Greenidge Provides Bitcoin Production Update
Greenidge Generation Holdings Inc. (NASDAQ: GREE) has released its bitcoin production update for Q2 and July 2024. The company's performance fluctuated over the period:
- April: Produced 120 bitcoin (44 self-mined, 76 hosted) with a 2.80 EH/s hash rate
- May: Produced 57 bitcoin (15 self-mined, 42 hosted) with a 2.34 EH/s hash rate
- June: Produced 40 bitcoin (14 self-mined, 26 hosted) with a 1.61 EH/s hash rate
- July: Produced 58 bitcoin (19 self-mined, 39 hosted) with a 2.37 EH/s hash rate
The company's hash rate fluctuations were due to miner redeployment and a planned power plant outage. Greenidge expects increased hash rates in August with the deployment of S21 Pro miners and hydro operation improvements.
Greenidge Generation Holdings Inc. (NASDAQ: GREE) ha rilasciato il suo aggiornamento sulla produzione di bitcoin per il secondo trimestre e luglio 2024. Le prestazioni dell'azienda hanno oscillato nel periodo:
- Aprile: Prodotti 120 bitcoin (44 auto-minati, 76 ospitati) con un hash rate di 2.80 EH/s
- Maggio: Prodotti 57 bitcoin (15 auto-minati, 42 ospitati) con un hash rate di 2.34 EH/s
- Giugno: Prodotti 40 bitcoin (14 auto-minati, 26 ospitati) con un hash rate di 1.61 EH/s
- Luglio: Prodotti 58 bitcoin (19 auto-minati, 39 ospitati) con un hash rate di 2.37 EH/s
Le fluttuazioni dell'hash rate dell'azienda sono state dovute al riutilizzo dei miner e a un'interruzione pianificata della centrale elettrica. Greenidge prevede un aumento degli hash rate in agosto con l'introduzione dei miner S21 Pro e miglioramenti nelle operazioni idroelettriche.
Greenidge Generation Holdings Inc. (NASDAQ: GREE) ha lanzado su actualización sobre la producción de bitcoin para el segundo trimestre y julio de 2024. El rendimiento de la empresa osciló durante el período:
- Abril: Producción de 120 bitcoin (44 minados en casa, 76 alojados) con una tasa de hash de 2.80 EH/s
- Mayo: Producción de 57 bitcoin (15 minados en casa, 42 alojados) con una tasa de hash de 2.34 EH/s
- Junio: Producción de 40 bitcoin (14 minados en casa, 26 alojados) con una tasa de hash de 1.61 EH/s
- Julio: Producción de 58 bitcoin (19 minados en casa, 39 alojados) con una tasa de hash de 2.37 EH/s
Las fluctuaciones en la tasa de hash de la empresa se debieron al replanteamiento de los mineros y a una parada planificada de la planta de energía. Greenidge espera un aumento en las tasas de hash en agosto con la implementación de los mineros S21 Pro y mejoras en las operaciones hidroeléctricas.
그린리지 제너레이션 홀딩스 주식회사(NASDAQ: GREE)는 2024년 2분기 및 7월 비트코인 생산 업데이트를 발표했습니다. 이 회사의 성과는 이 기간 동안 변동성이 있었습니다:
- 4월: 120 비트코인 생산 (44대 자가 채굴, 76대 호스팅) 해시 레이트 2.80 EH/s
- 5월: 57 비트코인 생산 (15대 자가 채굴, 42대 호스팅) 해시 레이트 2.34 EH/s
- 6월: 40 비트코인 생산 (14대 자가 채굴, 26대 호스팅) 해시 레이트 1.61 EH/s
- 7월: 58 비트코인 생산 (19대 자가 채굴, 39대 호스팅) 해시 레이트 2.37 EH/s
회사의 해시 레이트 변동은 채굴기 재배치와 계획된 발전소 정전에 기인합니다. 그린리지는 S21 Pro 채굴기의 배치와 수력 발전 개선으로 8월에 해시 레이트가 증가할 것으로 기대하고 있습니다.
Greenidge Generation Holdings Inc. (NASDAQ: GREE) a publié sa mise à jour sur la production de bitcoin pour le deuxième trimestre et juillet 2024. La performance de l'entreprise a fluctué durant cette période :
- Avril : 120 bitcoins produits (44 minés soi-même, 76 hébergés) avec un taux de hachage de 2.80 EH/s
- Mai : 57 bitcoins produits (15 minés soi-même, 42 hébergés) avec un taux de hachage de 2.34 EH/s
- Juin : 40 bitcoins produits (14 minés soi-même, 26 hébergés) avec un taux de hachage de 1.61 EH/s
- Juillet : 58 bitcoins produits (19 minés soi-même, 39 hébergés) avec un taux de hachage de 2.37 EH/s
Les fluctuations du taux de hachage de l'entreprise étaient dues à la redirection des mineurs et à une coupure programmée de la centrale électrique. Greenidge prévoit une augmentation des taux de hachage en août avec le déploiement des mineurs S21 Pro et des améliorations des opérations hydroélectriques.
Greenidge Generation Holdings Inc. (NASDAQ: GREE) hat sein Bitcoin Produktionsupdate für das zweite Quartal und Juli 2024 veröffentlicht. Die Leistung des Unternehmens schwankte über den Zeitraum:
- April: 120 Bitcoin produziert (44 selbst geschürft, 76 gehostet) mit einer Hash-Rate von 2.80 EH/s
- Mai: 57 Bitcoin produziert (15 selbst geschürft, 42 gehostet) mit einer Hash-Rate von 2.34 EH/s
- Juni: 40 Bitcoin produziert (14 selbst geschürft, 26 gehostet) mit einer Hash-Rate von 1.61 EH/s
- Juli: 58 Bitcoin produziert (19 selbst geschürft, 39 gehostet) mit einer Hash-Rate von 2.37 EH/s
Die Schwankungen der Hash-Rate des Unternehmens waren auf die Neugruppierung der Miner und eine geplante Abschaltung des Kraftwerks zurückzuführen. Greenidge erwartet im August eine erhöhte Hash-Rate mit dem Einsatz von S21 Pro Minern und Verbesserungen im Wasserkraftbetrieb.
- Deployment of 2,400 bitcoin miners at Mississippi site in July
- Expected hash rate increase in August with new S21 Pro miners
- Planned power plant outage completed to ensure continued best-in-class uptime
- Significant decrease in bitcoin production from April (120) to June (40)
- Hash rate declined from 2.80 EH/s in April to 1.61 EH/s in June
- Reduction in self-mined bitcoin from 44 in April to 19 in July
Insights
Greenidge's bitcoin production update reveals a fluctuating performance over the second quarter and July of 2024. The company's total bitcoin production decreased from
The company's hash rate, a important metric in cryptocurrency mining, also saw significant variations. It peaked at 2.80 EH/s in April but fell to 1.61 EH/s in June due to the Dresden power plant outage. However, July saw a recovery to 2.37 EH/s, indicating improved operational efficiency.
Notably, Greenidge's shift towards more profitable mining locations and the deployment of 2,400 bitcoin miners in Mississippi suggest a strategic focus on optimizing operations. The planned introduction of S21 Pro miners and improvements in hydro operations signal potential for increased hash rate and production in the near future.
While the overall trend shows a decrease in production, the company's adaptive strategies and infrastructure investments may position it for improved performance in the coming months. Investors should closely monitor how these operational changes translate into financial results in the next earnings report.
Greenidge's production update highlights several key technological aspects of their bitcoin mining operations. The company's hash rate fluctuations are particularly noteworthy, as they directly impact mining efficiency and profitability.
The decision to redeploy miners from hosting facilities to more profitable sites owned or leased by Greenidge demonstrates a strategic approach to infrastructure management. This move, while causing a temporary decrease in hash rate, could lead to improved long-term profitability if the new locations offer better energy costs or operational efficiencies.
The planned outage at the Dresden power plant, while causing a short-term production dip, is a proactive maintenance measure. Such outages are important for ensuring the longevity and reliability of power generation facilities, which are critical to maintaining consistent mining operations.
The deployment of 2,400 bitcoin miners in Mississippi and the upcoming introduction of S21 Pro miners indicate Greenidge's commitment to upgrading its mining capabilities. The S21 Pro is known for its high efficiency, potentially offering better hash rates per unit of energy consumed. This upgrade, combined with improvements to hydro operations, suggests a focus on both increasing hash rate and optimizing energy usage.
These technological moves position Greenidge to potentially improve its competitive stance in the bitcoin mining industry, provided they can effectively manage the associated costs and operational challenges.
- April 2024: Greenidge produced approximately 120 bitcoin in April, of which 44 bitcoin were produced by Greenidge-owned miners and 76 were produced through our datacenter hosting. Greenidge’s hash rate in April was approximately 2.80 EH/s, with 1.03 EH/s from Greenidge-owned miners and 1.77 EH/s from our datacenter hosting.
- May 2024: Greenidge produced approximately 57 bitcoin in May, of which 15 bitcoin were produced by Greenidge-owned miners and 42 were produced through our datacenter hosting. Greenidge’s hash rate in May was approximately 2.34 EH/s, with 0.63 EH/s from Greenidge-owned miners and 1.71 EH/s from our datacenter hosting. Greenidge’s hash rate decreased in May as a result of removing its miners from hosting facilities and redeploying the miners to a combination of more profitable sites owned and leased by Greenidge.
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June 2024: Greenidge produced approximately 40 bitcoin in June, of which 14 bitcoin were produced by Greenidge-owned miners and 26 were produced through our datacenter hosting. Greenidge’s hash rate in June was approximately 1.61 EH/s, with 0.56 EH/s from Greenidge-owned miners and 1.05 EH/s from our datacenter hosting. Greenidge’s hash rate decreased in June as a result of the planned outage at its power plant in
Dresden, NY . The successful planned outage will help ensure that its best-in-class uptime at the power plant continues.
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July 2024: Greenidge produced approximately 58 bitcoin in July, of which 19 bitcoin were produced by Greenidge-owned miners and 39 bitcoin were produced through our datacenter hosting. Greenidge’s hash rate in July was approximately 2.37 EH/s, with 0.77 EH/s from Greenidge-owned miners and 1.60 EH/s from our datacenter hosting. Over the month of July, 2,400 bitcoin miners from Greenidge’s fleet were deployed at its
Mississippi site. Greenidge expects its hash rate to further increase in August as a result of deploying its first shipment of S21 Pro miners in the coming weeks and ongoing improvements to its hydro operations.
About Greenidge Generation Holdings Inc.
Greenidge Generation Holdings Inc. (NASDAQ: GREE) is a vertically integrated power generation company, focusing on cryptocurrency mining, infrastructure development, engineering, procurement, construction management, operations and maintenance of sites.
Forward-Looking Statements
This press release includes certain statements that may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are forward-looking statements for purposes of federal and state securities laws. These forward-looking statements involve uncertainties that could significantly affect Greenidge’s financial or operating results. These forward-looking statements may be identified by terms such as “anticipate,” “believe,” “continue,” “foresee,” “expect,” “intend,” “plan,” “may,” “will,” “would,” “could,” and “should,” and the negative of these terms or other similar expressions. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties and are not guarantees of future performance. Forward-looking statements in this press release include, among other things, statements regarding the business plan, business strategy and operations of Greenidge in the future. In addition, all statements that address operating performance and future performance, events or developments that are expected or anticipated to occur in the future are forward looking statements. Forward-looking statements are subject to a number of risks, uncertainties and assumptions. Matters and factors that could cause actual results to differ materially from those expressed or implied in such forward-looking statements include but are not limited to the matters and factors described in Part I, Item 1A. “Risk Factors” of Greenidge’s Annual Report on Form 10-K for the year ended December 31, 2023 and Quarterly Report on Form 10-Q for the period ended March 31, 2023, as well as statements about or relating to or otherwise affected by the completion of management’s final review of the financial results and Greenidge’s other closing procedures. Consequently, all of the forward-looking statements made in this press release are qualified by the information contained under this caption. No assurance can be given that these are all of the factors that could cause actual results to vary materially from the forward-looking statements in this press release. You should not put undue reliance on forward-looking statements. No assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do occur, the actual results, performance, or achievements of Greenidge could differ materially from the results expressed in, or implied by, any forward-looking statements. All forward-looking statements speak only as of the date of this press release and Greenidge does not assume any duty to update or revise any forward-looking statements included in this press release, whether as a result of new information, the occurrence of future events, uncertainties or otherwise, after the date of this press release.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240801278652/en/
Investors
Nick Ratti
315-536-2359
nratti@greenidge.com
investorrelations@greenidge.com
Media
Longacre Square Partners
Kate Sylvester / Liz Shoemaker, 646-386-0091
greenidge@longacresquare.com
Source: Greenidge Generation Holdings Inc.
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