to further enhance growth.
Greenidge Generation Holdings Inc. (NASDAQ: GREE) announced the appointment of Robert Loughran as Chief Financial Officer effective January 1, 2022. Loughran, who joined as Chief Accounting Officer in June 2021, replaces Timothy Rainey, who will stay on as Treasurer. With over 30 years in finance, Loughran's experience includes roles at Tronox and Avon. CEO Jeff Kirt praised Loughran's leadership as critical for executing Greenidge's growth and profitability strategy. Greenidge aims to maintain its position as a leader in carbon-neutral bitcoin mining.
Greenidge Generation Holdings Inc. (NASDAQ: GREE) will release its third quarter 2021 financial results on November 15, 2021. An earnings press release and Form 10-Q will be filed before market hours, available on the company's website. Greenidge is focused on carbon-neutral bitcoin mining, operating in upstate New York with plans to expand across North America. The press release includes forward-looking statements about business strategy, future performance, and risks associated with financial outcomes.