Greenidge Generation Reports Record Revenue in Q3, Names New CFO

The bitcoin miner’s third-quarter revenue grew 484% year over year, and the company appointed Robert Loughran as its new chief financial officer.

Nov 15, 2021 at 3:27 p.m. UTC
Updated Nov 15, 2021 at 4:03 p.m. UTC

New York-based miner Greenidge Generation (GREE) reported record quarterly revenue of $35.8 million in Q3, up almost 500% from $6.1 million a year ago.

  • According to its statement, Greenidge’s adjusted EBITDA for the third quarter was $21.2 million, increasing more than 2,600% from $0.8 million last year.
  • On Oct. 25, B. Riley analyst Lucas Pipes, who is the only analyst covering Greenidge, estimated the company’s third-quarter revenue to be $36.4 million and adjusted EBITDA of $19.9 million.
  • The adjusted Ebitda margin in the third quarter increased to 59.2% versus 12.7% in Q3 the previous year.
  • The company named Robert Loughran to be its new CFO, succeeding Timothy Rainey. Rainey will remain as treasurer at Greenidge and CFO of the company’s operating subsidiaries in New York.
  • Greenidge mined 729 bitcoins in the third quarter, up 196% from 246 bitcoins in the third quarter last year.
  • The miner had 1.2 EH/s mining power as of Sept. 30 and expects to reach total hash rate capacity of 1.4 EH/s by the end of the year.
  • The company also ordered additional miners after September 30, 2021 bringing total committed capacity to about 49,000 miners and 4.7 EH/s of capacity, including Greenidge’s launch order for Bitmain’s new Antminer S19 XP.
  • Greenidge’s shares were down 2.2% to $24.80 on Monday following the release of its earnings.

UPDATE (Nov. 15 16:02 UTC): Corrects spelling of the new CFO’s name.

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Aoyon Ashraf is crypto mining reporter with more than a decade of experience in covering equity markets