{"id":61592,"date":"2022-05-17T18:23:42","date_gmt":"2022-05-17T15:23:42","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=61592"},"modified":"2025-09-05T13:03:39","modified_gmt":"2025-09-05T10:03:39","slug":"greenidge-generation-posts-240-quarterly-revenue-increase","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/greenidge-generation-posts-240-quarterly-revenue-increase\/","title":{"rendered":"Greenidge Generation posts 240% quarterly revenue increase"},"content":{"rendered":"

In Q1 2022, the revenue of the US mining company Greenidge Generation amounted to<\/a> $37.7 million. The figure was up 240% year-over-year from January\u2013March of the previous year.<\/p>\n

During the period the firm mined 561 BTC, generating $23.2 million.<\/p>\n

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.<\/p>\n

Revenue from the Support.com subsidiary<\/a>, a provider of customer solutions, amounted to $8.5 million.<\/p>\n

For the quarter, Greenidge posted a net loss of $0.4 million, attributed to costs of expanding the business.<\/p>\n

At period end, the company held cash reserves of $98 million, including at least $2 million in cryptocurrency.<\/p>\n

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.<\/p>\n

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<\/a>.<\/p>\n

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

In April 2022, the New York State Supreme Court dismissed the environmentalists’ claims<\/a> 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<\/a> on increasing carbon emissions from cryptocurrency mining operations.<\/p>\n

Earlier in October 2021 the company ordered 22,500 Antminer S19j Pro miners<\/a> from Bitmain.<\/p>\n

In March Greenidge raised $108 million<\/a> to purchase equipment with plans to increase the hashrate to 4.7 EH\/s.<\/p>\n","protected":false},"excerpt":{"rendered":"

In Q1 2022, Greenidge Generation’s revenue reached $37.7 million, up 240% year over year.<\/p>\n","protected":false},"author":1,"featured_media":61593,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1137,2209],"class_list":["post-61592","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cryptocurrency-mining","tag-greenidge-generation"],"aioseo_notices":[],"amp_enabled":true,"views":"10","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/61592","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=61592"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/61592\/revisions"}],"predecessor-version":[{"id":61594,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/61592\/revisions\/61594"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/61593"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=61592"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=61592"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=61592"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}