Bitcoin miner Greenidge falls on Nasdaq after merger

By Raffaele Redi

Stock price plummets 24% in just three hours

Copenhagen, Denmark, October 21, 2018: Building of Nasdaq stock exchange in Copenhagen, Denmark                                 
Greenidge's new stock had an uneasy first day on the Nasdaq. Photo: Shutterstock
                                

US bitcoin miner Greenidge Generation Holdings' merger with tech support firm Support.com saw its stock trading more than 24% down three hours after the opening bell on Wednesday.

The new Class A stock plummeted 18.4% in the first half-hour of trading on the Nasdaq, falling from $57 on opening to $46.47. By 12.35 EST Greenidge stock had fallen to $43.26, ending the day marginally up at $43.55.

Support.com closed 38% down on Nasdaq in its final day of independent trading on Tuesday 14 September.

Expansion of bitcoin mining fleet

Greenidge's stock price fall came despite the US bitcoin mining and power generation company announcing on Wednesday an order for 10,000 S19j Pro bitcoin miners from Bitmain for its Spartanburg facility, which is expected to start operations in the fourth quarter of 2021.

“Greenidge intends to deploy all 10,000 units at its Spartanburg, South Carolina facility. The order would bring an additional 1 EH of capacity to the company's bitcoin mining operations. The miners are currently scheduled to be delivered in the second and third quarters of 2022”, Greenidge said in a statment.

The order represents the latest development in the company's plans to expand its bitcoin mining capacity to 500MW by 2025 in additional locations beyond its initial power generation and bitcoin mining operation in Upstate New York.

Carbon-neutral mining operations

"The addition of 10,000 new miners is an important step in our commitment to expand our fully carbon-neutral capacity," said Greenidge CEO Jeff Kirt.

"We expect that these miners will anchor our anticipated facility in Spartanburg, expanding our national footprint by growing our environmentally sustainable mining operations."

Greenidge said it intends to fully offset all carbon emissions at the Spartanburg site “as it continues to expand its bitcoin mining capacity in line with its commitment to environmental leadership in power generation and cryptocurrency operations”.

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