Exclusive Content:

UK launches investigation into HPE contract with Juniper Networks

HPE's planned takeover of Juniper Networks is being investigated...

Greenidge Generation lost $107.9 million in the second quarter

Mining company Greenidge Generation has shelved plans to expand into Texas amid a $107.9 million loss in the second quarter.

According to the press release, the losses were mainly due to the revaluation of bitcoin reserves and environmental liabilities.

Greenidge’s revenue during the reporting period amounted to $31.2 million, with the company extracting about 621 BTC (230 BTC in June).

According to CEO Jeff Kirt, the nearly 60% drop in bitcoin prices in one quarter and a sharp jump in global energy prices created a “challenging environment” for business.

“Sudden shifts in the mining economy have forced us to refocus our strategy to cautiously prioritize liquidity and capital preservation over aggressive growth. As a result, we have decided to suspend plans to develop some additional lots in the market. [основного энергооператора Техаса] Focus on ERCOT and the two operating sites in South Carolina and New York instead,” Kirt said.

As of June 30, there were approximately 27,500 miners in the Greenidge fleet with a total hashrate of ~2.5 EH/s. The company expects its computing power to reach ~3.6 EH/s by the first quarter of 2023.

“Our development plan is fully funded with cash on the balance sheet and almost all necessary equipment has been purchased. “Less than $7.5 million will be needed for the remaining infrastructure.”

Greenidge finished the quarter with $67 million in liquid assets in cash and crypto reserves. The company has also placed a deposit of approximately $92 million in miner manufacturer Bitmain to pay for the equipment purchased. The payments required to complete the contract were termed “minimal” by the firm.

The company’s mining data center in New York is located in the hybrid power plant. In the second quarter, the plant’s uptime was 100% despite the need for periodic maintenance. Greenidge emphasized that since the beginning of the year, the plant has been idle for only seven hours.

Recall that the operation of this facility has caused complaints from local activists and environmentalists, who are confident about its negative impact on the environment.

In 2022, the New York Supreme Court dismissed the environmentalists’ lawsuit against Greenidge.

However, in early June, environmentalists and New York City Council member Anna Kelles urged Governor Kathy Hokul to revoke the company’s mining permit.

Kelles has launched a bill that imposes a two-year moratorium on cryptocurrency mining using electricity generated from carbon sources.

At the end of April, the document was supported in the lower house of the State Legislature, and on June 3, in the Senate. The bill is signed by the governor.

Read ForkLog bitcoin news in our Telegram – cryptocurrency news, courses and analysis.

Source: Fork Log



Don't miss


This is the Realme we love. The brand is prepared to offer the best value for money according to the...

Realme GT 6: the beast gets refreshed with the latest Qualcomm chip, focusing on autonomy, camera and performance

Realme continues to renew its Android smartphone portfolio with very complete offers such as the latest mid-range: Realme 12, Realme 12+...

UK launches investigation into HPE contract with Juniper Networks

HPE's planned takeover of Juniper Networks is being investigated by the UK's markets regulator. The British Competition and Markets Authority (CMA) has launched...


Please enter your comment!
Please enter your name here

pron india eroteenies.info sex mumbai video lupusregina beta hentai hentaifile.com cumflation hentai kolkata local sexy video brostube.info desipapacom rostom padilla teleseryeepisodes.com jared bahay isai mini.com dunato.mobi tamil sex lady hentai isekai hentaiup.net hentai massive tits سكس موظف forzaarab.com افلام سكس نيك في الطيز owl hentai hentaihq.org henita manga marvadi sexi hairyporntrends.com malayalam hidden cam sex pron indian cowporn.info xvedios indian favorite seneka sex photos tubeshere.info odia six vido سكس ياباني محارم pornolodim.net نيك زوجة مصرية www xxxindin verpornos.org xxxxnxx india wap sextoyporntrends.com school fucking videos 3x blue film hindi xxxvideohd.net sex mms vedio