Bitcoin Miner Greenidge and It’s Wholly-Owned Power Plant to Be Listed on Nasdaq – Mining Bitcoin News

On Monday, New York-based Greenidge Generation Holdings announced plans to become the first publicly traded mining company to own a power plant. Greenidge expects a public listing on Nasdaq after the merger with Support.com.

Greenidge bitcoin and gas mining major ready for Nasdaqlisting

Last March, Bitcoin.com reported that Greenidge Generation Holdings had joined the bitcoin mining ecosystem by starting a 65,000 square foot quarry at a natural gas plant in Dresden, NY. Using utility natural gas as a domestic energy source, Greenidge has developed a direct operation for behind-the-scenes mining of cryptocurrencies. The following month, the gas plant also sold a fully compliant hashish contract to an unidentified buyer for 106 petahash.

22. March 2021. Greenidge announced its intention to list on Nasdaq via a merger with Support.com (Nasdaq: SPRT). The two companies signed a merger agreement through a share exchange transaction. Upon approval by Support.com, Greenidge will become a wholly owned subsidiary of the company and will be listed on Nasdaq. At the time of publication, Greenidge is a 106 MW gas-fired power plant, of which 19 MW is used to produce bitumen. Greenidge is targeting 41 MW of capacity by the second quarter of 2021 and 85 MW by the end of 2022.

500 MW mining capacity by 2025

Jeff Kirt, CEO of Greenidge, says the merger is an important step for the power plant. Moreover, investing in bitcoin mining companies has been highly profitable in 2021, according to a recent report by Fundstrat Global Advisors. Greenidge plans to replicate its vertically integrated mining model and add 500 MW of mining capacity by 2025.

This merger is an important next step for Greenidge as we build on our existing, integrated and proven platform for bitcoin mining and affordable, low-carbon energy production, said Jeff Kirt, CEO of Greenidge.

Kirt added:

This transaction is a testament to our transformation process, our relationship with the owners and our expertise in the industry. This will allow Capital for Growth Public Market to promote Greenidge, as we strive to replicate elsewhere the Business model we have successfully implemented in upstate New York.

A Greenidge employee provides bitcoin miners set up at a natural gas power plant.

Cheap gas gives Greenidge 1,186 bitcoins at about $2,869 per bitcoin

Over the past six months, the bitcoin mining ecosystem has become more resilient and has expanded with more institutional investment. Support.com president and CEO Lance Rosenzweig told the tech and customer support company that Greenidge is looking forward to developments in the crypto economy.

With Greenidge looking to expand and take advantage of new growth opportunities, we are the ideal partner, Rosenzweig said of the merger with Greenidge. In addition, the transaction represents significant value to our shareholders by providing them with greater liquidity and the opportunity to participate in the growth of what we believe to be a successful competitor in the rapidly developing domestic bitcoin mining sector.

Greenidge’s Upstate New York claims to offer the cheapest natural gas in North America. The company says it has mined 1,186 bitcoins in 12 months at a net variable value of about $2,869 per bitcoin. The power plant and the prospect of an early listing are expected to strengthen the company as the first publicly traded company in the US to operate a vertically integrated power generation and bitumen extraction facility.

What do you think about the merger of Greenidge and Support.com and the company’s plans to expand into the mining sector? Let us know what you think in the comments below.

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Bitcoin, bitcoin mining, BTC mining, cryptocurrency, digital assets Greenidge, Greenidge Gas Plant CEO, Greenidge Generation Holdings, Greenidge Mining, Jeff Kirt, Lance Rosenzweig, mining, natural gas, power plant, Support.com

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