Greenidge Provides Bitcoin Production Update and Release of Investor Presentation

Rhea-AI Summary

Greenidge Generation Holdings Inc. (NASDAQ: GREE) has released its bitcoin production update for August 2024 and announced CEO Jordan Kovler's presentation at the H.C. Wainwright Annual Global Investment Conference. Key highlights include:

- Total bitcoin production: 55
- Greenidge-owned miners: 17 bitcoin
- Datacenter hosting: 38 bitcoin
- Total hash rate: 2.50 EH/s
- Greenidge-owned miners hash rate: 0.8 EH/s
- Datacenter hosting hash rate: 1.7 EH/s
- Bitcoin holdings as of September 6, 2024: 51

The company plans to upgrade its miner fleet and secure additional sites for future development throughout 2024 and 2025.

Positive

• Produced 55 bitcoin in August 2024
• Achieved a total hash rate of 2.50 EH/s
• Held 51 Bitcoin as of September 6, 2024
• Plans to upgrade miner fleet with newer generation equipment
• Intends to secure additional sites for future development

Negative

• Majority of bitcoin production (38 out of 55) came from datacenter hosting rather than owned miners

Insights

Financial Analyst

Greenidge's August bitcoin production update reveals modest output but highlights a strategic shift. The company produced 55 bitcoin, with 69% coming from datacenter hosting. This diversification reduces direct mining risks while maintaining revenue streams. The 2.50 EH/s hash rate, predominantly from hosting, suggests a capital-light approach. With only 51 Bitcoin held, Greenidge appears to be selling most of its production, likely to fund operations and upgrades. The planned fleet upgrade indicates a focus on efficiency, important in the competitive mining landscape. However, the relatively low production numbers and Bitcoin holdings raise questions about profitability and cash flow in the current market conditions.

Tech Expert

Greenidge's mining infrastructure shows a clear pivot towards a hosting-centric model. The 1.7 EH/s from hosting versus 0.8 EH/s from owned miners indicates a strategic realignment, potentially reducing capital expenditure and operational risks. This approach allows Greenidge to benefit from the mining industry's growth while mitigating some of the direct risks associated with cryptocurrency price volatility. The planned upgrade to newer generation miners is important for maintaining competitiveness, especially as we approach the next Bitcoin halving. However, the current 2.50 EH/s total hash rate is relatively modest in the global mining landscape, suggesting Greenidge may need to scale significantly to remain a notable player in the industry.

DRESDEN, N.Y.--(BUSINESS WIRE)-- Greenidge Generation Holdings Inc. (NASDAQ: GREE) (“Greenidge” or the "Company"), a vertically integrated cryptocurrency datacenter and power generation company, today provided a bitcoin production update for August of 2024. The Company also highlighted CEO Jordan Kovler’s presentation at the H.C. Wainwright Annual Global Investment Conference, taking place today, September 9, 2024, at 10:30AM ET. Greenidge will be filing an updated investor presentation in conjunction with the event.

Greenidge produced approximately 55 bitcoin in August, of which 17 bitcoin were produced by Greenidge-owned miners and 38 were produced through our datacenter hosting. Greenidge’s hash rate in August was approximately 2.50 EH/s, with 0.8 EH/s from Greenidge-owned miners and 1.7 EH/s from our datacenter hosting. The Company held 51 Bitcoin as of September 6, 2024.

Greenidge anticipates continuing to upgrade its fleet with newer generation miners over the remainder of 2024 and 2025 and securing additional sites for future development.

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 Reports on Form 10-Q for the period ended March 31, 2023 and June 30, 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/20240908243790/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.

FAQ

How many bitcoin did Greenidge (GREE) produce in August 2024?

Greenidge produced approximately 55 bitcoin in August 2024, with 17 from Greenidge-owned miners and 38 from datacenter hosting.

What was Greenidge's (GREE) total hash rate in August 2024?

Greenidge's total hash rate in August 2024 was approximately 2.50 EH/s, with 0.8 EH/s from Greenidge-owned miners and 1.7 EH/s from datacenter hosting.

How many Bitcoin did Greenidge (GREE) hold as of September 6, 2024?

Greenidge held 51 Bitcoin as of September 6, 2024.

What are Greenidge's (GREE) plans for its mining operations in 2024 and 2025?

Greenidge anticipates upgrading its fleet with newer generation miners and securing additional sites for future development throughout 2024 and 2025.