Bitcoin Miner Greenidge Q4 Revenue Matches Estimate; Reiterates Hashrate Guidance
The company also said permission for operations to continue at its New York facility has been delayed again.
Bitcoin (BTC) miner Greenidge Generation (GREE) posted fourth-quarter revenue of $44.3 million, up 617% from a year ago, and roughly in line with the FactSet consensus of analysts at $44.5 million.
- Greenidge reported adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of $19.1 million, up from $1.2 million a year ago, and matching analyst estimates.
- The company mined 609 bitcoin in Q4, a 167% rise from 228 in the same quarter in a year earlier. For all 2021, Greenidge mined 1,866 bitcoin versus 1,146 in 2020.
- As of Dec. 31, Greenidge had approximately 17,300 miners with an aggregate hash rate capacity of about 1.4 exahash per second (EH/s), and in the earnings release reiterated hashrate guidance of 4.7 EH/s by the end of 2022.
- The miner this month agreed to a request by the New York State Department of Environmental Conservation for the agency to extend, for a second time, the deadline to complete its review of the renewal application for the Title V Air Permit at the company’s New York facility. The new date is June 30.
- “Greenidge continues to operate in New York without interruption during this period and intends to continue to work constructively with the Department to finalize a permit renewal,” the company said in the statement. “It is not uncommon for renewal applicants to operate for extended periods of time, sometimes years, prior to finalizing a permit renewal and additional future extensions may be requested," the miner added.
- Greenidge shares are lower by nearly 50% year to date, and down 2.2% in after-hours action on Thursday evening.
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. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.