Greenidge Generation mined 2,731 BTC in the year with a $269 million loss

For 2022, the mining company Greenidge Generation mined 2,731 BTC. The company’s revenue for the period amounted to $90 million with a net loss of $269.7 million.

Negative financial results were driven mainly by asset write-downs ($176.3 million) and costs related to environmental liabilities ($16.7 million).

As of December 31, the company operated an active fleet of 24,200 ASIC miners with aggregate hashrate of about 2.4 EH/s.

The firm ended the year with cash, short-term investments and crypto reserves totaling $5.7 million.

In the first quarter of 2023, Greenidge Generation completed certain measures to strengthen its financial and operational resilience:

• restructured debt with NYDIG B. Riley, reducing borrowings on loans from $87 million to about $26 million;
• closed a deal to sell part of the Support.com business for $2.6 million;
• entered into an agreement with Conifex to host 750 miners.

The company is also selling surplus real estate and evaluating opportunities to deploy another 9,000 of its devices.

Greenidge Generation CEO Dave Anderson said the balance-sheet restructuring measures were effective.

In March, miners’ revenue, buoyed by the rally in the first cryptocurrency, jumped by 37% in just 10 days.