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U.S. mining company Greenidge Generation had revenue of $37.7 million in the first quarter of 2022, up 240% from January-March of last year.
The firm mined 561 BTC during the reporting period, which generated $23.2 million.
Greenidge generated $5.9 million in electricity revenue (up 187% year-over-year). The company owns a hybrid power plant in New York State, where its main mining facilities are located.
The September 2021 acquisition of Support.com, a subsidiary of Support.com, a customer solutions provider, generated $8.5 million in revenue.
Greenidge posted a net loss of $0.4 million for the quarter, which the company attributed to business expansion costs.
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 had a fleet of about 19,400 bitcoin miners with a total hash rate of about 1.6 EH/s.
Approximately 22% of Greenidge’s mining capacity is deployed at a facility in Spartanburg, South Carolina, which the company bought in December. In January, the firm announced an expansion of the facility and a $264 million investment.
In New York, the company has faced claims about its environmental credentials. In 2020, a group of organizations sued Greenidge for expanding its mining capacity. In 2021, a group of state residents accused the firm of having a negative impact on the ecology of Seneca Lake, on the shores of which the power plant is located.
In April 2022, the New York State Supreme Court rejected environmentalists’ claims that the company was building new capacity. However, Greenidge’s operations were at the center of a bill to restrict mining in the region’s legislature. The lower chamber voted for a two-year moratorium on increased carbon emissions from cryptocurrency mining operations.
As a reminder, the company ordered 22,500 Antminer S19j Pro miners from Bitmain in October 2021.
In March, Greenidge raised $108 million to buy equipment with plans to increase its hash rate to 4.7 EH/s.
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