Greenidge BTC mining company will become the first company with its own power plant and will expectedly be listed on Nasdaq through a merger with Support.com as we can see more in our latest BTC news today.
Greenidge expects to be the first publicly traded mining company that has its own power plant despite mining remaining controversial and critics citing environmental concerns. Greenidge Generation Holdings is expecting to be the first publicly traded BTC mining company that has its own power plant according to the announcement today. The company expects to get listed on Nasdaq via a merger with Support.com, fulfilling certain conditions like Support.com shareholder approval. Before the merger, Support.com will become a wholly-owned subsidiary of Greenidge. CEO Jeff Kirt commented:
- “This merger is an important next step for Greenidge as we build upon our existing, integrated and proven platform for Bitcoin mining and generation of lower-carbon affordable power.”
According to the president and CEO of Support.com Lance Rosenzweig, this transaction will be built upon Greenidge’s business model that provides additional cash funding and public currency to fund the growth plans. The natural gas plant of the company now powers 19 megawatts of mining capacity which by the end of the second quarter of the year will double to 41 megawatts. By the end of next year, the figure is anticipated to reach 85 megawatts and by 2025, it will achieve 500 megawatts.
Bitcoin mining proves to be a successful business for the company since from March 2020, the company’s power plant generated $50K through mining bitcoin. The company claimed to have access to the cheapest natural gas in the US as well and now the company aims to tap the profitability of the growing BTC market and we can see that it’s been a good decision so far. However, the environmental impact of BTC mining is still controversial. The network uses a proof of work consensus mechanism which consumes huge amounts of energy and critics always point to figures estimating that the energy consumption is bigger than the one of countries worldwide.
Bitcoin struggled to clear the $60K resistance and dropped below the $58K with the price trading below it and the 100 hourly simple moving average and another key bearish trend line forming with the resistance near the $57K on the charts of the pair that will continue lower towards $54K as long as it is below the $58K resistance. Another failure to clear the $60K resistance means that BTC will drop lower and will enter the bearish zone.