PlayIconNav
BTC
$68,119.28+1.25%
ETH
$3,272.90+0.92%
BNB
$588.00+2.02%
SOL
$185.35+3.74%
XRP
$0.59974086-0.03%
DOGE
$0.13542697+4.86%
CD20
$2,307.58+1.68%
TON
$6.73+0.08%
ADA
$0.41692082+1.22%
TRX
$0.13739206+0.32%
AVAX
$28.63+2.59%
WBTC
$68,189.15+1.33%
Ad
Finance

Greenidge to Merge, Becoming First Publicly Traded Bitcoin Miner With a Power Plant

Greenidge's holding company announced the planned merger with Nasdaq-listed Support.com Monday.

By Jamie Crawley
AccessTimeIconMar 22, 2021 at 3:04 p.m. UTC
Updated May 9, 2023 at 3:17 a.m. UTC
Greenidge Generation's bitcoin mining facility.
Greenidge Generation's bitcoin mining facility.

New York's Greenidge Generation is set to become the first publicly traded bitcoin miner with its own power plant through a coming merger.

  • Greenidge's holding company announced Monday the merger has been agreed with Nasdaq-listed IT support solutions provider Support.com.
  • The merger is expected to be completed in Q3 2021.
  • Support.com will become a wholly owned subsidiary of Greenidge, with shares divided roughly 92-8 in Greenidge's favor.
  • Greenidge's natural gas plant currently powers 19 megawatts of mining capacity, which it expects to reach 41 MW by the middle of 2021.
  • The company also has goals to reach at least 500 MW of mining capacity by 2025.
  • Shares of Support.com (Nasdaq: SPRT) exploded roughly 350% on the news, briefly trading above €7.50 (US$8.94) Monday, up from roughly €1.70 ($2.03) earlier in the day.
VolumeMuteUnmute

RFK Jr. Says He's 'Fully Committed' to Bitcoin; Jersey City to Invest in Bitcoin ETFs

  • What Do EigenLayer's Outflows of $2.3B Signal?
    00:57
    What Do EigenLayer's Outflows of $2.3B Signal?
  • What Do TradFi Crypto Moves Mean for Decentralization?
    04:20
    What Do TradFi Crypto Moves Mean for Decentralization?
  • Marathon Digital Buys $100M BTC; India's Special Task Force for Crypto-Related Drug Trafficking
    02:02
    Marathon Digital Buys $100M BTC; India's Special Task Force for Crypto-Related Drug Trafficking
  • Ether Slides as Grayscale's ETHE Outflows Ramp Up
    00:53
    Ether Slides as Grayscale's ETHE Outflows Ramp Up

    • See also: A New York Power Plant Is Mining $50K Worth of Bitcoin a Day

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.