Greenidge Q4 Revenue Rises Even as the Number of Coins Mined Falls

Bitcoin miner Greenidge Generation said fourth-quarter preliminary revenue rose 23% from the third quarter even as the number of bitcoins produced fell 16%.

Greenidge said in a statement that fourth-quarter revenue rose to about $44 million compared with the third quarter’s $35.8 million.The Dresden, New York-based miner also said its hashrate climbed 17% to 1.4 exahash per second (EH/s) as of Dec. 31, 2021.While Greenidge mined about 609 bitcoins in the quarter, a drop of 16%, the price of bitcoin touched a record high near $69,000 during the period.Fourth-quarter adjusted earnings before interest, tax, depreciation and amortization is expected to be $18 million to $20 million, the company said. That’s lower than the third quarter’s $21.2 million.The miner said it had $85 million in cash and short-term investments, of which only $2 million was in cryptocurrency holdings, implying it potentially monetized most of the coins it mined, a practice that was mentioned in its recent prospectus filing.Greenidge has been recently in the middle of energy debate, as Senator Elizabeth Warren questioned its energy consumption and the environmental effect of its operations.The stock has fallen about 27% this year, sliding along with other crypto miners as bitcoin prices experienced a sharp sell-off from November’s highs. Greenidge shares are down about 6% on early trading on Wednesday.

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