Bitcoin miner Greenidge says it mined nearly $35 million in bitcoin during 2021's third quarter

Bitcoin miner Greenidge says it mined nearly $35 million in bitcoin during 2021's third quarter

The NASDAQ-listed bitcoin mining firm Greenidge Generation Holdings disclosed preliminary information regarding its Q3 performance on Monday.

Greenidge reported mining 729 bitcoin ($34.6 million as of writing) during this time frame using 15,300 miners operating at 1.2 EH/s of overall capacity. In all, the company held $52 million worth of crypto during the Q3 period.

From July 1 to September 30 of this year, Greenidge earned revenue between $33 million and $37 million and reported a net loss between $16 million to $19 million. In addition, the firm had earnings before interest, taxes, depreciation, and amortization (EBITDA) between $18 million and $22 million.

The company reports that much of its net loss resulted from the merger with NASDAQ-listed technical support company Support.com. The merger was announced in March of 2021 and finalized on September 14.

Greenidge had also announced plans to expand its bitcoin mining operations into South Carolina on July 2. However, the firm doesn't expect the Southeastern mining operation to be operational until late 2021 or early 2022.

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