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Greenidge Generation Holdings Inc. - GREE STOCK NEWS

Welcome to our dedicated page for Greenidge Generation Holdings news (Ticker: GREE), a resource for investors and traders seeking the latest updates and insights on Greenidge Generation Holdings stock.

Greenidge Generation Holdings Inc. (GREE) is a pioneering company that seamlessly integrates cryptocurrency data center operations with power generation. The company maintains two primary facilities located in the Town of Torrey, New York, and Spartanburg, South Carolina. These facilities are strategic hubs where Greenidge Generation efficiently produces bitcoin by utilizing application-specific integrated circuit computers (ASICs or miners) that the company either owns or leases.

Core Business: Greenidge Generation’s core business revolves around cryptocurrency mining, particularly Bitcoin. The company generates revenue through earning bitcoin rewards and transaction fees, which are essential for maintaining and supporting the global bitcoin network.

Recent Achievements: Greenidge Generation has garnered attention for its unique approach to merging power generation with cryptocurrency mining, ensuring a reliable and cost-effective power supply for its data centers. This innovative model has positioned the company as a leader in the rapidly evolving world of digital currencies.

Current Projects: The company is continually expanding its operations and exploring new avenues to enhance its cryptocurrency mining efficiency. Recent initiatives include upgrading equipment and optimizing processes to maximize bitcoin production.

Financial Condition: Greenidge Generation's financial performance is closely tied to the volatility of bitcoin prices. However, the company's vertically integrated model provides a significant competitive advantage by reducing operational costs and ensuring a stable power supply for its mining operations.

Partnerships and Collaborations: The company actively seeks strategic partnerships to bolster its position in the market and to stay ahead of technological advancements in cryptocurrency mining. These collaborations help Greenidge Generation to maintain its edge in an increasingly competitive landscape.

Products and Services: Beyond bitcoin mining, Greenidge Generation is exploring opportunities in blockchain technology and related services. The company's expertise in power generation and data center management positions it well to diversify and expand its service offerings.

News

Greenidge Generation Announces Fourth Quarter Results Will Meet or Exceed Preliminary Results

Rhea-AI Summary
Greenidge Generation Holdings Inc. reschedules Q4 and full-year 2023 earnings release, meeting or exceeding preliminary results. Postpones financial results and conference call to April 9, 2024, due to additional time needed for annual audit procedures and accounting policy revisions.
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Greenidge Announces Expansion of Power Capacity with 40 MW of Low-Cost Power in Key Territories

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Greenidge Generation Holdings Inc. (NASDAQ: GREE) expands with 40 MW of low-cost power in Mississippi and North Dakota, increasing mining capacity and revenue potential. CEO Jordan Kovler emphasizes growth and job creation. Monthly Bitcoin production and hash rate figures show steady performance.
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Greenidge Generation Announces $6 Million Investment to Support Ongoing Business Transformation

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Greenidge Generation Holdings Inc. (NASDAQ: GREE) secures a $6 million investment from Armistice Capital to support growth initiatives including expansion into low-cost power centers, bitcoin mining, and new AI infrastructure. The investment aims to enhance shareholder value and strengthen competitive advantages, following the company's recent profitable quarter and debt reduction of over 54% in 2023.
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Greenidge Generation Announces Favorable Preliminary Financial and Operating Results for the Fourth Quarter 2023

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Greenidge Generation Holdings Inc. (NASDAQ: GREE) announced favorable preliminary financial and operating results for the fourth quarter of 2023, with revenue of approximately $19.7 million, net income of $1.4 million to $2.4 million, adjusted EBITDA of $1.6 million to $2.6 million, and earnings per share of $0.18 to $0.32. The company reported its first profitable quarter in two years and highlighted a significant reduction in debt by over 54% in 2023. The CEO expressed confidence in the company's approach and resources, positioning it well for future growth.
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Infinite Reality, Global Leader Powering AI-Virtual Immersive Experiences Announces Strategic Partnership with Greenidge Generation Holdings (Nasdaq: GREE)

Rhea-AI Summary
Infinite Reality, Inc. (iR) plans to go public in early 2024 via Newbury Street Acquisition Corporation (Nasdaq: NBST). The company announced a partnership and equity swap with Greenidge Generation Holdings Inc. (Nasdaq: GREE) to launch a new service-offering known as GreenidgeAI. The partnership aims to provide infrastructure and GPU needs for iR clients, leverage low-cost power sources, and enhance data center capabilities. The equity swap agreement values iR at $2.5 billion and grants exclusive access to specialized infrastructure in the United States and Canada.
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Greenidge Generation Holdings and Infinite Reality Announce New Partnership and Equity Swap

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Greenidge Generation Holdings Inc. (NASDAQ: GREE) has entered into a partnership and share exchange with Infinite Reality, Inc. to launch GreenidgeAI, providing specialized infrastructure for AI and immersive experiences. The partnership aims to enhance offerings related to AI and immersive experiences by utilizing low-cost power and superior engineering services. The equity swap agreement between Greenidge and iR provides for iR obtaining shares of Greenidge valued at $8.33 per share in exchange for an equivalent amount of iR stock reflecting a $2.5 billion valuation.
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Greenidge Announces Leadership Transition

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Greenidge Generation Holdings Inc. (NASDAQ: GREE) announced the appointment of Jordan Kovler as the new Chief Executive Officer, replacing David Anderson, who will transition to Chairman of the Board of Directors. The executive transitions are effective as of November 16, 2023. This announcement follows the recent reduction of $85.3 million in debt by Greenidge through strategic deleveraging transactions, representing over half of its total net debt. Jordan Kovler brings a unique mix of experience in technology, Web3, capital allocation, M&A, investor engagement, and corporate governance expertise that will help drive the next phase of Greenidge's growth.
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Greenidge Substantially Improves Liquidity Profile Following Sale and Deleveraging Transaction

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Greenidge Generation Holdings Inc. (NASDAQ: GREE) has successfully eliminated the remaining $21.8 million of secured debt by selling its South Carolina mining site to NYDIG. The company will receive approximately $6.2 million in cash consideration, reducing its debt by a total of $85.3 million in 2023. Greenidge will retain 153 acres of land for potential future data center development. The company's improved liquidity profile and balanced revenue mix position it well for the future.
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Greenidge Generation Reports Third Quarter 2023

Rhea-AI Summary
Greenidge Generation Holdings Inc. (NASDAQ: GREE) announced its third-quarter 2023 financial and operating results, reporting a total revenue of $20.9 million. The company's cryptocurrency datacenter hosting revenue was $12.1 million, and cryptocurrency datacenter self-mining revenue was $6.6 million. Greenidge also achieved a break-even Adjusted EBITDA from continuing operations and produced 235 bitcoins from self-mining. The company operated an active mining capacity of approximately 4.6 EH/s from 42,300 miners as of September 30, 2023. Greenidge's cash as of September 30, 2023, was $10.7 million.
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Greenidge Generation Announces Selected Preliminary Financial and Operating Results for the Third Quarter 2023

Rhea-AI Summary
Greenidge Generation Holdings Inc. announces selected preliminary financial and operating results for Q3 2023, expecting revenue of $21 million, net loss of $7-8 million, and Adjusted EBITDA of $0-1 million. Cryptocurrency datacenter hosting revenue is expected to be $12.5 million, self-mining revenue $6.5 million, and power and capacity revenue $2 million. Greenidge produced 871 bitcoin in Q3 2023. The company has approximately $10.7 million of cash and $89.5 million of debt.
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FAQ

What is the current stock price of Greenidge Generation Holdings (GREE)?

The current stock price of Greenidge Generation Holdings (GREE) is $2.22 as of November 4, 2024.

What is the market cap of Greenidge Generation Holdings (GREE)?

The market cap of Greenidge Generation Holdings (GREE) is approximately 24.0M.

What does Greenidge Generation Holdings Inc. do?

Greenidge Generation operates a vertically integrated cryptocurrency data center and power generation company, primarily mining bitcoin.

Where are Greenidge Generation's facilities located?

The company operates facilities in the Town of Torrey, New York, and Spartanburg, South Carolina.

How does Greenidge Generation generate revenue?

The company earns bitcoin as rewards and transaction fees for supporting the global bitcoin network with its ASIC computers.

What is unique about Greenidge Generation's business model?

The company combines cryptocurrency mining with power generation, ensuring a stable and cost-effective power supply for its operations.

How does Greenidge Generation stay competitive in the market?

By continuously upgrading its equipment, optimizing processes, and seeking strategic partnerships, Greenidge Generation maintains its competitive edge.

What recent achievements has Greenidge Generation accomplished?

The company has been recognized for its innovative integration of power generation and cryptocurrency mining, enhancing its operational efficiency.

How does the company's financial condition relate to bitcoin prices?

Greenidge Generation's financial performance is highly influenced by the volatility of bitcoin prices, but its integrated model helps reduce costs.

What are the future projects of Greenidge Generation?

The company is focused on expanding its operations, enhancing mining efficiency, and exploring new opportunities in blockchain technology.

What products and services does Greenidge Generation offer?

In addition to bitcoin mining, the company is exploring blockchain technology and related services to diversify its offerings.

How does Greenidge Generation ensure a stable power supply for its mining operations?

The company combines its cryptocurrency data center operations with its own power generation facilities to ensure a reliable and cost-effective power supply.

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Greenidge Generation Holdings Inc.

Nasdaq:GREE

GREE Rankings

#5214 Ranked by Market Cap
N/A Ranked by Dividends

GREE Stock Data

24.01M
7.94M
1.49%
8.4%
4.2%
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