Secures $20 Million Committed Equity Facility to Enhance Financial Flexibility for Execution on Company’s Growth Roadmap
DRESDEN, N.Y.–(BUSINESS WIRE)–Greenidge Generation Holdings Inc. (NASDAQ: GREE) (Greenidge or the “Company”), a vertically integrated cryptocurrency datacenter and power generation company, today announced that it recently implemented a new self-mined bitcoin retention strategy that enables it to accumulate bitcoin from its owned miners in order to increase its bitcoin holdings and further drive the Company’s growth. The new strategy follows recent progress Greenidge has made reducing its costs while positioning each of its business lines for sustained growth.
Leveraging the advantages of Greenidge’s internal power generation capabilities and newly built bitcoin mining sites replacing third-party operated sites, direct costs for its mining operations have decreased. With the implementation of this new strategy, the Company’s liquidity position will continue to be balanced with additional revenue received from Greenidge’s hosting business and electricity sales.
Greenidge CEO Jordan Kovler commented: As we continue to expand our mining operations across the country, the ability to retain more of the bitcoin we earn from our self-mining activities is not just a logical evolution of our strategy but it is one that closely aligns with our belief in both bitcoin and Greenidge’s long-term growth prospects. With 122 MW of current total power capability and approximately 8,000 owned miners in operation across our four active sites, we have the infrastructure in place to mine bitcoin at a lower cost than the vast majority of companies accumulating bitcoin.
Kovler continued: We are excited about the opportunities ahead to continue to expand our operational footprint by locating sites with the potential for low-cost power expansion and determining the best utilization of each “ bitcoin mining or AI/HPC datacenter development “ in order to benefit the short- and long- term interests of all stockholders.
To support Greenidge’s continued growth and expansion, the Company has also entered into a $20 million common stock purchase agreement (the Agreement) with B. Riley Principal Capital II, LLC (B. Riley).
Under the Agreement, B. Riley has committed to purchasing, subject to the satisfaction of certain conditions, up to $20 million of Greenidge Class A common stock (the common stock), with the per share price to be determined based on market…
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