Bitcoin miner Greenidge and Nasdaq-listed Support.com announce merger

On March 23, according to foreign media reports, Greenidge Generation plans to go public through a merger with technical support provider Support.com. The company is a New York-based Bitcoin mining company with its own power plant.

Greenidge and Support.com Inc. (Nasdaq: SPRT) announced they have signed a definitive agreement to merge in a stock-for-stock transaction, subject to Support.com shareholder approval and other customary closing conditions, with the merger expected to close in the third quarter of 2021, Greenidge said in a statement today.

Greenidge mined 1,186 bitcoins in the twelve months ending February 28, 2021. With the current price of bitcoin at over $57,000, the facility mines an average of $185,000 worth of bitcoins per day. Greenidge reportedly has a generating capacity of 19 megawatts (MW) and plans to increase that by more than 2,500% to 500 MW by 2025.

“This merger is an important step for Greenidge as we build upon our existing platform to mine bitcoin and produce low-carbon energy,” said Jeff Kirt, CEO of Greenidge.

However, the mining company has also faced strong opposition from local groups in the Finger Lakes region where the Greenidge power plant and mine are located. In December, the Sierra Club and several groups filed a lawsuit against Greenidge, claiming that the company circumvented state law by seeking regulatory approval for its plans to expand mining facilities.