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In the first quarter of 2022, the revenue of the American mining company Greenidge Generation amounted to $ 37.7 million, an increase of 240% compared to January-March last
In the first quarter of 2022, the revenue of the American mining company Greenidge Generation amounted to $ 37.7 million, an increase of 240% compared to January-March last year.
During the reporting period, the firm mined 561 BTC, bringing in $23.2 million.
Greenidge generated $5.9 million in electrical sales revenue (up 187% year-on-year). The company has a hybrid power plant in New York state, where its main mining facilities are located.
The subsidiary Support.com, a solution provider for customers and acquired in September 2021, had revenues of $8.5 million.
For the quarter, Greenidge took a net loss of $0.4 million, which the company attributed to the cost of expanding the business.
At the end of the period, the firm had $98 million in cash reserves, including at least $2 million in cryptocurrency.
As of March 31, the firm’s equipment fleet consisted of approximately 19,400 bitcoin miners with a total hash rate of approximately 1.6 EH/s.
About 22% of Greenidge’s mining capacity is used at a facility in Spartanburg, South Carolina, which the company acquired in December. In January, the firm announced a venture expansion and a $264 million investment.
In New York, the company faced allegations that its operations were environmentally friendly. In 2020, a group of organizations sued Greenidge for expanding its mining capacity. In 2021, a group of state residents accused the company of negatively impacting the environment of Seneca Lake, on the shore where the plant is located.
In April 2022, the New York State Supreme Court dismissed environmentalists’ claims that the company was building new facilities. However, Greenidge’s activities were at the center of the discussion of the mining restrictions bill in the region’s Legislature. The lower house voted for a two-year moratorium on increasing carbon emissions from cryptocurrency mining operations.
Recall that in October 2021, the company ordered 22,500 Antminer S19j Pro miners from Bitmain.
In March, Greenidge raised $108 million to purchase equipment that plans to increase the hash rate to 4.7 EH/s.
Source: Fork Log
I’m Sandra Torres, a passionate journalist and content creator. My specialty lies in covering the latest gadgets, trends and tech news for Div Bracket. With over 5 years of experience as a professional writer, I have built up an impressive portfolio of published works that showcase my expertise in this field.
