Greenidge Generation posts 240% quarterly revenue increase

In Q1 2022, the revenue of the US mining company Greenidge Generation amounted to $37.7 million. The figure was up 240% year-over-year from January–March of the previous year.

During the period the firm mined 561 BTC, generating $23.2 million.

Greenidge generated $5.9 million in revenue from electricity sales (up 187% year over year). The company owns a hybrid power plant in New York State, on whose grounds its main mining facilities are located.

Revenue from the Support.com subsidiary, a provider of customer solutions, amounted to $8.5 million.

For the quarter, Greenidge posted a net loss of $0.4 million, attributed to costs of expanding the business.

At period end, the company held cash reserves of $98 million, including at least $2 million in cryptocurrency.

As of March 31, the company’s equipment fleet consisted of about 19,400 Bitcoin miners with a total hashrate of around 1.6 EH/s.

Approximately 22% of Greenidge’s mining capacity is deployed at the Spartanburg, South Carolina facility, which the company bought in December. In January the firm announced expansion of the facility and investments of $264 million.

In New York, the company faced environmental concerns about its operations. In 2020 several organizations filed a lawsuit against Greenidge over the expansion of its mining capacity. In 2021 a group of state residents accused the company of harming the environment of Seneca Lake, on the shores of which the power plant sits.

In April 2022, the New York State Supreme Court dismissed the environmentalists’ claims regarding the construction of the company’s new facilities. However Greenidge’s activities were at the center of debate over a proposed bill to curb mining in the region’s Legislature. The lower house voted for a two-year moratorium on increasing carbon emissions from cryptocurrency mining operations.

Earlier in October 2021 the company ordered 22,500 Antminer S19j Pro miners from Bitmain.

In March Greenidge raised $108 million to purchase equipment with plans to increase the hashrate to 4.7 EH/s.