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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
________________________________
FORM 10-Q
________________________________
(Mark One)
x    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2024
OR
o    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _____________________ to _____________________
Commission File Number: 001-40808
________________________________
Greenidge Generation Holdings Inc.
(Exact Name of Registrant as Specified in its Charter)
________________________________
Delaware86-1746728
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
590 Plant Road,
 Dresden, New York
14441
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code: (315) 536-2359
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbol(s)Name of each exchange on which registered
Class A Common Stock, $0.0001 par valueGREEThe Nasdaq Global Select Market
8.50% Senior Notes due 2026GREELThe Nasdaq Global Select Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated fileroAccelerated filero
Non-accelerated filerxSmaller reporting companyx
Emerging growth companyx
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x
As of August 9, 2024, the registrant had 7,933,209 shares of Class A common stock, $0.0001 par value per share, outstanding and 2,733,394 shares of Class B common stock, $0.0001 par value per share, outstanding.




Table of Contents
Page
Item 3.
Item 4.
Item 5.
1



CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q includes certain statements that may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements other than statements of historical fact are forward-looking statements for purposes of federal and state securities laws. These forward-looking statements involve uncertainties that could significantly affect our financial or operating results. These forward-looking statements may be identified by terms such as “anticipate,” “believe,” “continue,” “foresee,” “expect,” “intend,” “plan,” “may,” “will,” “would” “could” and “should” and the negative of these terms or other similar expressions. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties and are not guarantees of future performance. Forward-looking statements in this document include, among other things, statements regarding our business plan, business strategy and operations in the future. In addition, all statements that address operating performance and future performance, events or developments that are expected or anticipated to occur in the future, including statements relating to creating value for stockholders, are forward-looking statements.
Forward-looking statements are subject to a number of risks, uncertainties and assumptions. Matters and factors that could cause actual results to differ materially from those expressed or implied in such forward-looking statements include but are not limited to the matters and factors described in Part I, Item 1A. “Risk Factors” of the most recent Form 10-K of Greenidge Generation Holdings Inc. (“Greenidge,” the “Company,” “we,” “us,” or “our”) filed with the Securities and Exchange Commission ("SEC") and in this Quarterly Report on Form 10-Q, as well as those described from time to time in our future reports filed with the SEC, which should be reviewed carefully. Please consider Greenidge's forward-looking statements in light of those risks.
2



PART I—FINANCIAL INFORMATION
Item 1. Financial Statements
Greenidge Generation Holdings Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(in thousands, except share and per share data)
June 30, 2024December 31, 2023
ASSETS
CURRENT ASSETS:
Cash and cash equivalents, including restricted cash$10,259 $13,312 
Digital assets961 347 
Accounts receivable185 358 
Prepaid expenses and current other assets1,753 3,864 
Emissions and carbon offset credits3,654 5,694 
Income tax receivable857 857 
Total current assets17,669 24,432 
LONG-TERM ASSETS:
Property and equipment, net42,258 45,095 
Other long-term assets2,924 1,652 
Total assets62,851 71,179 
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable3,929 3,495 
Accrued emissions expense3,480 10,520 
Accrued expenses4,729 6,116 
Short-term environmental liability1,613 363 
Related party payables380  
Current liabilities held for sale314 483 
Total current liabilities14,445 20,977 
LONG-TERM LIABILITIES:
Long-term debt, net of deferred financing fees69,239 68,710 
Environmental liabilities28,616 29,866 
Other long-term liabilities2,650 2,650 
Total liabilities114,950 122,203 
COMMITMENTS AND CONTINGENCIES (NOTE 10)  
STOCKHOLDERS' DEFICIT:
Preferred stock, par value $0.0001, 20,000,000 shares authorized, none outstanding
  
Common stock, par value $0.0001, 500,000,000 shares authorized, 10,623,987 and 9,131,252 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively
1 1 
Additional paid-in capital327,712 319,992 
Cumulative translation adjustment(348)(345)
Common stock subscription receivable (698)
Accumulated deficit(379,464)(369,974)
Total stockholders' deficit(52,099)(51,024)
Total liabilities and stockholders' deficit$62,851 $71,179 
The accompanying notes are an integral part of these condensed consolidated financial statements.
3



Greenidge Generation Holdings Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (UNAUDITED)
(in thousands, except per share data)
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
REVENUE:
Datacenter hosting$6,645 $9,660 $15,757 $16,604 
Cryptocurrency mining4,775 3,980 11,774 10,431 
Power and capacity1,487 1,070 4,524 2,832 
EPCM consulting services150  335  
Total revenue13,057 14,710 32,390 29,867 
OPERATING COSTS AND EXPENSES:
Cost of revenue - datacenter hosting (exclusive of depreciation)4,685 6,727 11,703 11,398 
Cost of revenue - cryptocurrency mining (exclusive of depreciation)3,234 2,933 6,905 6,181 
Cost of revenue - power and capacity (exclusive of depreciation)1,297 1,481 2,843 3,297 
Cost of revenue - EPCM consulting services (exclusive of depreciation)100  183  
Selling, general and administrative4,177 7,049 9,664 16,062 
Depreciation3,285 3,165 6,519 6,985 
Impairment of long-lived assets  169  
Loss (gain) on digital assets11  (48) 
Gain on sale of assets(32)(8)(32)(1,752)
Total operating costs and expenses16,757 21,347 37,906 42,171 
Operating loss(3,700)(6,637)(5,516)(12,304)
OTHER INCOME (EXPENSE), NET:
Interest expense, net(1,805)(3,112)(3,607)(6,685)
Change in fair value of warrant asset  (420) 
Gain on sale of digital assets   398 
Other expense, net (4) (4)
Total other expense, net(1,805)(3,116)(4,027)(6,291)
Loss from continuing operations before income taxes(5,505)(9,753)(9,543)(18,595)
Benefit from income taxes    
Net loss from continuing operations(5,505)(9,753)(9,543)(18,595)
Income (loss) from discontinued operations, net of tax(63)(289)31 382 
Net loss$(5,568)$(10,042)$(9,512)$(18,213)
Comprehensive Loss
Net Loss(5,568)(10,042)(9,512)(18,213)
Foreign currency translation adjustment 10 (3)27 
Comprehensive loss$(5,568)$(10,032)$(9,515)$(18,186)
Net (loss) income per share, basic and diluted:
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Net loss per share from continuing operations, basic and diluted$(0.55)$(1.52)$(0.98)$(3.17)
(Loss) income per share from discontinued operations, basic and diluted(0.01)(0.05) 0.07 
Net loss per share, basic and diluted$(0.56)$(1.57)$(0.98)$(3.10)
Weighted average shares outstanding, basic and diluted9,966 6,399 9,730 5,874 
The accompanying notes are an integral part of these condensed consolidated financial statements.
5



Greenidge Generation Holdings Inc.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ DEFICIT (UNAUDITED)
(in thousands, except share data)
Common StockAdditional
Paid - In
Capital
Subscription ReceivableCumulative
Translation
Adjustment
Accumulated
Deficit
Total
SharesAmount
Balance at January 1, 20249,131,252 $1 $319,992 $(698)$(345)$(369,974)$(51,024)
Cumulative-effect adjustment due to the adoption of ASU 2023-08— — — — — 22 22 
Stock-based compensation expense— — 1,070 — — — 1,070 
Issuance of shares in connection with Securities Purchase Agreement450,300 — 1,133 — — — 1,133 
Issuance of shares, net of issuance costs45,269 — 340 698 — — 1,038 
Restricted shares award issuance159,357 — — — — — — 
Issuance of warrants in connection with Securities Purchase Agreement— — 4,866 — — — 4,866 
Foreign currency translation adjustment— — — — (3)— (3)
Net loss— — — — — (3,944)(3,944)
Balance at March 31, 20249,786,178 1 327,401  (348)(373,896)(46,842)
Stock-based compensation expense— — 311 — — — 311 
Common stock issuance upon exercise of prefunded warrant810,205 — — — — — — 
Restricted shares award issuance27,604 — — — — — — 
Net loss— — — — — (5,568)(5,568)
Balance at June 30, 202410,623,987 $1 $327,712 $ $(348)$(379,464)$(52,099)
Balance at January 1, 20234,625,278 $ $293,774 $ $(357)$(340,464)$(47,047)
Stock-based compensation expense— — 481 — — — 481 
Issuance of shares, net of issuance costs1,211,926 1 8,095 — — — 8,096 
Restricted shares award issuance, net of withholdings9,275 — — — — — — 
Proceeds from stock options exercised133,333 — 1,000 — — — 1,000 
Foreign currency translation adjustment— — — — 17 — 17 
Net loss— — — — — (8,171)(8,171)
Balance at March 31, 20235,979,812 1 303,350  (340)(348,635)(45,624)
Stock-based compensation expense— — 568 — — — 568 
Issuance of shares, net of issuance costs1,253,434  3,320 — — — 3,320 
Restricted shares award issuance, net of withholdings3,368 — — — — — — 
Foreign currency translation adjustment— — — — 10 — 10 
Net loss— — — — — (10,042)(10,042)
Balance at June 30, 20237,236,614 $1 $307,238 $ $(330)$(358,677)$(51,768)






The accompanying notes are an integral part of these condensed consolidated financial statements.
6




Greenidge Generation Holdings Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(in thousands)
Six Months Ended June 30,
20242023
OPERATING ACTIVITIES FROM CONTINUING OPERATIONS:
Net loss$(9,512)$(18,213)
Income from discontinued operations31 382 
Net loss from continuing operations(9,543)(18,595)
Adjustments to reconcile net loss from continuing operations to net cash flow from operating activities:
Depreciation6,519 6,985 
Accrued interest added to principal 1,212 
Change in fair value of warrant asset420  
Amortization of debt issuance costs529 1,405 
Impairment of long-lived assets169  
Gain on sale of assets(32)(1,752)
Gain on digital assets(48) 
Stock-based compensation expense1,381 1,049 
Revenues from digital assets production(11,774) 
Proceeds from sale of digital assets11,141  
Professional fees paid in common stock 250 
Changes in operating assets and liabilities:
Accounts receivable173 2,519 
Emissions and carbon offset credits2,040 (337)
Digital assets 348 
Prepaids and other assets1,690 2,689 
Income tax receivable (59)
Accounts payable(1,311)2,101 
Accrued emissions(7,040)38 
Accrued expenses(1,387)(3,285)
Related party payable380  
Other337 2,674 
Net cash flow used for operating activities from continuing operations(6,356)(2,758)
INVESTING ACTIVITIES FROM CONTINUING OPERATIONS:
Purchases of and deposits for property and equipment(4,105)(7,033)
Proceeds from sale of assets422 592 
Proceeds from sale of digital assets89  
Net cash flow used for investing activities from continuing operations(3,594)(6,441)
FINANCING ACTIVITIES FROM CONTINUING OPERATIONS:
Proceeds from issuance of common stock, net of issuance costs1,038 11,165 
Proceeds from issuance of common stock and pre-funded warrants6,000  
Principal payments on debt (5,304)
Net cash flow provided by financing activities from continuing operations7,038 5,861 
Discontinued Operations:
Net cash flow from operating activities of discontinued operations(141)159 
Net cash flow from investing activities of discontinued operations 3,325 
Increase (decrease) in cash and cash equivalents from discontinued operations(141)3,484 
CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH(3,053)146 
CASH, CASH EQUIVALENTS AND RESTRICTED CASH - beginning of year13,312 15,217 
CASH, CASH EQUIVALENTS AND RESTRICTED CASH - end of period$10,259 $15,363 
See Note 13 for supplemental cash flow information
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The accompanying notes are an integral part of these condensed consolidated financial statements.
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1. ORGANIZATION AND DESCRIPTION OF BUSINESS
Greenidge Generation Holdings Inc. and its subsidiaries (collectively, "Greenidge" or the "Company") owns and operates a vertically integrated cryptocurrency datacenter and power generation company. The Company owns and operates facilities in the Town of Torrey, New York (the "New York Facility") and the Town of Columbia, Mississippi (the "Mississippi Facility"), operates a facility under a lease in the Town of Underwood, North Dakota (the "North Dakota Facility") and owned and operated a facility in Spartanburg, South Carolina (the "South Carolina Facility"). The Company generates revenue in U.S. dollars by providing hosting, power and technical support services to third-party owned bitcoin mining equipment and generates revenue in the form of bitcoin by earning bitcoin as rewards and transaction fees for supporting the global bitcoin network with application-specific integrated circuit computers ("ASICs" or "miners") owned by the Company, which may be operated at the Company's sites or at third-party hosting sites through short-term hosting agreements. The earned bitcoin are then exchanged for U.S. dollars. The Company also owns and operates a 106 megawatt ("MW") power facility that is connected to the New York Independent System Operator ("NYISO") power grid. In addition to the electricity used "behind the meter" by the New York datacenter, the Company sells electricity to the NYISO at all times when its power plant is running and increases or decreases the amount of electricity sold based on prevailing prices in the wholesale electricity market and demand for electricity.
Effective May 16, 2023, the Company effected a 1-for-10 reverse stock split of its outstanding shares of common stock. The par value remains unchanged. Unless specifically provided otherwise herein, all share and per share amounts as well as common stock and additional paid-in capital have been retroactively adjusted to reflect the reverse stock split. See Note 9, "Stockholders' Deficit", for further details.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Presentation of Condensed Consolidated Financial Statements
In the opinion of Greenidge management, the accompanying condensed consolidated financial statements include all adjustments necessary for a fair presentation of the results for the interim periods presented and such adjustments are of a normal recurring nature. The results for the unaudited interim condensed consolidated statements of operations are not necessarily indicative of results to be expected for the year ending December 31, 2024 or for any future interim period. The unaudited interim condensed consolidated financial statements do not include all of the information and notes required by United States Generally Accepted Accounting Principles for complete financial statements.
The Company has reflected the operations of its Support.com business as discontinued operations for all periods presented. See Note 3, “Discontinued Operations” for further information. Unless otherwise noted, amounts and disclosures throughout these notes to the Company's condensed consolidated financial statements relate solely to continuing operations and exclude all discontinued operations.
The accompanying condensed consolidated financial statements should be read in conjunction with the notes to the consolidated financial statements of the Company in its 2023 Annual Report on Form 10-K.
Going Concern
In accordance with the Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") 2014-15, Presentation of Financial Statements – Going Concern, the Company's management evaluated whether there are conditions or events that pose risk associated with the Company's ability to continue as a going concern within one year after the date these financial statements have been issued. The Company’s consolidated financial statements have been prepared assuming that it will continue as a going concern. The Company has historically incurred operating losses and negative cash flows from operations. These factors raise substantial doubt as to the Company’s ability to continue as a going concern.
The halving of bitcoin, which occurred April 19, 2024, may have an adverse effect on the Company’s projected future cash flows. The fixed costs to operate the business including, but not limited to, insurance, overhead and capital expenditures, as well as the variable input costs to operate the Company’s datacenters, have a material impact on the Company’s continuing operations and ability to generate positive cash flows. While the market has improved in 2023 and 2024, the Company continues to have to address the possibility of negative impacts of the price of bitcoin and natural gas as these have proven to be volatile markets. As a result, management took certain actions during 2023 and 2024 to improve the Company's liquidity that are described further below. At June 30, 2024, the Company had $10.3 million of cash, restricted
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cash and cash equivalents and other current assets of $7.4 million, while having $8.7 million of accounts payable and accrued expenses, emissions liability of $3.5 million, current liabilities held for sale of $0.3 million, related party payables of $0.4 million, and an estimated $1.6 million of environmental liability spend in the next 12 months, which results in working capital of $3.2 million as of June 30, 2024.
Additionally, the Company has $6.1 million of interest payments due over the next twelve months. The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and/or obtaining the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. In an effort to improve liquidity, the Company has completed or is in the process of completing the following transactions:
In September 2022, Greenidge entered into an at-the-market issuance sales agreement, as amended, dated as of September 19, 2022, by and among the Company, B. Riley Securities, Inc. (“B. Riley Securities”) and Northland Securities, Inc., relating to shares of Greenidge’s Class A common stock (the "ATM Agreement"), and since October 23, 2022 through August 9, 2024, have received net proceeds of $20.7 million from sales of Class A common stock under the ATM Agreement. See Note 9, "Stockholder's Deficit", for further details.
On January 30, 2023, the Company entered into debt restructuring agreements with NYDIG ABL LLC ("NYDIG") and B. Riley Commercial Capital, LLC ("B. Riley Commercial"). The restructuring of the NYDIG debt improved the Company's liquidity during 2023 as the payments required in 2023 on the remaining principal balance was interest payments of $2.0 million. This reduced debt service is substantially lower than the $62.7 million of principal and interest payments which would have been required in 2023 pursuant to the 2021 and 2022 Master Equipment Finance Agreements, both of which were refinanced in January 2023. See Note 5, "Debt" of our Annual Report on Form 10-K, filed April 10, 2024, for further details regarding the debt restructuring agreements.
In conjunction with the restructuring of the debt with NYDIG, the Company also entered into hosting agreements with NYDIG on January 30, 2023 (the “NYDIG Hosting Agreements”), which improved its liquidity position, as it provided for cost reimbursements for key input costs, while allowing the Company to participate in profit upside.
On November 9, 2023, the Company closed the sale of the South Carolina Facility to complete the deleveraging transaction with NYDIG. In exchange for the sale to NYDIG of the upgraded 44 MW South Carolina mining facilities and the subdivided real estate of approximately 22 acres of land, the Company received total consideration of $28 million, as follows:
The Senior Secured Loan with NYDIG with remaining principal of $17.7 million was extinguished;
The B. Riley Commercial Secured Promissory Note with remaining principal of $4.1 million, which NYDIG purchased from B. Riley Commercial on July 20, 2023 at par was extinguished;
A cash payment of approximately $4.5 million, and
The Company also received bonus payments earned of approximately $1.6 million as a result of the completion of the expansion of the upgraded mining facility and the facility’s uptime performance.
The Company recognized a gain on the sale of the South Carolina Facility of $8.2 million.
In conjunction with the sale, the Company and NYDIG terminated the South Carolina Hosting Order. The NYDIG Hosting Agreement related to the New York Facility was not impacted by this transaction and remains in place.
Following the completion of the South Carolina Facility sale, the Company continues to own approximately 153 acres of land in South Carolina, and is assessing potential uses of the remaining site, which may include the sale of the property.
Since entering into the NYDIG Hosting Agreements, the Company has identified opportunities to deploy its company-owned miners. In March 2023, the Company entered into a hosting agreement with Conifex Timber Inc. ("Conifex"), whereby Conifex will provide hosting services to Greenidge utilizing renewable power (the “Conifex Hosting Agreement”). In April 2023, the Company entered into a hosting agreement with Core Scientific, Inc. ("Core") in which Core will host and operate Greenidge-owned bitcoin miners at its facilities (the “Core Hosting Agreement”, and together with the NYDIG Hosting Agreements and the Conifex Hosting Agreement, the “Hosting Agreements”). On May 31, 2024, the only order entered into between Greenidge and Core pursuant to the Core Hosting Agreement terminated pursuant to its terms and Core no longer hosts or operates any Greenidge-owned bitcoin miners. As a result, the Company deployed the miners hosted by Core to sites Greenidge operates as part of its self-mining operations.
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On April 10, 2024, the Company closed on the purchase of a parcel of land containing approximately 12 acres located in Columbus, Mississippi, including over 73,000 square feet of industrial warehouse space. The Company deployed 7.5 MW of miners on the property in the second quarter of 2024. The Company has also deployed additional miners in conjunction with a 7.5 MW mining capacity lease in North Dakota, which has a term of five years and provides us with energy to power mining. The Company believes the addition of these datacenters will improve the Company’s profits and liquidity during the remainder of 2024 and beyond.
On February 12, 2024, the Company entered into a securities purchase agreement (the “SPA”) with Armistice Capital Master Fund Ltd. (“Armistice”). Pursuant to the SPA, Armistice purchased shares of the Company’s Class A common stock and a pre-funded Class A common stock purchase warrant entitling them to purchase shares of the Company’s Class A common stock. In addition, the Company issued to Armistice a Class A common stock purchase warrant entitling Armistice, commencing on August 14, 2024, to acquire additional shares of the Company’s Class A common stock from time to time. The SPA resulted in net proceeds of $6.0 million. See Note 9, "Stockholders’ Deficit", for further details.
On September 15, 2021, as amended on April 7, 2022, Greenidge entered into the Equity Purchase Agreement with B. Riley Principal Capital, LLC ("B. Riley Principal"). Pursuant to the Equity Purchase Agreement, Greenidge had the right to sell to B. Riley Principal up to $500 million in shares of its Class A common stock, subject to certain limitations and the satisfaction of specified conditions in the Equity Purchase Agreement, from time to time over the 24-month period commencing on April 28, 2022. From the Effective Date to June 30, 2024, The Company has received aggregate proceeds of $8.0 million, net of discounts, of which $0.3 million were received during the six months ended June 30, 2024. There were no shares issued during the three months ended June 30, 2024. See Note 9, "Stockholders’ Deficit", for further details. The Equity Purchase Agreement automatically terminated pursuant to its terms on April 28, 2024.
On July 30, 2024, Greenidge entered into a common stock purchase agreement (the "Common Stock Purchase Agreement") and related registration rights agreement with B. Riley Principal Capital II, LLC ("B. Riley Principal II"), an affiliate of B. Riley Principal, pursuant to which Greenidge has the right to sell to B. Riley Principal II up to $20 million in shares of its Class A common stock, subject to certain limitations and the satisfaction of specified conditions in the Common Stock Purchase Agreement, from time to time over the 36-month term of the Common Stock Purchase Agreement. See Note 16, "Subsequent Events", for further details.
Despite these improvements to the Company’s financial condition, Greenidge management expects that it will require additional capital in order to fund the Company’s expenses and to support the Company’s near-term working capital needs and remaining debt servicing requirements. Management continues to assess different options to improve its liquidity which include, but are not limited to:
issuances of equity, including but not limited to issuances under the Common Stock Purchase Agreement and/or the ATM Agreement.
a sale of the Company’s remaining real estate in South Carolina and/or sale of the remaining miner infrastructure equipment inventory, which was not used in the South Carolina expansion.
The Company estimates that substantially all of its cash resources will be depleted by the end of the first quarter of 2025. The Company’s estimate of cash resources available to the Company for the next 12 months is dependent on completion of certain actions, including obtaining additional short-term outside financing, executing on certain investing transactions; as well as bitcoin prices and blockchain difficulty levels similar to those existing as of the filing of this Quarterly Report on Form 10-Q and energy prices similar to the those experienced in the first six months of 2024. Increases in the price of bitcoin benefit the Company by increasing the amount of revenue earned for each bitcoin mined. Increases in the difficulty to mine a bitcoin adversely affect the Company by decreasing the number of bitcoin it can mine. Increases in the costs of electricity, natural gas, and emissions credits adversely affect the Company by increasing the cost to mine bitcoin. While the Company continues to work to implement options to improve liquidity, we can provide no assurance that these efforts will be successful and the Company’s liquidity could be negatively impacted by factors outside of its control, in particular, significant decreases in the price of bitcoin, our inability to procure and comply with the permits and licenses required to operate our facilities, including the Title V Air Permit for the New York Facility, or the cost to us of such procurement or compliance, regulatory changes concerning cryptocurrency, increases in energy costs or other macroeconomic conditions and other matters identified in Part I, Item 1A "Risk Factors" in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 and in this Quarterly Report on Form 10-Q. Given this uncertainty regarding the Company’s financial condition over the next 12 months from the date these financial statements were issued, the Company has concluded that there is substantial doubt about its ability to continue as a going concern for a reasonable period of time. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.
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Reclassifications
Certain prior year amounts have been reclassified to conform to the current year’s presentation.
Significant Accounting Policies
The Company’s significant accounting policies are described in Note 2. Summary of Significant Accounting Policies, in the Company’s consolidated financial statements included in the Company’s Annual Report filed on Form 10-K for the year ended December 31, 2023.
There have been no material changes to the significant accounting policies, except as described herein, for the three and six months ended June 30, 2024.
Revenue Recognition
Cryptocurrency Mining Revenue
Greenidge has entered into digital asset mining pools by executing contracts with the mining pool operators to perform hash computations for a mining pool. The contracts are terminable at any time at no cost by either party and Greenidge’s enforceable right to compensation begins only when, and lasts as long as, Greenidge performs hash computations for the mining pool operator. In exchange for performing hash computations, Greenidge is entitled to a fractional share of the cryptocurrency award the mining pool operator theoretically receives less the mining pool fees. The agreements entered into with the pool operators pay out based on a Full-Pay-Per-Share (“FPPS”) payout formula, which is a conceptual formula that entitles Greenidge to consideration upon the provision of hash computations to the pool even if a block is not successfully placed by the pool operator. Revenue is measured as the value of the consideration received in the form of cryptocurrency from the pool operator, less the mining pool fees retained by the mining pool operator. Greenidge does not expect any material future changes in mining pool fee rates.
In exchange for performing hash computations for the mining pool, the Company is entitled to a fractional share of the cryptocurrency award the mining pool operator theoretically receives (less pool operator fees to the mining pool operator which are netted as a reduction of the transaction price). Greenidge’s fractional share is based on the proportion of hash computations the Company performed for the mining pool operator to the total hash computations contributed by all miners in solving the current algorithm during the 24-hour period. Daily earnings calculated under the FPPS payout formula are calculated from midnight-to-midnight UTC time and are credited to pool members’ accounts at 1:00:00 A.M. UTC. The pool sends Greenidge’s cryptocurrency balance in the account to a digital wallet designated by the Company between 9:00 A.M. and 5:00 P.M. UTC time each day, which Greenidge automatically sells for cash within minutes of receipt, unless Greenidge decides to retain its newly earned bitcoin in connection with its bitcoin retention strategy.
The service of performing hash computations for the mining pool operators is an output of Greenidge’s ordinary activities and is the only performance obligation in Greenidge’s contracts with mining pool operators. The cryptocurrency that Greenidge receives as transaction consideration is noncash consideration, which Greenidge measures at fair value on the contract inception date at 0:00:00 UTC on the start date of the contract. The duration of each contract is 24 hours or less and provides the same rate of payment upon renewal. Since the pricing remains the same upon contract renewal, the contract does not provide the applicable mining pool operator with a material right that represents a separate performance obligation. The fair value is based on Greenidge’s primary exchange of the related cryptocurrency which is considered to be Coinbase. The consideration Greenidge earns is variable since it is based on the amount of hash computations provided by both Greenidge and the bitcoin network as a whole. The Company does not constrain this variable consideration because it is probable that a significant reversal in the amount of revenue recognized from the contract will not occur when the uncertainty is subsequently resolved and recognizes the non-cash consideration on the same day that control is transferred, which is the same day as contract inception.
Engineering Procurement and Construction Management ("EPCM") Revenue
The Company has entered into contracts with customers to perform engineering procurement and construction management services for customers developing cryptocurrency mining facilities. The services defined in the contracts are generally separated into phases, being 1) engineering 2) construction and 3) procurement.
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While the services discussed above are capable of being distinct and separately identifiable, the Company concluded that the services provided are inputs to produce the combined output to the customer, which is the completed site buildout. Further, the services provided are significantly modified by the other services in the contract. As such, while the performance obligations may be capable of being distinct, they are not distinct in the context of the contract and therefore the promises in the contract are combined into one single performance obligation.
The Company recognizes EPCM revenue over time, as performance obligations are satisfied, due to the continuous transfer of control to the customer. The Company utilizes the percentage-of-completion method, based primarily on contract cost incurred to date compared to total estimated contract cost. The percentage-of-completion method, and input method, is used as management considers it to be the best available measure of progress on these contracts.
To the extent a contract is canceled, the Company assesses whether there are any remaining goods or services to be provided after cancellation. If there are any remaining goods or services to be provided, the Company follows the guidance under ASC 606 for contract modifications. If there are no remaining goods or services to be provided, the Company considers whether consideration received is refundable or nonrefundable. To the extent consideration received is refundable, the Company recognizes a refund liability, otherwise, it recognizes revenue for the consideration received.
Digital assets
Digital assets are comprised of bitcoin earned as noncash consideration in exchange for providing hash computations for a mining pool, which are accounted for in connection with the Company’s revenue recognition policy previously disclosed. Digital assets are included in current assets in the consolidated balance sheets due to the Company’s ability to sell it in a highly liquid marketplace and because the Company reasonably expects to liquidate its digital assets to support operations within the next twelve months.
The Company adopted ASU 2023-08 during the second quarter of 2024 with an effective date of January 1, 2024. As a result of adopting ASU 2023-08, the Company measures digital assets at fair value as of each reporting period based on UTC closing prices at period-end on the active trading platform that the Company normally transacts and has determined is its principal market for bitcoin.
Gains and losses resulting from remeasurements are included within Loss (gain) on digital assets in the consolidated statements of operations and comprehensive loss. Gains and losses resulting from the sale of bitcoin, measured as the difference between the cash proceeds and the carrying basis of bitcoin as determined on a first-in-first-out basis, are also included within Loss (gain) on digital assets in the consolidated statements of operations and comprehensive loss.
Digital assets received by the Company as noncash consideration are included within operating activities on the consolidated statements of cash flows as substantially all of the Company’s digital asset production is sold within days of being produced. To the extent the Company holds bitcoin for more than a few days, proceeds from the sale of bitcoin are included within investing activities on the consolidated statements of cash flows.
Prior to the adoption of ASU 2023-08, the Company accounted for digital assets as intangible assets with an indefinite useful life, which are not amortized but assessed for impairment annually, or more frequently, when events or changes in circumstances occur indicating that it is more likely than not that the indefinite-lived asset is impaired. The Company performed an analysis each period to identify whether events or changes in circumstances, principally decreases in the quoted prices on active exchanges, indicated that it was more likely than not that its digital assets were impaired. Digital assets were considered impaired if the carrying value was greater than the lowest intraday quoted price at any time during the period. For quoted prices, the Company used daily exchange data from its principal market. Subsequent reversal of impairment losses were not permitted.
Recent Accounting Pronouncements, Not Yet Adopted
In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. ASU 2023-07 expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, an amount and description of its composition of other segment items, and interim disclosures of a reportable segment’s profit or loss and assets. This guidance becomes effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024 and is required to be
13



applied retrospectively. Early adoption is permitted. The Company is currently evaluating this guidance to determine the impact it may have on its consolidated financial statements disclosures.
In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosure. ASU 2023-09 mostly requires, on an annual basis, disclosure of specific categories in an entity’s effective tax rate reconciliation and income taxes paid disaggregated by jurisdiction. The incremental disclosures may be presented on a prospective or retrospective basis. The ASU is effective for fiscal years beginning after December 15, 2024 with early adoption permitted. The Company is currently evaluating the impact the adoption of this ASU will have on its consolidated financial statements and disclosures.
In March 2024, the FASB issued ASU 2024-01, Compensation - Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards. ASU 2024-01 clarifies ASC 718 scope application for profits interest and similar awards by adding illustrative examples. This guidance becomes effective for annual periods beginning after December 15, 2024 and interim periods within those annual periods. Early adoption is permitted. The Company is currently evaluating this guidance to determine the impact, but does not expect it to have a material impact on its Condensed Consolidated Financial Statements and related disclosures.
In March 2024, the FASB issued ASU 2024-02, Codification Improvements - Amendments to Remove References to the Concept Statements. ASU 2024-02 removes references to various Concept Statements. This ASU is effective for fiscal years beginning after December 15, 2024. Early application of the amendments in the ASU is permitted. ASU 2024-02 can be applied prospectively or retrospectively. The Company is currently evaluating this guidance to determine the impact, but does not expect it to have a material impact on its Condensed Consolidated Financial Statements and related disclosures.
Recent Accounting Pronouncements, Adopted
In December 2023, the FASB issued ASU No. 2023-08, Intangibles - Goodwill and Other - Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets ("ASU 2023-08"), which is intended to improve the accounting for and disclosure of crypto assets. The amendments require crypto assets meeting the criteria to be recognized at fair value with changes recognized in net income each reporting period. Upon adoption, a cumulative-effect adjustment is made to the opening balance of retained earnings as of the beginning of the annual reporting period of adoption. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2024, with early adoption permitted. The Company elected to adopt ASU 2023-08 effective January 1, 2024. As a result of adoption, the Company recorded a cumulative-effect adjustment to its Accumulated deficit balance of approximately $0.02 million as of January 1, 2024, as a result of recognizing its bitcoin held as of January 1, 2024, at fair value.

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3. DISCONTINUED OPERATIONS

A business is classified as held for sale when management having the authority to approve the action commits to a plan to sell or exit the business, the sale or exit is probable to occur during the next 12 months at a price or cost that is reasonable in relation to its current fair value and certain other criteria are met. A business classified as held for sale is recorded at the lower of its carrying amount or estimated fair value less cost to sell. When the carrying amount of the business exceeds its estimated fair value less cost to sell, a loss is recognized and updated each reporting period as appropriate.
The contract for Support.com’s largest customer was not renewed upon expiration on December 31, 2022. As a result of this material change in the business, management and the board of directors made the determination to consider various alternatives for Support.com, including the disposition of assets. At December 31, 2022, the Company classified the Support.com business as held for sale and discontinued operations in the condensed consolidated financial statements as a result of its strategic shift to strictly focus on its cryptocurrency datacenter and power generation operations.

In January 2023, Greenidge completed the sale of a portion of the assets of Support.com for net proceeds of approximately $2.6 million. In June 2023, the Company entered into a purchase and sale agreement with third parties in order to sell certain remaining assets and liabilities, including the transfer of remaining customer contracts, for net proceeds of approximately $0.8 million. The Company has ended all Support.com operations as of December 31, 2023; therefore, the remaining assets and liabilities of Support.com have been presented as current at June 30, 2024 and December 31, 2023. The remaining assets and liabilities consist primarily of remaining prepaid expenses and refundable deposits, payables and accrued expenses associated with the closing of operations and foreign tax liabilities.

Major classes of assets and liabilities consist of the following:

$ in thousandsJune 30, 2024December 31, 2023
Assets:
Prepaid expenses and other current assets$30 $47 
Current assets held for sale30 47 
Other assets456 454 
Long-term assets held for sale456 454 
Loss on classification to held for sale(486)(501)
Assets held for sale  
Liabilities:
Accounts payable8 21 
Accrued expenses306 462 
Current liabilities held for sale$314 $483 


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Financial results from discontinued operations consist of the following:

Three Months Ended
June 30,
Six Months Ended
June 30,
$ in thousands2024202320242023
Revenue$ $1,724 $ $3,845 
Cost of revenue - services and other (exclusive of depreciation and amortization) (1,574) (3,468)
Selling, general and administrative(71)(845)8 (1,912)
Merger and other costs (379) (530)
Gain on asset disposal 762  4,162 
Gain (loss) on assets classified as held for sale5  11 (1,735)
Other income (loss), net3 23 12 20 
Income from discontinued operations, net of tax$(63)$(289)$31 $382 

The Company’s effective income tax rate from discontinued operations for the three months ended June 30, 2024 and 2023 was 0% and 0%, respectively, and for the six months ended June 30, 2024 and 2023 was 0% and 0%, respectively.
4. PROPERTY AND EQUIPMENT
Property and equipment, net consisted of the following at June 30, 2024 and December 31, 2023:
$ in thousandsEstimated Useful
Lives
June 30, 2024December 31, 2023
Plant infrastructure10 years$1,367 $1,367 
Miners3 years32,069 32,195 
Miner facility infrastructure10 years10,253 8,154 
LandN/A9,136 7,679 
Equipment5 years45 45 
Construction in processN/A6,481 6,229 
59,351 55,669 
Less: Accumulated depreciation(17,093)(10,574)
$42,258 $45,095 

Total depreciation expense was $3.3 million and $3.2 million for the three months ended June 30, 2024 and 2023, respectively and $6.5 million and $7.0 million six months ended June 30, 2024 and 2023, respectively.
On January 30, 2023, Greenidge entered into an agreement regarding its 2021 and 2022 Master Equipment Finance Agreements with NYDIG. During the six months ended June 30, 2023, the Company transferred ownership of bitcoin mining equipment with net book value of $50.0 million and miner deposits of $7.4 million that remained accrued to Greenidge for previous purchases of mining equipment with a bitcoin miner manufacturer and the related debt was canceled pursuant to a debt settlement agreement entered into with NYDIG. The Company recognized a gain on the sale of assets of $1.2 million, which relates to the sale of bitcoin miner manufacturer coupons that were transferred as part of the debt restructuring agreement with NYDIG.


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5. DEBT
The following table provides information on the Company’s debt agreements:
$ in thousandsBalance as of:
NoteLoan DateMaturity DateInterest
Rate
Amount FinancedJune 30, 2024December 31, 2023
Senior Unsecured NotesOctober 2021/December 2021October 20268.5 %$72,200 $72,200 $72,200 
Total Debt72,200 72,200 
Less: Debt discount and issue costs(2,961)(3,490)
Total debt at book value69,239 68,710 
Less: Current portion  
Long-term debt, net of current portion and deferred financing fees$69,239 $68,710 
The Company incurred interest expense of $1.8 million and $3.1 million during the three months ended June 30, 2024 and 2023, respectively, under the terms of these notes payable. The Company incurred interest expense of $3.6 million and $6.7 million during the six months ended June 30, 2024 and 2023, respectively, under the terms of these notes payable and other financings that were extinguished during the year ended December 31, 2023.
Senior Unsecured Notes
During the fourth quarter of 2021, the Company sold $72.2 million of 8.50% Senior Notes due October 2026 (the "Notes") pursuant to the Company’s registration statement on Form S-1. Interest on the Notes is payable quarterly in arrears on January 31, April 30, July 31 and October 31 of each year to the holders of record at the close of business on the immediately preceding January 15, April 15, July 15 and October 15, respectively. The Notes are senior unsecured obligations of the Company and rank equal in right of payment with the Company’s existing and future senior unsecured indebtedness. The Notes trade on the Nasdaq Global Select Market under the symbol "GREEL."
The Company may redeem the Notes for cash in whole or in part at any time (i) on or after October 31, 2023 and prior to October 31, 2024, at a price equal to 102% of their principal amount, plus accrued and unpaid interest to, but excluding, the date of redemption, (ii) on or after October 31, 2024 and prior to October 31, 2025, at a price equal to 101% of their principal amount, plus accrued and unpaid interest to, but excluding, the date of redemption, and (iii) on or after October 31, 2025 and prior to maturity, at a price equal to 100% of their principal amount, plus accrued and unpaid interest to, but excluding, the date of redemption. In addition, the Company may redeem the Notes, in whole, but not in part, at any time at its option, at a redemption price equal to 100.5% of the principal amount plus accrued and unpaid interest to, but not including, the date of redemption, upon the occurrence of certain change of control events.
Minimum Future Principal Payments
Minimum future principal payments on debt at June 30, 2024 were as follows:
$ in thousands
Remainder of 2024$ 
2025 
202672,200 
2027 
2028 
Total$72,200 
Fair Value Disclosure
The notional value and estimated fair value of the Company’s debt totaled $72.2 million and $33.2 million, respectively at June 30, 2024 and $72.2 million and $29.3 million, respectively at December 31, 2023. The notional value does not
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include unamortized discounts on debt issuance costs of $3.0 million and $3.5 million at June 30, 2024 and December 31, 2023, respectively. The estimated fair value of the senior unsecured notes, representing the fair value of the Company's 8.50% senior secured notes due October 2026, was measured using quoted market prices at the reporting date. Such instruments were valued using Level 1 inputs.
6. EARNINGS PER SHARE
The Company calculates basic earnings per share by dividing the net income (loss) by the weighted average number of shares of common stock outstanding for the period. The diluted earnings (loss) per share is computed by assuming the exercise, settlement, and vesting of all potential dilutive common stock equivalents outstanding for the period using the treasury stock method.
The following table sets forth a reconciliation of the numerator and denominator used to compute basic earnings and diluted per share of common stock (In thousands, except per share data):
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Numerator
Net loss from continuing operations$(5,505)$(9,753)$(9,543)$(18,595)
(Loss) Income from discontinued operations, net of tax(63)(289)31 382 
Net loss$(5,568)$(10,042)$(9,512)$(18,213)
Denominator
Basic weighted average shares outstanding9,966 6,399 9,730 5,874 
Effect of dilutive securities    
Diluted weighted average shares outstanding9,966 6,399 9,730 5,874 
Net (loss) income per share, basic and diluted:
Net loss per share from continuing operations, basic and diluted$(0.55)$(1.52)$(0.98)$(3.17)
(Loss) income per share from discontinued operations, basic and diluted(0.01)(0.05)0.00 0.07 
Net loss per share, basic and diluted$(0.56)$(1.57)$(0.98)$(3.10)
For the three and six months ended June 30, 2024 and 2023, because the Company was in a loss position, basic net loss per share is the same as diluted net loss per share, as the inclusion of the potential common shares would have been anti-dilutive.
The following table sets forth potential shares of common stock that are not included in the diluted net loss per share calculation because to do so would be anti-dilutive for the period indicated (in thousands):
Anti-dilutive securitiesJune 30, 2024June 30, 2023
Restricted stock units14912
Common shares issuable upon exercise of stock options483363
Common shares issuable upon exercise of warrants1,441
Total2,073375
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7. EQUITY BASED COMPENSATION
In February 2021, Greenidge adopted an equity incentive plan and reserved 383,111 shares of Class A common stock for issuance under the plan (the “2021 Equity Plan”), applicable to employees and non-employee directors. In April 2023, the stockholders approved an amendment and restatement of the Company’s 2021 Equity Plan to increase the maximum aggregate number of shares of Class A common stock that may be issued for all purposes under the Plan by 500,000 shares of Class A common stock from 383,111 to 883,111 shares of Class A common stock and to remove the counting of shares of Class A common stock granted in connection with awards other than stock options and stock appreciation rights against the total number of shares available under the Plan as two shares of Class A common stock for every one share of Class A common stock granted in connection with such award. For the three months ended June 30, 2024, no additional shares had been granted under the 2021 Equity Plan. In October 2022, the Company registered 307,684 shares of Class A common stock, outside the 2021 Equity Plan, that were reserved for issuance upon the vesting and exercise of non-qualified stock options inducement grants.
RSAs and RSUs
Restricted stock awards ("RSA") are generally granted with an eligible vesting range from upon grant to over a three-year period. Restricted stock unit ("RSU") awards are generally eligible to vest over a three-year period.
The Company’s unvested RSA and RSU award activity for the six months ended June 30, 2024 is summarized below:
RSAs & RSUsWeighted Average
Grant Date
Fair Value
Unvested at December 31, 20239,116$62.99 
Granted293,386$4.08 
Vested(152,099)$8.18 
Forfeited(1,337)$3.74 
Unvested at June 30, 2024149,066$3.47 
The value of RSA and RSU grants are measured based on their fair market value on the date of grant and amortized over their requisite service periods. At June 30, 2024, there was approximately $0.4 million of total unrecognized compensation cost related to unvested restricted stock rights, which is expected to be recognized over a remaining weighted-average vesting period of approximately 1.41 years.
Common Stock Options
The Company’s common stock options activity for the six months ended June 30, 2024 is summarized below:
Options Weighted Average
Exercise Price
Per Share
Weighted Average
Remaining
Contractual Life
(in years)
Aggregate
Intrinsic
Value
Outstanding at December 31, 2023458,982 $16.59 
Granted25,000 $3.00  
Forfeited(266)$62.50  
Expired(824)$64.01 
Outstanding at June 30, 2024482,892$15.79 8.43$ 
Exercisable as of June 30, 2024233,506$22.95 7.94$ 
The value of common stock option grants is measured based on their fair market value on the date of grant and amortized over their requisite service periods. At June 30, 2024, there was approximately $1.2 million of total unrecognized compensation cost related to unvested common stock options, which is expected to be recognized over a remaining weighted-average vesting period of approximately 1.78 years.
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On April 26, 2024, the Company entered into a Release Agreement with a former employee to allow for an acceleration of vesting of remaining unvested options and extended post termination exercise period. The stock option modification resulted in $0.2 million of incremental compensation cost for the three and six months ended June 30, 2024, which was calculated using the Black-Scholes option-pricing model. The following assumptions were used for the Black-Scholes valuation: risk-free rate of 4.67%, expected life of 8.46 years, exercise price of $13.20, annualized volatility of 133.96%, and a dividend rate of 0%.
Stock-Based Compensation
The Company recognized stock-based compensation expense of $0.3 million and $0.6 million during the three months ended June 30, 2024 and 2023, respectively and $1.4 million and $1.0 million during the six months ended June 30, 2024 and 2023, respectively. Stock-based compensation expense is included in selling, general and administrative expenses in the accompanying unaudited condensed consolidated statements of operations and comprehensive loss.
8. INCOME TAXES
The income tax provision for interim periods is determined using an estimate of the annual effective tax rate, adjusted for discrete items, if any, that are taken into account in the relevant period. Each quarter, the estimate of the annual effective tax rate is updated, and if the estimated effective tax rate changes, a cumulative adjustment is made. In addition, the effect of changes in enacted tax laws or rates or tax status is recognized in the interim period in which the change occurs.
The effective tax rate for the three and six months ended June 30, 2024 was 0% which was lower than the statutory rate of 21% because the Company has recognized a full valuation allowance on its deferred tax assets. The Company continued to evaluate the realizability of deferred tax assets, due to continued reduced profitability, concluded that a valuation allowance should continue to be recognized for any deferred tax assets generated during the quarter. As a result, there was no net income tax benefit recorded for pretax losses of the U.S. operations in the three and six months ended June 30, 2024.
The effective tax rate for the three and six months ended June 30, 2023 was 0% which was lower than the statutory rate of 21% primarily related to historical net operating loss carryforwards of the Support.com business that was acquired in 2021, due to the reduced profitability caused by the declines in the price of bitcoin and the increased power costs.
9. STOCKHOLDERS’ DEFICIT
Equity Purchase Agreement with B. Riley Principal Capital, LLC
On September 15, 2021, as amended on April 7, 2022, Greenidge entered into the Equity Purchase Agreement with B. Riley Principal. Pursuant to the Equity Purchase Agreement, Greenidge has the right to sell to B. Riley up to $500 million in shares of its Class A common stock, subject to certain limitations and the satisfaction of specified conditions in the Equity Purchase Agreement, from time to time over the 24-month period commencing on April 28, 2022.
In connection with the Equity Purchase Agreement, Greenidge entered into a registration rights agreement with the Investor, pursuant to which Greenidge agreed to prepare and file a registration statement registering the resale by the Investor of those shares of Greenidge’s Class A common stock to be issued under the Equity Purchase Agreement. The registration statement became effective on April 28, 2022 (the "Effective Date"), relating to the resale of 572,095 shares of Greenidge’s Class A common stock in connection with the Equity Purchase Agreement.
From the Effective Date to June 30, 2024, Greenidge issued 549,285 shares of Class A common stock to the Investor pursuant to the Equity Purchase Agreement for aggregate proceeds of $8.0 million, net of discounts, of which there were 45,269 shares issued for aggregate proceeds of $0.3 million, net of discounts, during the six months ended June 30, 2024. There were no shares issued during the three months ended June 30, 2024. The Equity Purchase Agreement automatically terminated pursuant to its terms on April 28, 2024.
On July 30, 2024, Greenidge entered into the Common Stock Purchase Agreement and related registration rights agreement with B. Riley Principal II, an affiliate of B. Riley Principal, pursuant to which Greenidge has the right to sell to B. Riley Principal II up to $20 million in shares of its Class A common stock, subject to certain limitations and the satisfaction
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of specified conditions in the Common Stock Purchase Agreement, from time to time over the 36-month term of the Common Stock Purchase Agreement. See Note 16, "Subsequent Events", for further details.
At The Market Issuance Sales Agreement with B. Riley Securities
On September 19, 2022, as amended on October 3, 2022, Greenidge entered into the ATM Agreement with B. Riley and Northland, relating to shares of Greenidge’s Class A common stock. Under the ATM Agreement, B. Riley will use its commercially reasonable efforts to sell on Greenidge’s behalf the shares of Greenidge’s Class A common stock requested to be sold by Greenidge, consistent with B. Riley’s normal trading and sales practices, under the terms and subject to the conditions set forth in the ATM Agreement. Greenidge has the discretion, subject to market demand, to vary the timing, prices and number of shares sold in accordance with the ATM Agreement. B. Riley may sell the Company’s Class A common stock by any method permitted by law deemed to be an "at the market offering" as defined in Rule 415(a)(4) promulgated under the Securities Act. Greenidge pays B. Riley commissions for its services in acting as sales agent, in an amount to up to 3.0% of the gross proceeds of all Class A common stock sold through it as sales agent under the ATM Agreement. Pursuant to the registration statement filed registering shares to be sold in accordance with the terms of the ATM Agreement, Greenidge may offer and sell shares of its Class A common stock up to a maximum aggregate offering price of $22,800,000.
From October 1, 2022 through August 9, 2024, Greenidge issued 4,167,463 shares under the ATM Agreement for net proceeds of $20.7 million, of which no shares were issued for the three or six months ended June 30, 2024.
Armistice Capital Agreement
On February 12, 2024, the Company entered into a securities purchase agreement (the “SPA”) with Armistice Capital Master Fund Ltd. (“Armistice”). Pursuant to the SPA, Armistice purchased (i) 450,300 shares (the “Shares”) of the Company’s Class A common stock, and (ii) a pre-funded Class A common stock purchase warrant (the “Pre-Funded Warrant”) for 810,205 shares of the Company’s Class A common stock (the “Pre-Funded Warrant Shares”). The per share purchase price of the Shares and the Pre-Funded Warrant Shares was $4.76, resulting in aggregate gross proceeds of $6.0 million, and after giving effect to the exercise price of $0.0001 per Pre-Funded Warrant Share, the Company received net proceeds of $6.0 million. The Pre-Funded Warrant, which had an initial exercise date of February 14, 2024, was exercised in full during the six months ended June 30, 2024, which resulted in the issuance of 810,205 shares of common stock. In addition, the Company issued to Armistice a five (5) year Class A common stock purchase warrant entitling Armistice, commencing on August 14, 2024, to acquire up to 1,260,505 shares of the Company’s Class A common stock from time to time at an exercise price of $5.25 per share (the “Warrant Shares”).
The pre-funded and common stock warrants were classified as a component of permanent stockholders’ equity within additional paid-in capital and were recorded at the issuance date using a relative fair value allocation method. The Company valued the pre-funded warrant at issuance, concluding that its sale price approximated their fair value, and allocated the aggregate net proceeds from the sale proportionately to the common stock and pre-funded warrant, including approximately $2.0 million allocated to the pre-funded warrant and recorded as a component of additional paid-in capital. The Company valued the common stock warrant using the Black-Scholes-Merton option pricing model and recorded as a component of additional paid-in capital with an allocated amount of $2.8 million. By analogy to ASC 505-20-30-3, the Company would have recorded a charge to retained earnings, however, as the Company is in a deficit position it was recorded as a component of additional paid-in capital.
Warrants
The following table summarizes the Company’s warrant activity:
Number of warrantsWeighted Average Exercise Price
Warrants outstanding at December 31, 2023180,000$7.00 
Issued2,070,7103.20 
Exercised(810,205)0.0001 
Warrants outstanding at June 30, 20241,440,505$5.47 
The following table summarizes information about warrants outstanding at June 30, 2024:
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Number of Warrants OutstandingNumber of Warrants ExercisableExercise PriceExpiration Date
December 2023 Warrants180,000180,000$7.00 December 11, 2024
February 2024 Warrants1,260,505$5.25 August 14, 2029
1,440,505180,000
10. COMMITMENTS AND CONTINGENCIES
Legal Matters

From time to time, the Company may be involved in various lawsuits and legal proceedings that arise in the ordinary course of business. However, litigation is subject to inherent uncertainties, and an adverse result in such matters may arise and harm the Company’s business. The Company is currently not aware of any such legal proceedings or claims that it believes will have a material adverse effect on its business, financial condition, or operating results.

Environmental Liabilities

The Company has a CCR liability associated with the closure of a coal ash pond located on the Company’s property in the Town of Torrey, New York. In accordance with ASC 410-30, the Company has a liability of $17.3 million as of June 30, 2024 and December 31, 2023, respectively. CCRs are subject to federal and state requirements. In October 2023, the Company completed the necessary steps to officially cease use of the coal ash pond. Following this occurring, the Company is required to complete the remediation of the coal ash pond CCR by November 2028 and will perform the work in stages over the next five years. Current estimates are based on various assumptions including, but not limited to, closure and post-closure cost estimates, timing of expenditures, escalation factors, and requirements of granted permits. Additional adjustments to the environment liability may occur periodically due to changes in remediation requirements regarding CCRs, which may lead to material changes in estimates and assumptions.

The Company owns and operates a fully permitted landfill that also acts as a leachate treatment facility. In accordance with ASC 410-30, Environmental Obligations ("ASC 410-30"), the Company has recorded an environmental liability of $12.9 million as of June 30, 2024 and December 31, 2023. As required by NYSDEC, companies with landfills are required to fund a trust to cover closure costs and expenses after the landfill has stopped operating or, in lieu of a trust, may negotiate to maintain a letter of credit guaranteeing the payment of the liability. Estimates are based on various assumptions including, but not limited to, closure and post-closure cost estimates, timing of expenditures, escalation factors, and requirements of granted permits. Additional adjustments to the environment liability may occur periodically due to potential changes in estimates and assumptions. The liability has been determined based on estimated costs to remediate as well as post-closure costs which are assumed over an approximate 30-year period and assumes an annual inflation rate of 2.4%.

Commitments

The Company entered into a contract with Empire Pipeline Incorporated in September 2020 which provides for the transportation to its pipeline of 15,000 dekatherms of natural gas per day, approximately $0.2 million per month. The contract ends in September 2030 and may be terminated by either party with 12 months’ notice after the initial 10-year period.
11. CONCENTRATIONS
The Company has a single hosting customer that accounted for 51% and 66% of the company’s revenue during the three months ended June 30, 2024 and 2023, respectively, as well as 49% and 56% of the company’s revenue during the six months ended June 30, 2024 and 2023, respectively.
For the Company’s self-mining operations, Greenidge considers its mining pool operators to be its customers. Greenidge has historically used a limited number of pool operators that have operated under contracts with a one-day term, which allows Greenidge the option to change pool operators at any time. Revenue from one of the Company’s pool operator customers accounted for approximately 37% and 27% of total revenue for the three months ended June 30, 2024 and 2023, respectively, and 36% and 30% for the six months ended June 30, 2024 and 2023, respectively.
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The Company has one major power customer, NYISO, that accounted for 11% and 7% of its revenue for the three months ended June 30, 2024 and 2023, respectively, and 14% and 9% for the six months ended June 30, 2024 and 2023, respectively.
The Company has one natural gas vendor that accounted for approximately 27% and 21% of cost of revenue for the three months ended June 30, 2024 and 2023, respectively, and 37% and 31% for the six months ended June 30, 2024 and 2023, respectively.
The Company has one major provider of hosting services for its self-mining operation that accounted for approximately 11% and 17% of cost of revenue for the three months ended June 30, 2024 and 2023, respectively, and 18% and 9% of cost of revenue for the six months ended June 30, 2024 and 2023, respectively. During the six months ended June 30, 2024, the contract with the Company’s major provider of hosting services for its self-mining operation was terminated. As a result, the Company deployed the miners operated at the host’s site to sites they operate as part of its self-mining operations.
12. RELATED PARTY TRANSACTIONS
Letters of Credit
Atlas, our controlling shareholder and a related party, obtained a letter of credit from a financial institution in the amount of $5.0 million at June 30, 2024 and December 31, 2023, payable to the NYSDEC. This letter of credit guarantees the current value of the Company’s landfill environmental trust liability. See Note 10, "Commitments and Contingencies" for further details.
Atlas also has a letter of credit from a financial institution in the amount of $3.6 million at June 30, 2024 and December 31, 2023, payable to Empire Pipeline Incorporated (“Empire”) in the event the Company should not make contracted payments for costs related to a pipeline interconnection project the Company has entered into with Empire (see Note 10, "Commitments and Contingencies").
Mississippi Expansion
On April 10, 2024, the Company closed on the purchase of a parcel of land containing approximately 12 acres located in Columbus, Mississippi, including over 73,000 square feet of industrial warehouse space, from a subsidiary of Motus Pivot Inc., a portfolio company of Atlas. The purchase price was $1.45 million, of which $1.1 million was paid during the six months ended June 30, 2024 and $0.4 million paid in August 2024, which is included in related party payables in the accompanying unaudited consolidated balance sheet as of June 30, 2024. This property provides us with access to 32.5 MW of additional power capacity. The transaction closed in April 2024 and we deployed 7.5 MW of miners on the property in the second quarter of 2024.
Other
Affiliates of Atlas from time to time incur certain costs for the benefit of Greenidge, which are fully reimbursed by Greenidge. Greenidge did not reimburse Atlas or its affiliates for any such costs during the quarter ended June 30, 2024.
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13. SUPPLEMENTAL BALANCE SHEET AND CASH FLOW INFORMATION
$ in thousandsJune 30, 2024December 31, 2023
Prepaid expenses:
Electric deposits$273 $ 
Prepaid insurance655 2,818 
Warrant asset57 477 
Other 768 569 
Total$1,753 $3,864 
Accrued expenses:
Accrued interest$1,026 $1,026 
Other3,703 5,090 
Total$4,729 $6,116 
Greenidge had the following noncash investing and financing activities:
Six Months Ended June 30,
$ in thousands20242023
Cumulative-effect adjustment due to the adoption of ASU 2023-08$22 $ 
Property and equipment purchases in accounts payable$2,557 $1,860 
Common stock issued for amendment fee to lender$ $1,000 
Common stock issued for professional services$ $250 
Exchange of assets for reduction in debt$ $49,950 
Exchange of coupons for reduction in debt$ $1,152 
Exchange of equipment deposits for reduction in debt$ $7,381 
Accrued interest added to debt principal$ $592 
The following table provides supplemental cash flow information for cash paid for interest:
Six Months Ended June 30,
$ in thousands20242023
Cash paid for interest
$3,069 $3,908 
14. DIGITAL ASSETS
The following table presents our bitcoin holdings as of June 30, 2024 and December 31, 2023 (in thousands, except bitcoin held):
Digital assets holdingsJune 30, 2024December 31, 2023
Number of bitcoin held15.38.7
Carrying basis of bitcoin$1,003 $347 
Fair Value of bitcoin$961 $369 
The carrying basis represents the valuation of bitcoin at the time the Company earns the bitcoin through mining activities. The carrying amount for 8.7 bitcoin held as of December 31, 2023 was determined on the "cost-less-impairment" basis prior to the adoption of ASU 2023-08.
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The following table represents a reconciliation of the fair values of our digital assets (in thousands):
Digital assets:Three Months Ended
June 30, 2024
Six Months Ended
June 30, 2024
Beginning balance at fair value$356 $369 
Additions4,775 11,774 
Dispositions(4,159)(11,230)
Gain (loss) on digital assets(11)48 
Ending balance$961 $961 
The Company’s bitcoin holdings are not subject to contractual sale restrictions. As of June 30, 2024, the Company held no other digital assets.
15. FAIR VALUE
The Company follows the guidance in ASC Topic 820, Fair Value Measurement. For assets and liabilities measured at fair value on a recurring and nonrecurring basis, a three-level hierarchy based upon observable and unobservable inputs is used to arrive at fair value. The Company uses valuation approaches that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. The Company determines fair value based on assumptions that market participants would use in pricing an asset or liability in the principal or most advantageous market. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels:
Level 1 inputs: Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date.
Level 2 inputs: Other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability.
Level 3 inputs: Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at measurement date.
As of June 30, 2024, and December 31, 2023, the carrying amount of accounts receivable, prepaid expenses and other assets, income tax receivable, emissions and carbon offset credits, income tax receivable, accounts payable, accrued
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expenses, accrued emissions expense, and other short-term liabilities approximated their fair value due to their relatively short maturities.
The following tables present information about the Company’s assets and liabilities that are measured at fair value on a recurring basis and indicate the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value (in thousands):
As of December 31, 2023
Level 1Level 2Level 3Total
Assets:
Prepaid expenses and current other assets:
Warrant asset$ $ $477 $477 
As of June 30, 2024
Level 1Level 2Level 3Total
Assets:
Digital assets$961 $ $ $961 
Prepaid expenses and current other assets:
Warrant asset$ $ $57 $57 
Warrant Asset
The fair value of the warrant asset was estimated by utilizing a Black-Scholes-Merton option pricing model. The inputs into the Black-Scholes-Merton option pricing model included significant unobservable inputs. The following table provides quantitative information regarding the Level 3 fair value inputs:
June 30, 2024December 31, 2023
Stock Price$3.10 $4.83 
Risk-free interest rate5.21 %5.14 %
Volatility67.09 %172.64 %
Remaining term (in years)0.501.00
Expected dividend yield % %
Assets Measured on a Nonrecurring Basis
Assets that are measured at fair value on a nonrecurring basis are remeasured when carrying value exceeds fair value. This includes the evaluation of long-lived assets. Where an indication of an impairment exists, the Company’s estimates of fair value of long-lived assets require the use of significant unobservable inputs, representative of Level 3 fair value measurements, including numerous assumptions with respect to future circumstances that might impact the long-lived assets’ operations in the future and are therefore uncertain.
The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be fully recoverable. To determine recoverability of a long-lived asset, management evaluates whether the estimated future undiscounted net cash flows, based on prevailing market conditions, from the asset are less than its carrying amount. If impairment is indicated, the long-lived asset is written down to fair value.

There were no impairment charges for the three months ended June 30, 2024 and 2023. During the six months ended June 30, 2024, the Company recognized an impairment charge of $0.2 million of property and equipment, net. There were no impairment charges for the six months ended June 30, 2023.
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16. SUBSEQUENT EVENTS
Subsequent events have been evaluated through August 14, 2024, the date at which the condensed consolidated financial statements were available to be issued, and the Company has concluded that no such events or transactions took place that would require disclosure herein except as stated directly below.
Common Stock Purchase Agreement with B. Riley Principal Capital II, LLC
On July 30, 2024, the Company entered into the Common Stock Purchase Agreement and a related registration rights agreement, each dated as of July 30, 2024, with B. Riley Principal Capital II. Upon the terms and subject to the satisfaction of the conditions set forth in the Common Stock Purchase Agreement, the Company will have the right, in its sole discretion, to sell to B. Riley Principal Capital II up to $20,000,000 of newly issued shares of the Company’s Class A common stock, subject to certain conditions and limitations contained in the Common Stock Purchase Agreement, from time to time during the 36-month term of the Purchase Agreement. Sales of Class A common stock by the Company to B. Riley Principal Capital II pursuant to the Common Stock Purchase Agreement, and the timing of any such sales, are solely at the option of the Company, and the Company is under no obligation to sell any securities to B. Riley Principal Capital II under the Common Stock Purchase Agreement.
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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The following discussion should be read together with the audited financial statements and the related notes thereto of Greenidge Generation Holdings Inc. (“Greenidge”), together with its consolidated subsidiaries (the “Company”) for the years ended December 31, 2023 and 2022 included in our Annual Report on Form 10-K and the unaudited interim financial statements and related notes thereto of the Company for the three and six months ended June 30, 2024 included elsewhere in this Quarterly Report on Form 10-Q. This discussion contains certain forward-looking statements that reflect plans, estimates and beliefs and involve numerous risks and uncertainties, including but not limited to those described in the “Risk Factors” disclosed in Item 1A to Part I of Greenidge's Annual Report on Form 10-K for the year ended December 31, 2023 and in this Quarterly Report on Form 10-Q, and “Cautionary Statement Regarding Forward-Looking Statements” sections of this Quarterly Report on Form 10-Q. Actual results may differ materially from those contained in any forward-looking statements. For purposes of this section, “Greenidge“, “the Company,” “we,” “us” and “our” refer to Greenidge Generation Holdings Inc. together with its consolidated subsidiaries. You should carefully read “Cautionary Statement Regarding Forward-Looking Statements” in this Quarterly Report on Form 10-Q.
Overview
We own cryptocurrency datacenter operations in the Town of Torrey, New York (the "New York Facility"), the Town of Columbia, Mississippi (the "Mississippi Facility"), and lease property for purposes of operating a cryptocurrency datacenter in the Town of Underwood, North Dakota (the "North Dakota Facility" and, together with the New York Facility, Mississippi Facility, and a facility in Spartanburg, South Carolina (the "South Carolina Facility", and collectively, the "facilities"). The New York Facility is a vertically integrated cryptocurrency datacenter and power generation facility with an approximately 106 megawatt ("MW") nameplate capacity, natural gas power generation facility. We generate revenue from four primary sources: (1) datacenter hosting, which we commenced on January 30, 2023, (2) cryptocurrency mining, (3) power and capacity, and (4) engineering procurement and construction management.
We generate all the power we require for operations in the New York Facility, where we enjoy relatively lower market prices for natural gas due to our access to the Millennium Gas Pipeline price hub. We believe our competitive advantages include efficiently designed mining infrastructure and in-house operational expertise that we believe is capable of maintaining a higher operational uptime of miners. We are mining bitcoin and hosting bitcoin miners, which contributes to the security and transactability of the bitcoin ecosystem while concurrently supplying power to assist in meeting the power needs of homes and businesses in the region served by our New York Facility.
Our datacenter operations consists of approximately 28,910 miners with approximately 3.0 EH/S of combined capacity for both datacenter hosting and cryptocurrency mining, of which 18,200 miners or 1.8 EH/s, is associated with datacenter hosting and 10,710 miners, or 1.2 EH/s is associated with our cryptocurrency mining. In 2023, prior to the South Carolina transaction, our datacenter operations consisted of approximately 42,300 miners with approximately 4.6 EH/s of combined capacity for both datacenter hosting and cryptocurrency mining, of which 32,100 miners, or 3.4 EH/s, were associated with datacenter hosting and 10,200 miners, or 1.2 EH/s, were associated with Greenidge’s cryptocurrency mining.
Recent Developments
In the first six months of 2024, Greenidge has made significant efforts to reduce costs, leading to selling, general and administrative expense reductions of $6.4 million compared to the same period in 2023. Greenidge also reported a reduction in operating costs for its Bitcoin mining operations in the second quarter of 2024, when compared to the first quarter of 2024, while expanding its footprint.
On April 10, 2024, we closed on the purchase of a parcel of land containing approximately 12 acres located in Columbus, Mississippi, including over 73,000 square feet of industrial warehouse space, from a subsidiary of Motus Pivot Inc., a portfolio company of Atlas, our controlling shareholder and a related party. The purchase price was $1.45 million, of which $1.1 million was paid during the six months ended June 30, 2024 and $0.4 million paid in August 2024. This property provides us with access to 32.5 MW of additional power capacity. The transaction closed in April 2024, and we deployed 7.5 MW of miners on the property in the second quarter of 2024. We have also deployed additional miners in conjunction with a 7.5 MW mining capacity lease in North Dakota, which has a term of five years and provides us with energy to power mining.
The Company’s successfully executed the June 2024 planned maintenance outage of the New York Facility and relocation of owned miners from third-party operated sites to Company-operated facilities in the second quarter of 2024 resulted in the Company’s miners being non-operational for a period. The Company anticipates such actions will positively impact its profitability in the near term by reducing operational costs and maintaining elevated uptime levels. The Company also continues to explore additional opportunities to further streamline operations and improve efficiency across its business units.
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In July 2024, the Company announced the launch of its Pod X portable cryptocurrency mining infrastructure solution, which is deployed at the Company's facilities across the country and reflects a culmination of the Company's experience in maintaining optimal temperature control and uptime using portable mining equipment.
On August 1, 2024, the Company announced its new bitcoin self-mining retention strategy, which enables it to accumulate bitcoin from its owned miners in order to increase its bitcoin holdings.
Discontinued Operations
The contract with Support.com’s largest customer expired on December 31, 2022 and was not renewed. As a result, we have classified the Support.com business as held for sale and discontinued operations in these condensed consolidated financial statements as a result of management and the board of directors making a decision to pursue alternatives for the Support.com business and to strictly focus on its cryptocurrency mining, datacenter hosting and power generation operations. See Note 3, "Discontinued Operations" of our unaudited condensed consolidated financial statements for additional information.
Growth Opportunities
We view our growth opportunities as primarily related to the following areas:
Acquisition of properties with low-cost power
Development of owned properties for artificial intelligence ("AI")/graphics processing unit ("GPU") data center, bitcoin self-mining and bitcoin hosting
Sale of owned properties for AI/GPU data center construction
Infrastructure services and development for AI and high-performance computing ("HPC")
Purchase and deployment of GPUs for AI and HPC
Sale of Greenidge Pod X infrastructure solutions for miners
Engineering Procurement and Construction Management ("EPCM") contracts
Purchase and deployment of high efficiency bitcoin mining rigs
Hosting services for bitcoin mining
Acquisition of private bitcoin mining companies
The Company is actively pursuing the acquisition of additional properties with access to low-cost power and appropriate size to allow for efficient expansion of AI/GPU data centers and/or bitcoin mining facilities, such as the Columbus property. The growth of AI and HPC will provide significant demand for development of future data centers utilizing large amounts of energy. We currently have significant infrastructure on hand to reduce the cost of site development for various future projects. All current and future properties will be simultaneously evaluated for internal development or outright sales.
The Company has purchased GPUs for a pilot program related to the rental of computing power for AI and HPC. We are utilizing the pilot program to ensure our investments in the AI/GPU data center space efficiently utilize capital to align with the anticipated growth and demand for our offerings.
The Company is continuing to develop and market its EPCM services in order to provide greater short-term growth. We believe feedback from previous and current clients has shown that we offer a superior product with respect to the development of bitcoin mining facilities.
We will also continue to evaluate the benefits of finding accretive acquisitions, specifically in the bitcoin mining sector.
Title V Air Permit
In late June 2022, the New York State Department of Environmental Conservation ("NYSDEC") announced its denial of the Title V Air Permit renewal for our New York Facility. We filed a notice with NYSDEC in July 2022 requesting a hearing on NYSDEC’s decision. In September 2023, the administrative law judge presiding over the hearing issued a ruling with respect to the status of the parties and certain issues to be adjudicated in the hearing. We submitted an interim appeal with NYSDEC thereafter challenging such ruling with a motion to stay the broader appeals process while the interim appeal was being resolved. On May 8, 2024, our interim appeal to NYSDEC and request for an adjudicatory hearing were
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ultimately denied, and the June 2022 non-renewal of our Title V Air Permit was affirmed by NYSDEC’s Regional Director for Region 7, which rendered NYSDEC’s decision final for purposes of seeking judicial review. We have four months from May 8, 2024 to continue to operate the New York Facility uninterrupted under a State Administrative Procedures Act extension, in full compliance with our existing Title V Air Permit, and to bring an action challenging the denial of our permit renewal application. While no further adjudication proceedings have been scheduled to date, we intend to challenge the June 2022 non-renewal and simultaneously bring a request for temporary restraining order/preliminary injunction to allow the New York Facility to continue operating during the pendency of the litigation. This challenge will cause us to incur additional costs and result in the diversion of management attention, which could adversely affect our business, financial condition and results of operations. We expect that the judicial proceedings related to the challenge of NYSDEC’s denial of our Title V Air Permit renewal application may take a number of years to fully resolve, and there can be no assurance that our efforts will be successful. Our inability to secure a temporary restraining order or preliminary injunction to allow the New York Facility to continue operating during the pendency of the litigation or to otherwise succeed in securing a renewal of our Title V Air Permit for the New York Facility could have a material adverse effect on us and our ability to continue operating as a going concern. See Note 2, “Summary of Significant Accounting Policies,” in the Notes to Condensed Consolidated Financial Statements.


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Results from Continuing Operations - Three Months Ended June 30, 2024
The following table sets forth key components of our results from continuing operations and should be read in conjunction with our condensed consolidated financial statements and related notes. All comparisons below refer to the three months ended June 30, 2024 versus the three months ended June 30, 2023, unless otherwise specified.
Three Months Ended June 30,Variance
20242023$%
REVENUE:
Datacenter hosting$6,645 $9,660 $(3,015)(31)%
Cryptocurrency mining revenue4,775 3,980 795 20 %
Power and capacity1,487 1,070 417 39 %
EPCM consulting services150 — 150 N/A
Total revenue13,057 14,710 (1,653)(11)%
OPERATING COSTS AND EXPENSES:
Cost of revenue (exclusive of depreciation)9,316 11,141 (1,825)(16)%
Selling, general and administrative4,177 7,049 (2,872)(41)%
Depreciation3,285 3,165 120 %
Loss on digital assets11 — 11 N/A
Gain on sale of assets(32)(8)(24)300 %
Total operating costs and expenses16,757 21,347 (4,590)(22)%
Operating loss(3,700)(6,637)2,937 (44)%
OTHER INCOME (EXPENSE), NET:
Interest expense, net(1,805)(3,112)1,307 (42)%
Other expense, net— (4)(100)%
Total other expense, net(1,805)(3,116)1,311 (42)%
Loss from continuing operations before income taxes(5,505)(9,753)4,248 (44)%
Benefit from income taxes— — — N/A
Net loss from continuing operations$(5,505)$(9,753)$4,248 (44)%
Adjusted Amounts (a)
Adjusted operating (loss) income from continuing operations$(3,732)$(6,100)$2,368 (39)%
Adjusted operating margin from continuing operations(28.6)%(41.5)%
Adjusted net loss from continuing operations$(5,537)$(9,216)$3,679 (40)%
Other Financial Data (a)
EBITDA (loss) from continuing operations$(415)$(3,476)$3,061 (88)%
as a percent of revenues(3.2)%(23.6)%
Adjusted EBITDA (loss) from continuing operations$(136)$(2,371)$2,235 (94)%
as a percent of revenues(1.0)%(16.1)%
(a)Adjusted Amounts and Other Financial Data are non-GAAP performance measures. A reconciliation of reported amounts to adjusted amounts can be found in the "Non-GAAP Measures and Reconciliations" section of this Management’s Discussion and Analysis ("MD&A").

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Key Metrics
The following table provides a summary of key metrics related to the three months ended June 30, 2024 and 2023.
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Three Months Ended June 30,Variance
$ in thousands, except $ per MWh and average bitcoin price20242023$%
Revenue
Datacenter hosting revenue$6,645 $9,660 $(3,015)(31)%
Cryptocurrency mining revenue4,775 3,980 795 20 %
Power and capacity1,487 1,070 417 39 %
EPCM consulting services150 — 150 N/A
Total revenue$13,057 $14,710 $(1,653)(11)%
Components of revenue as % of total
Datacenter hosting51 %66 %
Cryptocurrency mining37 %27 %
Power and capacity11 %%
EPCM consulting services%— %
Total revenue100 %100 %
MWh
Datacenter hosting100,788 135,161 (34,373)(25)%
Cryptocurrency mining44,566 35,150 9,416 27 %
Power and capacity27,332 23,523 3,809 16 %
Revenue per MWh
Datacenter hosting$66 $71 $(5)(7)%
Cryptocurrency mining$107 $113 $(6)(5)%
Power and capacity$54 $45 $20 %
Cost of revenue (exclusive of depreciation)
Datacenter hosting$4,685 $6,727 $(2,042)(30)%
Cryptocurrency mining$3,234 $2,933 $301 10 %
Power and capacity$1,297 $1,481 $(184)(12)%
EPCM consulting services$100 $— $100 N/A
Cost of revenue per MWh (exclusive of depreciation)
Datacenter hosting$46 $50 $(4)(8)%
Cryptocurrency mining$73 $83 $(10)(12)%
Power and capacity$47 $63 $(16)(25)%
Cryptocurrency Mining Metrics
Bitcoins produced:
Datacenter hosting144527(383)(73)%
Cryptocurrency mining73143(70)(49)%
Total bitcoins produced217670(453)(68)%
Average bitcoin price$65,773