Greenidge Generation Holdings Inc Stock Price, News & Analysis

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.

Greenidge Generation Holdings Inc. (NASDAQ: GREE) has been chosen as a launch customer for Bitmain's new ANTMINER S19 XP, which operates with 27% less electricity per terahash than current models. This partnership emphasizes Greenidge's commitment to carbon-neutral bitcoin mining, with plans to deploy these miners at a facility in South Carolina or Texas by Q3 2022. The order increases Greenidge's mining capacity to approximately 49,000 miners and 4.7 EH/s by the end of 2022, showcasing their focus on enhancing mining efficiency.

Greenidge Generation Holdings Inc. (NASDAQ: GREE) announced significant expansion plans beyond New York. The company increased its order with Bitmain to 22,500 mining units, aiming for a total capacity of 4.1 EH/s and 130 MW by 2022. Exclusive agreements for 3,000 MW of development potential in Texas and South Carolina were established, including a $15 million purchase for a 175-acre site in South Carolina. These initiatives are supported by $55.2 million raised from senior notes. Greenidge emphasizes its commitment to 100% carbon-neutral bitcoin mining across its expanding operations.

Greenidge Generation Holdings Inc. (NASDAQ: GREE) announced that underwriters will exercise their option to purchase an additional $5.2 million of senior unsecured notes due 2026. This will increase the total offering size to $55.2 million, expected to close today. The notes are offered through Greenidge's registration statements with the SEC, which were declared effective on October 8, 2021. Greenidge focuses on carbon-neutral bitcoin mining and aims to expand operations in South Carolina with a majority of electricity from zero-carbon sources.