Greenidge Generation produced 2,731 BTC for the year with a loss of $269 million

31.03.2023 17:40

In 2022, the mining company Greenidge Generation produced 2,731 BTC. The company's revenue for the period amounted to $90 million with a net loss of $269.7 million

Negative financial results are mainly related to the depreciation of assets ($176.3 million) and expenses on environmental obligations ($16.7 million).

As of December 31, the company had an active fleet of 24,200 ASIC miners with a total hashrate of approximately 2.4 EH/s.

The company ended the year with a total of cash, short-term investments and cryptocurrency reserves worth $5.7 million

In the first quarter of 2023, Greenidge Generation completed some measures to improve financial and operational sustainability:


restructured debts to NYDIG B. Riley, reducing loan obligations from $87 million to about $26 million; closed a deal to sell part of the business Support.com for $2.6 million; signed an agreement with Conifex on hosting 750 miners.

The company is also engaged in the sale of excess real estate and is exploring the possibility of placing another 9,000 devices belonging to it.

CEO of Greenidge Generation Dave Anderson assessed the measures taken to restructure the balance sheet as effective.

Recall that in March, the income of miners against the background of the rally of the first cryptocurrency jumped by 37% in just 10 days.


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