NASDAQ-listed Bitcoin mining company Greenidge Generation Holdings has released its third quarter 2021 report.
As of September 30, the company has mined about $35 million in Bitcoin, according to the report. In addition, Greenidge reported that it has mined a total of 729 Bitcoins with 15,300 miners within the mining body.
The company, which held $52 million in cash and cryptocurrency assets in the third quarter, generated between $33 million and $37 million in revenue between July 1 and September 30.
The company also reported a net loss of between $16 and $19 million, adding between $18 million and $22 million in earnings before interest, taxes, depreciation and amortization (EBITDA).
Greenidge added that the expected net loss was due to the $30 million spent on expenses during the merger with Support.com.
The company, which announced plans to expand its Bitcoin mining operations to South Carolina in July, is expected to operate in that region after 2022.
The cryptocurrency mining crisis in China seems to have put other mining companies in trouble as well. Because the large mining companies immigrating from China to other countries increase the competition all over the world. For this reason, the competition between institutions pushes them to produce better machines and to get more useful solutions.