Bitcoin Miner Greenidge to Double its Capacity by 2Q21-End, Announces Merger as the “Next Step”
Thanks to some of the lowest-cost natural gas in North America, it mined 1,186 BTC in the twelve months ending Feb. for a net variable cost of $2,869 per BTC.
New York-based Bitcoin mining and power generation facility Greenidge Generation Holdings Inc., which boasts an environmentally-sound 106MW natural gas plant, is expecting to have its earnings exceeding $50 million and run-rate to surpass $160 million by Q4 of 2022.
Currently powering 19 MW of mining capacity, the plant is expected to more than double its capacity to 41 MW by the end of Q2 2021 and reach 85 MW by the end of next year. It is further planning to achieve at least 500 MW of mining capacity by 2025.
Thanks to some of the lowest-cost natural gas in North America, the average mining power cost them approximately $22/MWh3.
This helped Greenridge mine 1,186 BTC in the twelve months ending February 28, 2021, for a net variable cost of approximately $2,869 per bitcoin.
The company is estimated to achieve a 1.1 exahash per second hashrate by the end of Q2 of 2021 and further grow it to 2.6 EH/s by year-end 2022.
Greenridge is also working on a merger with Support.com to become a Nasdaq listed company. To be closed in Q3 2021, this deal will provide them with an estimated $33 million of additional cash, bringing the combined value of net cash to over $70 million.
Greenridge stakeholders will own about 92% of the combined company’s common stock.
Jeff Kirt Greenidge CEO
“This merger is an important next step for Greenidge as we build upon our existing, integrated, and proven platform for bitcoin mining and generation of lower-carbon affordable power.”
The company's idea is to be the first publicly traded bitcoin mining company with a wholly-owned power plant.