Bitcoin Miner Greenidge Seeks to Raise $22.8 Million in Class A Common Stock Proposal

The bitcoin mining cognition Greenidge Generation is seeking to rise astir $22.8 million, according to a U.S.Securities and Exchange Commission (SEC) filing published Wednesday. According to the prospectus disclosing information, the New York-based Greenidge conducted a income statement with the concern firms B. Riley Securities and Northland Securities.

Bitcoin Miner Greenidge Generation Looks to Raise $22.8 Million via Stock Offer

According to a prospectus supplement SEC filing, Greenidge Generation is looking to rise $22,800,000 from a merchantability of people A communal stocks. Greenidge entered a income statement with B. Riley Securities and Northland Securities, and B. Riley volition beryllium the underwriter and gets astir 5% of the gross income terms arsenic a commission.

The company’s caller filing follows the mining steadfast reporting losses of astir $107 cardinal for the 2nd quarter. At the clip successful mid-August, Greenidge explained that it was pausing operations tethered to the firm’s Texas mining expansion.

“We person chosen to intermission our plans to make definite further sites successful our pipeline successful the ERCOT marketplace and, instead, mean to ore our operations astatine our 2 existing sites successful South Carolina and New York for the clip being,” Greenidge said astatine the time.

In July, the institution mined astir 287 bitcoin (BTC), and had astir 2.7 exahash per 2nd (EH/s) of mining capableness arsenic of July 31, 2022. Bitcoin.com News archetypal reported connected Greenidge during the archetypal week of March 2020, erstwhile a $65 cardinal concern fueled the earthy state providers’ “behind-the-meter” BTC mining operation.

At the time, the facility’s unit said it installed 7,000 miners astatine the plant, and the Greenidge information halfway successful New York’s Finger Lakes portion was obtaining 5.5 BTC each day. Since then, Greenidge’s bitcoin mining operations expanded rather a bit, but the institution has received criticism from environmentalists.

In June 2022, the New York Department of Environmental Conservation (DEC) issued a connection that noted it denied Greenidge’s licence renewal and cited the request to supply amended greenhouse state (GHG) mitigation schemes.

“DEC determined the licence renewal exertion does not show compliance with the requirements of the Climate Leadership and Community Protection Act,” the section noted astatine the time. The caller Greenidge SEC filing dated October 3, 2022, notes the magnitude of proceeds acquired from the merchantability volition beryllium connected the fig of people A communal banal sold.

“We presently program to usage the nett proceeds from this offering, aft deducting B. Riley’s commissions and offering expenses payable by us, for wide firm purposes, which whitethorn include, among different things, paying oregon refinancing each oregon a information of our indebtedness astatine the time, and backing acquisitions, superior expenditures, and moving capital,” Greenidge’s prospectus supplement SEC filing explains.

What bash you deliberation astir Greenidge Generation’s caller SEC filing and the plans to rise up to $22.8 million? Let america cognize what you deliberation astir this taxable successful the comments conception below.

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