Greenidge Generation Holdings Inc
NASDAQ:GREE
Greenidge Generation Holdings Inc
Greenidge Generation Holdings, Inc. owns and operates a vertically integrated bitcoin mining and power generation facility. The company is headquartered in Fairfield, Connecticut and currently employs 467 full-time employees. The company went IPO on 2000-07-19. The firm is engaged in providing carbon-neutral bitcoin mining at all of its locations by utilizing low-carbon sources of energy and offsetting its carbon footprint. The company operates one facility in upstate New York. The company has approximately 106 megawatt (MW) natural gas power generation facility powered approximately 41 MW of bitcoin mining capacity. The firm generates electricity on-site from its vertically integrated power plant and uses the electricity to power its application-specific integrated circuit computers (ASICs) miners. The firm also sells surplus electricity generated by its power plant, and not consumed in bitcoin mining operations, to New York State's power grid. Support.com, is the Company's subsidiary, which is a provider of customer and technical support solutions delivered by home-based employees.
Greenidge Generation Holdings, Inc. owns and operates a vertically integrated bitcoin mining and power generation facility. The company is headquartered in Fairfield, Connecticut and currently employs 467 full-time employees. The company went IPO on 2000-07-19. The firm is engaged in providing carbon-neutral bitcoin mining at all of its locations by utilizing low-carbon sources of energy and offsetting its carbon footprint. The company operates one facility in upstate New York. The company has approximately 106 megawatt (MW) natural gas power generation facility powered approximately 41 MW of bitcoin mining capacity. The firm generates electricity on-site from its vertically integrated power plant and uses the electricity to power its application-specific integrated circuit computers (ASICs) miners. The firm also sells surplus electricity generated by its power plant, and not consumed in bitcoin mining operations, to New York State's power grid. Support.com, is the Company's subsidiary, which is a provider of customer and technical support solutions delivered by home-based employees.
Revenue Growth: Total revenue rose over 90% year-on-year in the second quarter, despite industry headwinds.
Crypto Production: Bitcoin production nearly doubled versus the prior year, with 621 bitcoins mined, but was offset by a roughly 30% lower average bitcoin price.
Margin Squeeze: Adjusted EBITDA margin dropped sharply to 9.2% from 49.9% last year, impacted by lower bitcoin prices and higher energy costs.
Strategic Pivot: Management shifted focus to liquidity preservation and paused expansion into new sites, concentrating efforts on fully funded, existing facilities.
Operational Performance: Reported strong uptime and ongoing upgrades, with plans to reach at least 3.6 exahash mining capacity by Q1 2023.
Regulatory Update: Dresden facility’s air permit is in an extended legal process, with a final resolution possibly taking years.
Significant Charges: Results included a $71.5 million impairment, $11.1 million environmental liability, and a $15 million tax-related charge.
