UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
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CURRENT REPORT
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Item 8.01 – Other Events. | ||
On July 11, 2024, Greenidge Generation Holdings Inc. (the “Company”) issued a press release announcing certain operational updates of the Company, including, among other things, (i) the deployment of 2,400 additional bitcoin miners from its existing fleet at the Company's newest mining site located in Mississippi, (ii) its plans to expand the Mississippi site's power access to at least 25 MW in the next 12 months and (iii) the launch of the Company's proprietary Greenidge Pod X crypto mining infrastructure solution. With the recent enhancements to the Mississippi site, the Company's footprint represents four active bitcoin mining sites with 122 MW of current total power capacity. A copy of the press release is being furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
Cautionary Note Regarding Forward-Looking Statements
This report, including Exhibit 99.1 furnished herewith, contains forward-looking statements within the meaning of federal securities laws. Forward-looking statements include statements with respect to the Company’s beliefs, plans, goals, objectives, expectations, anticipations, assumptions, estimates, intentions, and future performance, and involve known and unknown risks, uncertainties and other factors, which may be beyond the Company’s control, and which may cause its actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. All statements other than statements of historical fact are statements that could be forward-looking statements. Forward-looking statements are subject to a number of risks, uncertainties and assumptions. Matters and factors that could cause actual results to differ materially from those expressed or implied in such forward-looking statements include but are not limited to the risks detailed from time to time in the Company’s filings with the Securities and Exchange Commission, including the Company’s most recent annual report on Form 10-K and quarterly report on Form 10-Q, as well as statements about or relating to or otherwise affected by: the Company’s ability to continue as a going concern for a reasonable period of time; the Company’s ability to successfully maintain its power and hosting arrangements on acceptable terms; fluctuations and volatility in the price of bitcoin and other cryptocurrencies; any failure by the Company to obtain acceptable financing with regard to its growth strategies or operations; the ability to negotiate or execute definitive documentation with respect to potential expansion sites on terms and conditions that are acceptable to the Company; changes in applicable laws, regulations, or permits relating to power generation, environmental laws, cryptocurrency usage and/or cryptocurrency mining; loss of public confidence in, or use cases of, bitcoin and other cryptocurrencies; the potential of cryptocurrency market manipulation; the economics of hosting cryptocurrency miners, including as to variables or factors affecting the cost, efficiency and profitability of the Company’s hosting arrangements; the availability, delivery schedule, and cost of equipment necessary to maintain and grow the Company’s business and operations; and the ability to expand successfully to other facilities, effectively integrate and manage acquired businesses or assets, mine other cryptocurrencies, or otherwise expand the Company’s business. These risks could cause actual results to differ materially from those expressed in any forward-looking statements made by, or on behalf of, the Company. All forward-looking statements speak only as of the date of this report, and, unless otherwise required by applicable law, the Company assumes no obligation to update any forward-looking statements, and expressly disclaims any obligation to do so, whether as a result of new information, future events or otherwise.
Item 9.01 – Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit No. | Description | |||||||
| 99.1 | ||||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |||||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Greenidge Generation Holdings Inc. | |||||
By: | /s/ Jordan Kovler | ||||
Name: | Jordan Kovler | ||||
Title: | Chief Executive Officer | ||||
Date: July 11, 2024
Greenidge Expands Bitcoin Mining Capabilities with Launch of Mississippi Site and Deployment of 2,400 Miners
Demonstrates Competitive Edge of Greenidge’s Best-in-Class Pod X Mining Infrastructure Solution
Plans to Expand Site’s Power Access By At Least 25 MW in Next 12 Months
Grows Greenidge’s Current Footprint to 4 Active Bitcoin Mining Sites with 122 MW of Current Total Power Capacity
Dresden, NY – July 11, 2024 – Greenidge Generation Holdings Inc. (NASDAQ: GREE) (“Greenidge” or the "Company"), a vertically integrated cryptocurrency datacenter and power generation company, today announced that it has expanded its bitcoin mining capabilities with the launch of its newest bitcoin mining site located in Mississippi. The site went live on July 1, 2024 with 2,400 bitcoin miners that Greenidge deployed from its fleet. In the coming weeks, Greenidge also expects to deploy its first shipment of Antminer S21 Pro bitcoin miners across its active sites to further increase its mining capacity.
Greenidge acquired the 12-acre property in Mississippi earlier this year and built out the site utilizing its proprietary Greenidge Pod X, a best-in-class crypto mining infrastructure solution. Greenidge currently has access to 8.5 MW of power at the site and intends to obtain at least 25 MW of additional power within the next 12 months in order to further expand its overall power capacity. In addition, Greenidge expects to finalize the planned lease of the on-site warehouse by September 1, 2024.
Greenidge CEO Jordan Kovler commented: “Greenidge has made tremendous progress transforming our business over the last 12 months, and with the introduction of the Greenidge Pod X, we’ve now reached a key inflection point that will further benefit our long-term growth trajectory. Our ability to quickly and efficiently take the Mississippi site from acquisition to miner deployment within just three months is a testament not just to the competitive advantage of our proprietary Pod X infrastructure solution but also to our team’s highly complementary expertise in both mining and power and electric infrastructure. With Pod X, Greenidge is now one of only several pod manufacturers in the world that offers a mining pod of this scale and is the only bitcoin mining company with integrated pod sales capabilities.”
Kovler added: “As we continue to expand our footprint across the country, we are actively evaluating new strategic opportunities to develop, purchase, lease or, when appropriate, sell properties in alignment with our value creation playbook.”
Greenidge now has 122 MW of total power capacity across four bitcoin mining facilities in the U.S. and Canada with approximately 8,000 miners in operation. In addition to the Mississippi site, Greenidge most recently acquired 60 MW of future low-cost power in South Carolina and 7.5 MW of mining capacity in North Dakota.
Launch of the Greenidge Pod X
In June, Greenidge launched the Greenidge Pod X in order to provide the industry with a crypto mining infrastructure solution that offers miners an innovative design with optimal temperatures that result in superior
uptime and better longevity. The Greenidge Pod X has capacity for 792 miners, which is 35% more than other pod manufacturers, and offers one of the lowest pod and infrastructure $/kW cost ratios in the industry. From design to operation, Greenidge has deployed the Pod X at its sites in New York, South Carolina, North Dakota and now Mississippi.
For more info on purchasing Greenidge Pod X for miner deployments, please visit: https://greenidge.com/pod-x.
About Greenidge Generation Holdings Inc.
Greenidge Generation Holdings Inc. (NASDAQ: GREE) is a vertically integrated cryptocurrency datacenter and power generation company, focusing on cryptocurrency mining, infrastructure development, engineering, procurement, construction management, operations and maintenance of sites.
Forward-Looking Statements
This press release includes certain statements that may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are forward-looking statements for purposes of federal and state securities laws. These forward-looking statements involve uncertainties that could significantly affect Greenidge’s financial or operating results. These forward-looking statements may be identified by terms such as “anticipate,” “believe,” “continue,” “foresee,” “expect,” “intend,” “plan,” “may,” “will,” “would,” “could,” and “should,” and the negative of these terms or other similar expressions. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties and are not guarantees of future performance. Forward-looking statements in this press release include, among other things, statements regarding the business plan, business strategy and operations of Greenidge in the future. In addition, all statements that address operating performance and future performance, events or developments that are expected or anticipated to occur in the future are forward-looking statements. Forward-looking statements are subject to a number of risks, uncertainties and assumptions. Matters and factors that could cause actual results to differ materially from those expressed or implied in such forward-looking statements include but are not limited to the matters and factors described in Part I, Item 1A. “Risk Factors” of Greenidge’s Annual Report on Form 10-K for the year ended December 31, 2022 and Quarterly Reports on Form 10-Q for the periods ended March 31, 2023, June 30, 2023 and September 30, 2023, as well as statements about or relating to or otherwise affected by the completion of management’s final review of the financial results and Greenidge’s other closing procedures. Consequently, all of the forward-looking statements made in this press release are qualified by the information contained under this caption. No assurance can be given that these are all of the factors that could cause actual results to vary materially from the forward-looking statements in this press release. You should not put undue reliance on forward-looking statements. No assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do occur, the actual results, performance, or achievements of Greenidge could differ materially from the results expressed in, or implied by, any forward-looking statements. All forward-looking statements speak only as of the date of this press release and Greenidge does not assume any duty to update or revise any forward-looking statements included in this press release, whether as a result of new information, the occurrence of future events, uncertainties or otherwise, after the date of this press release.
Contacts
Investors
Nick Ratti
315-536-2359
nratti@greenidge.com
investorrelations@greenidge.com
Media
Longacre Square Partners
Charlotte Kiaie / Kate Sylvester, 646-386-0091
greenidge@longacresquare.com
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