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Bitcoin Miner Greenidge Seeks to Raise $22.8 Million in Class A Common Stock Proposal

by BlockNews Team
October 8, 2022
in BUSINESS, CRYPTO, Technology
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Bitcoin Miner Greenidge Seeks to Raise $22.8 Million in Class A Common Stock Proposal
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Bitcoin mining firm Greenidge Generation is looking to raise about $22.8 million. This is according to a US filing released Wednesday by the Securities and Exchange Commission (SEC). New York-based Greenidge has entered into distribution agreements with her investment firm B. Riley Securities and Northland Securities.

Bitcoin Miner Greenidge Generation Looks to Raise $22.8 Million via Stock Offer

Greenidge Generation will raise $22,800,000 from selling Class A common stock. Greenidge has sales agreements with B. Riley Securities and Northland Securities. B. Riley is acting as an underwriter, receiving a commission of approximately 5% of the total sale price.

The company’s latest filing shows a mining company that reported losses of about $107 million in the second quarter. In mid-August, Greenidge suspended operations related to the company’s Texas mining expansion.

According to Greenidge;

“We have chosen to pause our plans to develop certain additional sites in our pipeline in the ERCOT market and, instead, intend to concentrate our operations at our two existing sites in South Carolina and New York for the time being.”

The company mined approximately 287 Bitcoins (BTC) in July. The mining capacity was about 2.7 exahash per second (EH/s). Bitcoin.com first reported on Greenidge in the first week of March 2020, when a $65 million investment fueled his BTC mining operation “behind the meter” of a natural gas provider.

Environmentalists and Bitcoin Mining

The crew said the facility had installed 7,000 miners at the time. The Greenwich data center in New York’s Finger Lakes area received 5.5 BTC daily. The mining business has expanded considerably. The company still faces criticism from environmentalists.

The New York City Department of the Environment (DEC) issued a statement noting that it refused to renew Greenidge’s permit. This is due to the need to provide better greenhouse gas (GHG) mitigation programs. The announcement was in June 2022.

Greenidge’s prospectus supplement SEC filing explains
.
“We currently plan to use the net proceeds from this offering, after deducting B. Riley’s commissions and offering expenses payable by us, for general corporate purposes, which may include, among other things, paying or refinancing all or a portion of our indebtedness at the time, and funding acquisitions, capital expenditures, and working capital.”

Bitcoin Miner Greenidge Generation Shares Fall as Revenues Miss Estimates

Greenidge Generation Holdings reported second-quarter revenue of $31.3 million. The analyst below estimates $34 million. The company had a GAAP net loss of $107.9 million for the quarter, including $98.2 million in special items.

The stock fell about 9.5% to $4.21 after-hours trading on Monday. It rose nearly 12% on the day. The company’s stock is down 71% year-to-date.
Greenidge will produce approximately 621 Bitcoins in Q2 2022, compared to 315 Bitcoins in Q2 2021. It will have about 27,500 miners as of June 30, 2022, with a capacity of approximately 2.5 EH/s.

CEO Jeff Kirt said in a press release that bitcoin’s price surge of about $60 in the second quarter, coupled with higher global energy prices, created a “challenging earnings environment.”

Tags: BitcoincryptoGreenridge
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