Business
Greenidge Completes Expansion of South Carolina Mining Facility to 44 MW
Expects to Eliminate Remaining $22 Million of Secured Debt by Selling South Carolina Mining Site to NYDIG Greenidge Expects to Receive $4.9 million of Cash,
About this update from Greenidge Generation Holdings Inc.
[{"type":"text","content":"Expects to Eliminate Remaining $22 Million of Secured Debt by Selling South Carolina Mining Site to NYDIG\nGreenidge Expects to Receive $4.9 million of Cash, Less Certain Costs, with Potential to Earn up to $2.6 million Additional Cash in Bonus Payments\nGreenidge Generation Reports Second Quarter 2023 \nSouth Carolina Mining Facility\nCompleted 26 MW Expansion and Construction of Mining Infrastructure to increase site capacity to 44 MWEntered into Term Sheet with NYDIG to sell approximately 25 acres of land and 44 MW of mining capabilities in Spartanburg, SCAll of Greenidge's remaining $21.8 million of secured debt would be eliminatedGreenidge would receive $4.9 million of cash, less certain closing costs and accrued interest on secured debt, and up to $2.6 million in potential bonus paymentsCurrent Hosting Agreement amended, effective immediately, for Greenidge to host additional NYDIG miners with the additional 26 MW of capacity until closing of sale.Second Quarter 2023 Highlights\nTotal revenue was $14.7 millionCryptocurrency datacenter hosting revenue was $9.7 million, and Cryptocurrency datacenter self-mining revenue was $4.0 millionGAAP net loss from continuing operations was $9.8 millionAdjusted EBITDA loss from continuing operations of $2.4 million143 bitcoins were produced from self-miningOperated active mining capacity of approximately 4.1 EH/s from 38,700 miners as of June 30, 2023Cash of $15.4 million as of June 30, 2023Adjusted EBITDA loss continuing operations is a non-GAAP measure. See the table attached to this press release for a reconciliation from GAAP to non-GAAP measures and \"Use of Non-GAAP Information\" below for more details.\nFAIRFIELD, Conn., Aug. 14, 2023 /PRNewswire/ -- Greenidge Generation Holdings Inc. (NASDAQ: GREE) (\"Greenidge\" or the \"Company\"), a vertically integrated cryptocurrency datacenter and power generation company, today announced the completion of an expansion of their South Carolina mining facility to 44 MW of mining capabilities and its intention to enter into agreements to eliminate all of Greenidge's secured debt obligations via the transfer to certain affiliates of NYDIG ABL LLC (\"NYDIG\") of the expanded mining facilities in Spartanburg, South Carolina and the approximate 25 acre parcel on which the mining facilities are located. Greenidge will retain approximately 150 acre...