Share this article
Bitcoin Miner Greenidge Generation Shares Fall as Revenues Miss Estimates
The company said the combination of falling bitcoin prices and high global energy prices presented a “challenging earnings environment.”
By Nelson Wang
Updated May 11, 2023, 5:38 p.m. Published Aug 15, 2022, 9:24 p.m.
Bitcoin miner Greenidge Generation Holdings (GREE) reported second-quarter revenue of $31.3 million, falling short of analyst estimates of $34 million, according to FactSet. The company also reported a GAAP net loss of $107.9 million in the quarter, including $98.2 million in special items.
Shares were down about 9.5% to $4.21 in after-hours trading Monday after rising almost 12% during the day. Shares are down 71% year to date.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Greenidge produced approximately 621 bitcoin during the second quarter of 2022, compared to 315 bitcoin in the second quarter of 2021, and had approximately 27,500 miners with approximately 2.5 EH/s of combined capacity as of June 30, 2022.
CEO Jeff Kirt said in a press release that the roughly 60% decline in the price of bitcoin in the second quarter, combined with the spike in global energy prices, presented a “challenging earnings environment.”
"The sudden change in mining economics has driven us to refocus our strategy to prudently prioritize liquidity and capital preservation over aggressive growth – while maintaining our relentless focus on operational performance,” Kirt said.
According to Kirt, Greenidge now plans to pause development of new mining sites and instead plans to concentrate on its two existing sites in South Carolina and New York.
Greenidge expects to have at least 3.6 EH/s of mining capacity by the first quarter of 2023, and to maintain that level until it determines that “market conditions are attractive for additional growth.”
Больше для вас
Что нужно знать:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
Больше для вас
Exodus joins stablecoin race with MoonPay-backed digital dollar
The public crypto wallet firm joins Circle and PayPal in issuing stablecoins.
Что нужно знать:
- Exodus is launching a fully reserved, USD-backed stablecoin with MoonPay to power self-custodial payments in its crypto wallet app.
- The stablecoin will support Exodus Pay, a new feature enabling users to spend and send digital dollars without relying on centralized exchanges.
- With the launch, Exodus joins a short list of public companies, including PayPal and Circle, backing stablecoin products.
Top Stories
