Bitcoin Miner Greenidge Q4 Revenue Matches Estimate; Reiterates Hashrate Guidance

Bitcoin (BTC) miner Greenidge Generation (GREE) posted fourth-quarter revenue of $44.3 million, up 617% from a year ago, and roughly in line with the FactSet consensus of analysts at $44.5 million.

• Greenidge reported adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of $19.1 million, up from $1.2 million a year ago, and matching analyst estimates.
• The company mined 609 bitcoin in Q4, a 167% rise from 228 in the same quarter in a year earlier. For all 2021, Greenidge mined 1,866 bitcoin versus 1,146 in 2020.
• As of Dec. 31, Greenidge had approximately 17,300 miners with an aggregate hash rate capacity of about 1.4 exahash per second (EH/s), and in the earnings release reiterated hashrate guidance of 4.7 EH/s by the end of 2022.
• The miner this month agreed to a request by the New York State Department of Environmental Conservation for the agency to extend, for a second time, the deadline to complete its review of the renewal application for the Title V Air Permit at the company’s New York facility. The new date is June 30.
• “Greenidge continues to operate in New York without interruption during this period and intends to continue to work constructively with the Department to finalize a permit renewal,” the company said in the statement. “It is not uncommon for renewal applicants to operate for extended periods of time, sometimes years, prior to finalizing a permit renewal and additional future extensions may be requested," the miner added.
• Greenidge shares are lower by nearly 50% year to date, and down 2.2% in after-hours action on Thursday evening.