Despite the successes of Bitcoin as a digital asset in the last few years, the digital asset still faces criticism from within and outside the cryptocurrency space. At the same time, many criticisms have focused on the digital asset’s volatility and how it can not be used as a hedge against many other investment tools. Unfortunately, some of the criticism towards the cryptocurrency has come against its mining. This action has been themed to have significant impacts on the environment due to its high energy consumption. However, despite the odds not in their favor, Greenidge is now set to become the first mining entity to go public.
Greenidge is set to be boosted by a partnership with Support.com
In the announcement made yesterday, Greenidge confirmed that it will be listed on NASDAQ as the first mining entity in history. The New York-based firm, which owns both a facility that generates power and several mining outfits, will use its affiliation with support.com to list on Nasdaq.
According to the announcement, Support.com shareholders would have to approve the new partnership, as it will mean that support.com will now be a part of the group of companies that are operating under Greenidge after the merger takes place. CEO of Greenidge, Jeff Kirt, is delighted about the new merger. He believes that it will further show their clients that they are ready to improve their business and organizational structure.
Kirt believes that Greenidge is taking the right step by going public and merging with Support.com, as he believes that it will further build upon Greenidge’s existing platform that us used for Bitcoin mining purposes. Alternatively, Support.com CEO Lance Rosenzweig is also excited about the new partnership. He believes that the funds they will be providing Greenidge will help the Bitcoin mining firm actualize its ambitions.
Greenidge is set to continue on its growth plan
Greenidge is one of the largest Bitcoin mining firms globally and one of the highest power generators across the world. With the usage of their natural gas plant, the mining outfit has over 19 MW of mining capacity, and following predictions and future estimations, that figure is supposed to reach 41 megawatts before June ends. However, if the public listing is successful, that figure will likely hit 85 megawatts by December 2025, which is still far from the mining firm’s projection of 500 megawatts mining capacity.
The company’s Bitcoin mining sector has also been very successful, as it has posted several high-profit figures in the last two years. However, with the firm going public soon, it has now positioned itself as one of the Bitcoin mining sector’s market movers. Despite the criticism of the Bitcoin mining space by the society at large, Greenidge is further committed to carrying out their business in the most economic-friendly ways with the new merger and public listing.
