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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

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