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You are at:Home » Greenidge to become first publicly traded bitcoin mining company in the US
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Greenidge to become first publicly traded bitcoin mining company in the US

AB News DeskBy AB News DeskMarch 23, 2021Updated:March 23, 2021No Comments2 Mins Read
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Greenidge to become first publicly traded bitcoin mining company in the US
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United States, March 23, 2021 /AlexaBlockchain/ – Greenidge Generation Holdings Inc., a holding company that includes Greenidge Generation LLC, a vertically integrated bitcoin mining and power generation facility in Upstate New York, is planning to become a Nasdaq listed company through a merger with Support.com (Nasdaq: SPRT).

  • Bitcoin Miner Greenidge Generation Holdings Inc. and Support.com, Inc. (Nasdaq: SPRT) Announce Merger Agreement
  • Greenidge expects to be the first publicly traded bitcoin mining company with a wholly-owned power plant
  • Greenidge expects to achieve calendar year 2021 EBITDA in excess of $50 million and a run rate in excess of $160 million of EBITDA by Q4 20221
  • Hashrate of 1.1 exahash per second (“EH/s”), which is expected to grow to 2.6 EH/s in 20222
  • Based on its current buildout and expansion expectations, Greenidge expects to have at least 500 megawatts (“MW”) of mining capacity by 2025, compared to 19 MW today
  • Support.com, Inc. is expected to provide Greenidge with an estimated $33 million of additional cash. Pro forma for the merger, the combined companies currently have over $70 million of net cash
  • Upon completion of merger, Support.com stockholders and optionholders will collectively own approximately 8% of the combined company’s common stock and Greenidge stockholders will own approximately 92%
  • The merger is expected to close in Q3 2021
Bitcoin Miner Bitcoin Mining Bitcoin Mining Company Greenidge Generation Holdings Inc. Support.com Inc. United States
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AB News Desk is a trained group of web journalists and reporters who collect news from all over the blockchain market landscape. AB News Desk covers developments on Blockchain Industry including Distributed Ledger, Smart Contracts, Digital Assets, Cryptos, FinTech, Bitcoin, DApps, DeFi, and more. To connect, please write to Editor at info@alexablockchain.com.

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