Greenidge Generation Holdings Inc. is an integrated power generation and cryptocurrency mining company that operates a natural gas-fired power plant in Dresden, New York, providing low-cost energy for its mining operations.

# Greenidge Generation Holdings Inc. Summary

## Company Overview
Greenidge Generation Holdings Inc. is a leading integrated power generation and cryptocurrency mining company based in Dresden, New York. The company operates a power plant that supplies energy for its cryptocurrency mining operations, effectively merging traditional energy production with modern blockchain technology.

## Operations
- **Power Generation**: Greenidge operates a natural gas-fired power plant that generates electricity. This facility is capable of providing reliable and cost-effective energy not only for its own operations but also for the broader electricity grid.
- **Cryptocurrency Mining**: The company engages in mining cryptocurrencies by utilizing the generated electricity. This operation leverages the availability of low-cost power from its generation facilities.

## Key Statistics
- **Customers**: Greenidge mainly services its own cryptocurrency mining operations; however, its power generation services can extend to external customers in the electric utility market.
- **Employees**: The company has a growing workforce, which as of recent filings, has been expanded to meet the demands of both power generation and cryptocurrency operations. The exact number of employees can vary, and specifics were not provided in the recent filings.
- **Revenue**: As of December 31, 2024, Greenidge Generation Holdings reported substantial revenue from both power generation and cryptocurrency mining operations, although specific figures were not disclosed in the summary.
- **Income**: The company's net income figures are indicative of their operations, noting fluctuating profitability based on energy prices and cryptocurrency market conditions.

## Business Model
Greenidge's business model revolves around the dual streams of income generated from power sales and cryptocurrency mining. By maintaining an efficient operation with a focus on sustainability, it is positioned to capitalize on the increasing demand for both energy and blockchain technologies.

## Sustainability and Innovation
The company aims to adopt more sustainable practices in both its power generation methods and cryptocurrency mining processes. This includes utilizing natural gas—a cleaner alternative to coal—as its primary energy source. Greenidge Generation Holdings strives to innovate within the industry, creating a model that combines energy efficiency with cryptocurrency mining profitability.

In summary, Greenidge Generation Holdings Inc. represents a unique fusion of power generation and cryptocurrency mining, aspiring to lead in both sectors by leveraging its integrated operations and commitment to sustainability.

Greenidge Generation Holdings Inc. is a vertically integrated cryptocurrency datacenter and power generation company that supports its mining initiatives through a combination of energy generation and datacenter hosting.

# Greenidge Generation Holdings Inc. - Business Summary

## Overview
Greenidge Generation Holdings Inc. is a vertically integrated cryptocurrency datacenter and power generation company based in the United States. The company's operations primarily revolve around cryptocurrency mining, datacenter hosting, and energy generation, leveraging its assets to provide a low-cost power source to support its crypto mining activities. 

## Key Operations

### Cryptocurrency Mining
- Greenidge operates approximately **10,700** miners with a capacity of around **1.2 EH/s**.
- The company mines Bitcoin by utilizing application-specific integrated circuit computers (ASICs) to earn rewards and transaction fees for supporting the Bitcoin network.
- In 2023, the company produced **891 bitcoins**, a decline from **2,731 bitcoins** in 2022, attributed to operational changes and increased mining difficulty.

### Datacenter Hosting
- As of December 31, 2023, Greenidge transitioned a significant portion of its mining operations to hosting services under the **NYDIG Hosting Agreement**.
- The datacenter operations comprise around **28,800 miners**, yielding a combined capacity of **3.0 EH/s**.
- Revenue from datacenter hosting was **$39.5 million** in 2023, marking a notable shift in business strategy.

### Power Generation
- Greenidge has an approximately **106 MW** natural gas power generation facility located in the Town of Torrey, New York.
- The company generates the power necessary for its mining operations at a competitive price due to its direct access to natural gas.

## Financial Performance
- **Total Revenue (2023)**: **$70.4 million**, down from **$90 million** in 2022, representing a **22% decline**.
  - Cryptocurrency Mining Revenue: **$24.2 million** (down **67%** from the previous year).
  - Datacenter Hosting Revenue: **$39.5 million** (new revenue stream initiated in 2023).
  - Power Revenue: **$6.7 million** (down **59%** from the previous year).
  
- **Net Loss (2023)**: **$29 million**, significantly reduced from a loss of **$269.7 million** in 2022. This suggests an improvement in operational efficiency.

- **Adjusted Operating Loss (2023)**: **$16.3 million**, compared to a loss of **$38.9 million** in 2022.

## Workforce and Customers
- Greenidge employs a diverse workforce with varying roles across cryptocurrency mining, power generation, operations, and support services. 
- The company has transitioned to becoming a host for third-party miners, thereby increasing its customer base, specifically through its hosting agreements with NYDIG and other clients.

## Growth Strategy
The company's current strategy includes:
- **Expanding hosting capabilities** and seeking out low-cost power properties.
- **Acquiring additional properties** to support the growing demand for both cryptocurrency mining and AI/graphics processing unit (GPU) datacenters.
- **Improving operational efficiency** and profitability across its mining and hosting operations.

## Conclusion
Greenidge Generation Holdings Inc. is making strides in the cryptocurrency and energy sectors, continuously adapting its business model to meet shifting market conditions while focusing on reducing operational losses and enhancing its revenue streams through diversified services in cryptocurrency mining and energy generation.

Greenidge Generation Holdings Inc.

10-K / April 21, 2025

10-K / May 7, 2024

10-K / April 21, 2025

Greenidge Generation Holdings Inc. Summary

Company Overview

Operations

Key Statistics

Business Model

Sustainability and Innovation