Greenidge Generation Reports Q3 Preliminary Results, Mined 729 Bitcoin in the Quarter

Bitcoin miner Greenidge Generation Holdings (NASDAQ: GREE) reported preliminary results for the third quarter ended Sept. 30 on Monday with revenue of $33 million to $37 million.

Investment firm B. Riley Securities estimated that Greenidge will report $40.7 million in revenue for the quarter, according to FactSet. Shares of Greenridge were declining 1.4% to 24.75 on Monday morning.Greenidge expects to post a net loss in a range of $16 million to $19 million and adjusted EBITDA in a range of $18 million to $22 million, according to a statement. The expected net loss is driven by about $30 million of charges associated with the merger with mined 729 bitcoin during the third quarter and had approximately 15,300 miners in operation with 1.2 EH/s of combined capacity as of Sept. 30. The company ended the quarter with $52 million of cash and fair market value of cryptocurrency holdings.As of Oct. 1, Greenidge had 67 stockholders of record, an increase from 11 as of Sept. 13, Greenidge said in a filing. In a September filing, the company said it had the 11 holders of common stock and 66 preferred stockholders. A stock split in March made each share of series A preferred stock convertible into four shares of class B common stock.Read more: Greenidge to Merge, Becoming First Publicly Traded Bitcoin Miner With a Power PlantGreenidge shares gained 7% on Sept. 29 after B. Riley initiated its coverage of the bitcoin miner with a buy rating and $78 price target. B. Riley said Greenidge may reach hashrate, or computing power, of 3.1 EH/s by the end of 2022 and 6.8 EH/s by the end of 2023 as the mining industry continues to flee China after the country’s latest crypto crackdown.Greenridge last month said it will buy 10,000 crypto mining machines for its planned new facility in Spartanburg, S.C. The upstate New York-based mining firm is purchasing 10,000 S19j Pro bitcoin miners from Bitmain.

Share your thoughts