2 years ago
Bitcoin miner Greenidge Generation said fourth-quarter preliminary gross roseate 23% from the third-quarter adjacent arsenic the fig of bitcoins produced fell 16%.
The Dresden, NY-based miner besides said its hashrate climbed 17% to 1.4 exahash per 2nd (EH/s) arsenic of Dec. 31.
While Greenidge mined astir 609 bitcoins successful the quarter, a driblet of 16%, the terms of bitcoin touched a grounds precocious adjacent $69,000 during the period.
Fourth-quarter adjusted net earlier interest, tax, depreciation and amortization is expected to beryllium $18 cardinal to $20 million, the institution said. That’s little than the 3rd quarter’s $21.2 million.
The miner said it had $85 cardinal successful currency and short-term investments, of which lone $2 cardinal was successful cryptocurrency holdings, implying it perchance monetized astir of the coins it mined, a signifier that was mentioned successful its caller prospectus filing.
Greenidge has been precocious successful the mediate of vigor debate, arsenic Senator Elizabeth Warren questioned its vigor consumption and the biology effect of its operations.
The banal has fallen astir 27% this year, sliding on with different crypto miners arsenic bitcoin prices experienced a crisp sell-off from November’s highs. Greenidge shares are down astir 6% connected aboriginal trading connected Wednesday.
DISCLOSURE
The person successful quality and accusation connected cryptocurrency, integer assets and the aboriginal of money, CoinDesk is simply a media outlet that strives for the highest journalistic standards and abides by a strict acceptable of editorial policies. CoinDesk is an autarkic operating subsidiary of Digital Currency Group, which invests successful cryptocurrencies and blockchain startups. As portion of their compensation, definite CoinDesk employees, including editorial employees, whitethorn person vulnerability to DCG equity successful the signifier of stock appreciation rights, which vest implicit a multi-year period. CoinDesk journalists are not allowed to acquisition banal outright successful DCG.
Aoyon Ashraf is crypto mining newsman with much than a decennary of acquisition successful covering equity markets
Subscribe to The Node, our regular study connected apical quality and ideas successful crypto.
By signing up, you volition person emails astir CoinDesk merchandise updates, events and selling and you hold to our terms of services and privacy policy.
English (US) 