Bitcoin miner Greenidge says it mined nearly $35 million in bitcoin during 2021's third quarter

The NASDAQ-listed bitcoin mining firm Greenidge Generation Holdings disclosed preliminary information regarding its Q3 performance on Monday. 

Greenidge reported mining 729 bitcoin ($34.6 million as of writing) during this time frame using 15,300 miners operating at 1.2 EH/s of overall capacity. In all, the company held $52 million worth of crypto during the Q3 period.


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From July 1 to September 30 of this year, Greenidge earned revenue between $33 million and $37 million and reported a net loss between $16 million to $19 million. In addition, the firm had earnings before interest, taxes, depreciation, and amortization (EBITDA) between $18 million and $22 million. 

The company reports that much of its net loss resulted from the merger with NASDAQ-listed technical support company The merger was announced in March of 2021 and finalized on September 14

Greenidge had also announced plans to expand its bitcoin mining operations into South Carolina on July 2. However, the firm doesn't expect the Southeastern mining operation to be operational until late 2021 or early 2022. 

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MK Manoylov has been a reporter for The Block since 2020 — joining just before bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for the publication, covering any and all crypto news but with a penchant toward NFT, metaverse, web3 gaming, funding, crime, hack and crypto ecosystem stories. MK holds a graduate degree from New York University's Science, Health and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. You can follow MK on X @MManoylov and on LinkedIn.