Greenidge Generation, a New-York based totally Bitcoin mining company that owns its personal energy plant, aims to go public through a merger with technical give a boost to supplier Support.com.
In a statement lately, Greenidge mentioned it had signed an settlement with Support.com to merge in a stock-for-stock transaction. Though shareholders could have to approve the merger, the firm stories it might be one of the vital first publicly indexed Bitcoin (BTC) mining corporations to generate the facility ate up by way of its crypto farms. Greenidge owns an influence plant in Dresden, New York and a mining facility close by.
“This merger is an important next step for Greenidge as we build upon our existing, integrated and proven platform for Bitcoin mining and generation of lower carbon affordable power,” mentioned Greenidge CEO Jeff Kirt. “It will allow for public market growth capital to propel Greenidge as we look to replicate the business model, which we have successfully executed in Upstate New York, in other locations.”
Greenidge reportedly mined 1,186 BTC — greater than $67 million at time of e-newsletter — from February 2020 to the top ultimate month at a web variable value of more or less $2,869 according to Bitcoin. At a present BTC value of greater than $57,000, the ability has mined a mean of $185,000 in Bitcoin day by day. Greenidge reportedly powers 19 megawatts (MW) of mining capability, which it plans to building up by way of greater than 2,500% by way of 2025 to 500 MW.
However, the mining company may be going through some backlash from native organizations within the Finger Lakes house the place the Greenidge energy plant and mining farm are positioned. In December, the Sierra Club alongside with a number of organizations filed a lawsuit in opposition to Greenidge, alleging that the firm circumvented state rules by way of in search of regulatory popularity of its plan to enlarge its mining facility.
Support.com and Greenidge are anticipated to whole the merger within the 3rd quarter of 2021.