Greenidge Generation has published its performance report for the period from July to September 2021. Net revenues range from $ 33 million to $ 37 million, with losses related to the merger with Support.com.
Company
communicatedsilt mining 729 bitcoins. For this, approximately 15,300 mining devices were used, operating with a total capacity of 1.2 Eh / s. Net revenue is expected from $ 33 to $ 37 million, net loss – $ 16 to $ 19 million. Before interest, taxes, depreciation and amortization (EBITDA) profits ranged from $ 18 to $ 22 million. Overall, the average amount of cryptocurrency reserves for the third quarter was $ 52 million.
Most of the losses were due to the merger with Support.com, Greenidge Generation said. This is a NASDAQ listed technical support company. The process began in March and was completed on September 14, 2021. The costs were approximately $ 30 million, $ 27 million of which related to the issue of shares and warrants to complete the merger.
In May of this year, a bill was presented in New York aimed at introducing a three-year moratorium on cryptocurrency mining for companies before they pass an environmental review. Last year, the Greenidge Generation power plant, which uses its own capacity to mine BTC, sold up to 30% of the hashrate to institutional buyers.
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