Greenidge Generation Recruits New Executive Leaders, Forecasts Losses in Q3

Bitcoin mining company and zero carbon power plant supplier Greenidge Generation has announced a transition of leadership and a possible loss in Q3.

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According to the press release, the CEO, Jeffrey Kirt resigned his position effective October 7 to hand over leadership to David Anderson as the new CEO and Director.

Scott MacKenzie was also appointed as the Chief Strategy Officer for the company, effective from 8th October 2022.

While Jeffrey Kirt has resigned from his position as the CEO of Greenidge, he will now act as a consultant to ensure that the company has a successful transition in this period.

While the financial records are still subject to scrutiny by the US GAAP to guide investors, the press release notes that Greenidge will be reporting approximately $29 million in revenue and a net loss within the range of approximately $22 million to $20 million for the three month period that ended in 30th September.

A total of 866 bitcoin at the hashrate of approximately 2.4 EH/s was produced with 24,500 miners as of the end of September.

Speaking on the transition of leadership, the former CEO and Director of Greenidge Jeffrey Kirt noted that the company has taken several giant strides to now be a “leading vertically integrated cryptocurrency datacenter and environmentally-sound power generation company”.

Having been instrumental in driving growth at various levels in the company as the CEO, he added that he was “pleased to pass the baton now to Dave and Scott, whose extensive experience in successfully running and improving commodities businesses, executing capital projects, and delivering reliable, low-cost power generation”, will now greatly benefit Greenidge.

Greenidge recently secured a filing with the U.S.Securities and Exchange Commission (SEC) to raise the sum of $22.8 million in partnership with B. Riley Securities and Northland Securities, both investment firms, in a class A common stock proposal.

This comes shortly after the company reported a loss of $107 million in Q2. Making the firm halt its expansion plans to focus on its South Carolina and New York sites as announced earlier in the year.

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