In Brief:-
- The company expects to report income in the range of $33M to $37M and Adjusted EBITDA from $18M to $22M.
- Greenidge minted 729 bitcoin during Q3
- Greenidge expects a net loss of approximately $30M
Greenidge Generation Holdings, a power generation company, announces selected preliminary financial and operating results for 3 months ended Sept 30, 2021.
According to the announcement Greenidge expect to report income in a range of $33M to $37M, net loss in a range of $19M to $16M. Adjusted EBITDA in a range of $18M to $22 million.
The expected net loss is driven by approximately $30M of charges with the merger with Support.com. Greenidge minted 729 bitcoin during the third quarter. On Sept 30, 2021, had around 15,300 miners in operation with 1.2 EH/s of combined capacity. The company finished the quarter with $52 million of money and fair market value of cryptocurrency holdings.
Greenidge Generation said it would be operating in a carbon-neutral crypto mining facility in Spartanburg, South Carolina. The company intends to locate a second fully carbon Neutral cryptocurrency mining operation in Spartanburg.
