On Monday, New York-based company Greenidge Generation Holdings revealed that the goal of the business is to become the first publicly listed mining business with a wholly-owned power plant. Greenidge hopes to go public on the Nasdaq through the merger with Support.com.

Greenidge Bitcoin mining business and natural gas power plant plans to be listed on Nasdaq

In March last year, Bitcoin.com reported that Greenidge Generation Holdings had joined the Bitcoin mining ecosystem when the company started a batch of drilling rigs at its 65,000-square-foot natural gas utility plant in Dresden, New York. Since Greenidge uses natural gas from a utility plant as its natural energy source, the company has developed a direct “hidden cryptocurrency mining business.” In the second month, the natural gas power plant also sold a fully compliant hashpower contract for 106 petahash to an undisclosed buyer.

On March 22, 2021, Greenidge announced plans to go public on Nasdaq through a merger with Support.com (Nasdaq: SPRT). The two companies signed an agreement to merge through a share swap. After Support.com’s approval, Greenidge will become a wholly-owned subsidiary of the company and will be listed on the Nasdaq. At the time of publication, Greenidge’s power plant was a 106 MW natural gas power plant, of which 19 MW was dedicated to Bitcoin mining. By the second quarter of 2021, Greenidge’s production capacity will develop in the direction of 41 MW, and will reach 85 MW by the end of 2022.

“Achieve 500 MW of mining capacity by 2025”

Greenidge CEO Jeff Kirt explained that the merger is a milestone for the power plant. In addition, according to a report recently released by Fundstrat Global Advisors, investment in Bitcoin mining companies will be very profitable in 2021. By planning to replicate the vertically integrated mining model, Greenidge aims to achieve 500 MW of mining capacity by 2025.

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Greenidge CEO Jeff Kirt said: “This merger is an important next step for Greenidge, because we will build on an existing, comprehensively validated platform to conduct Bitcoin mining and generate low-carbon affordable electricity.”

Curt added:

The transaction is a verification of our transformation process, our proprietary relationship and our industry expertise. When we hope to replicate the business model, it will allow public market growth capital to drive Greenidge, which we have successfully implemented elsewhere in upstate New York.

500 MW by 2025: Bitcoin miner Greenidge and his wholly-owned power plant will be listed on Nasdaq
A Greenidge worker tends to install Bitcoin miners in a natural gas plant.

Low-cost natural gas provided Greenidge with 1,186 bitcoins, and each bitcoin cost approximately US$2,869

In the past six months, the Bitcoin mining ecosystem has become stronger and expanded to a large number of institutions. Lance Rosenzweig, President and CEO of Support.com, explained that this customer and technical support company hopes to develop the crypto economy with Greenidge.

Rosenzweig said of the Greenidge merger: “Because Greenidge wants to expand and seize new growth opportunities, we are their ideal partner.” “In addition, this transaction provides shareholders with greater Liquidity and provide them with the opportunity to participate in growth, which is a major value proposition for our shareholders. We believe that this growth will become our successful competition in the rapidly growing domestic bitcoin mining field opponent.”

Greenidge’s company in northern New York states that it will provide “the lowest cost natural gas in North America.” The company’s detailed information is that within 12 months, the company’s mining business has harvested “1,186 bitcoins, with a net variable cost of approximately $2869 per bitcoin.” The power plant and its upcoming listing prospects are intended to consolidate the company’s position, making it the first US public company to operate vertically integrated power generation assets and bitcoin mining operations.

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What do you think of the merger of Greenidge and Support.com and the company’s mining expansion plan? Let us know your thoughts on this topic in the comments section below.

Tags in this story

Bitcoin, Bitcoin mining, BTC mining, cryptocurrency, digital assets, Greenidge, CEO of Greenidge, Greenidge Natural Gas Plant, Greenidge Generation Holdings, Greenidge Mining, Jeff Kirt, Lance Rosenzweig, mining, natural gas, power plant, Support .com

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