Mining company Greenidge Generation will go to Nasdaq through reverse takeover

Greenidge Generation Holdings, which includes the Bitcoin-mining hybrid power plant, is preparing to list on the Nasdaq Stock Exchange through a merger with customer solutions provider Support.com.

Some exciting news about our holding company, Greenidge Generation Holdings Inc. Click here for more. https://t.co/0itkwBwz3w

– Greenidge Generation (@GreenidgeLLC) March 22, 2021

Support.com is currently listed on the Nasdaq. At the time of writing, the firm’s market cap is $ 41.5 million.

The companies have signed a merger agreement subject to certain conditions, including shareholder approval of Support.com. The solution provider will then become part of the holding.

Its subsidiary is Greenidge Generation, a hybrid power plant located in upstate New York. In April 2020, the venture entered into the first regulated contract for the sale of computing power to mine the first cryptocurrency.

As of February 28, 2021, Greenidge mined 1,186 BTC in 12 months. The current computing power is 1.1 EH / s. In 2022, the company plans to increase the figure to 2.6 EH / s.

Recall that in December 2020, three environmental organizations and more than 20 residents of Torri filed a lawsuit against the local administration and Greenidge Generation. According to the plaintiffs, the officials approved the project to expand the mining center without a conclusion on the impact on the environment.

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