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Greenidge Generation Holdings: Potential Upside Ahead Of New Green Mining Tech Launch In 2022

Stella Mwende profile picture
Stella Mwende


  • Greenidge's total revenue in Q3 2021 surged 484% (YoY) at $35.8 million and +121% against the prior quarter.
  • Ahead of its release on July 2022, the Antminer S19 XP is scheduled to have a maximum hashrate of 140 TH/s and a power consumption of 3010W.
  • By the third quarter of 2021, Greenidge had increased the number of Bitcoins mined from 246 in Q3 2020 to 729 in 2021 (+196.34%) and up from 315 in Q2.
  • US Bitcoin mining companies are scheduled to increase their capacities by more than 270% (from 17.83 EH/s to 67.34 EH/s).
  • Expansion of Canadian BTC mining giant Bitfarms Ltd into the US is expected to increase US green mining capacity in 2022.

Crypto currency / Blockchain concept with coin on the motherboard

adventtr/iStock via Getty Images

Cryptocurrency miners have been accused of having an insatiable thirst for energy during the production of digital coins. Rising prices have attracted mining entrepreneurs as demand continues to hit the roof. Bitcoin (BTC-USD) the most

This article was written by

Stella Mwende profile picture
I have more than five years experience in the financial industry. I focus mostly in the commodities, foreign exchange and cryptocurrencies. I also write on general issues like equity research, economics and geopolitics.Fellow contributor Crispus Nyaga is my colleague.

Analyst’s Disclosure: I/we have a beneficial long position in the shares of GREE either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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Comments (24)

Brent Ericson profile picture
An update on GREE as it has crashed to all-time lows?
Hubens Capital profile picture
@Brent Ericson She has left SA, she was too heavily invested in GREE and went bust.
Brent Ericson profile picture
@Hubens Capital she's still writing, but her picks make great short candidates - everything she covers crashes.
Have we literally gotten to the point where the argument is energy use is bad? If so, we need to after all industries. Why greenifge is bring attacked is utter nonsense. MARA- where do they get their power? It's like an orchestrated attack on GREE. Unclear whether this company can even survive this. Can't issue equity. Can't issue material debt. Pollution from mining is killing them. One wonders why on earth they bought a plant in New York. This should have been bought in the south. Long GREE at around 23. Hurting for sure.
@arc871 What prevents them from issuing material debt?
Brent Ericson profile picture
Your timing is impeccable as Bitcoin crashes over 25% from its all-time high. This reminds me of your article from June 2020 where you gave a hopeful message for Chesapeake Energy, which ultimately went to zero and filed for bankruptcy.
Stella Mwende profile picture
@Brent Ericson My point was that the company would exit Chapter 11.
Brent Ericson profile picture
@Stella Mwende That doesn’t make any sense because your article was written before CHK even filed for Chapter 11 bankruptcy. And what’s the point of writing an article about exiting Chapter 11 if the stock gets delisted and shareholders lose everything?
@Brent Ericson How's it looking now?
This may be a naive question but, what’s your opinion on Gree’s price slide tge past few days? How does that jive with your bullish forecast?
Stella Mwende profile picture
@aiabbasi1256 My bullish forecast remains especially on long-term basis. The price contraction over the past month can be attributed to Bitcoin's volatility also Sen Warren's questioning of Greenidge's energy use. I feel that her concerns will be addressed promptly and the stock will get back on its feet in the near term.
Hubens Capital profile picture
@Stella Mwende you are completely forgetting to mention the permit potential issues of not getting a renewal. Please discuss this.
Brent Ericson profile picture
@Stella Mwende GREE owns a fossil fuel - natural gas - power plant to power their bitcoin mining. How will its energy use be addressed? Stop the power plant and bitcoin mining?
Hubens Capital profile picture
Why you don’t mention the air permit renewal the company is waiting for. If they do not get it, they have to close their Dresden facility.
TradyBoy profile picture
@Hubens Capital They just said 3 days ago that

"Contrary to false information posted recently on several online message boards and social media platforms regarding the process for renewing Greenidge's existing Title V Air Permit, Greenidge's existing permit has not been suspended or changed in any way. Our existing Title V permit remains fully in effect and our operation in Dresden continues without interruption, pursuant to the State's Administrative Procedures Act (SAPA)."

Source: ir.greenidge.com/...

You might find this helpful as well -> https://bfy.tw/S89e
@TradyBoy what about the letter from Lizzie Warren to the CEO? Seems like its becoming politicized and the question isnt about their current permit, which is temporary, but more about the upcoming renewal which now has the attention of Warren. Thanks trying to figure out the situation, my options got hammered🤕
Alexander Mizan profile picture
@banshee63 I wonder what Warren has to do chiming in here... Last time i checked she is a Senator from MA. Maybe some donor asked her to send this letter which is purely political posturing....
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