Greenidge reshuffles executive ranks, expects further losses in Q3

Quick Take

  • Jeffrey Kirt is out as CEO. David Anderson, currently CEO of forestry products company Millar Western, replaces him on Oct. 8. Scott MacKenzie, also of Millar Western, will be Greenidge Generation’s chief strategy officer.
  • Greenidge lost $108 million in the second quarter and expects to have lost up to $22 million in the third quarter, preliminary financial results show. 

Greenidge Generation is reshuffling its leadership roster. Jeffrey Kirt left his role atop the Bitcoin mining company, with two executives from forestry products company Millar Western replacing him.

Kirt, the loss-making miner's chief executive since March of last year, left the company today. He will be replaced by David Anderson, who most recently was CEO of Millar Western. Scott MacKenzie, currently Millar Western's vice president of corporate development, will be Greenidge's chief strategy officer. Both begin their roles at Greenidge on Oct. 8.

"We've become a public company, strengthened our management team and workforce, significantly improved our fleet efficiency, expanded our geographic footprint and identified several new opportunities for strategic growth," Kirt said in a statement.

"I am 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 serve Greenidge well."

Greenidge listed on the NASDAQ exchange in September 2021. The company has not been immune to the turmoil afflicting the Bitcoin mining industry. Greenidge in August said it would pause its planned expansion in Texas due to the "sudden change in mining economics" to focus instead on its sites in New York and South Carolina. Greenidge reported a $108 million second-quarter loss.

Earlier this month, Greenidge said it planned to raise as much as $23 million in a stock offering. Greenidge expects to report a third-quarter net loss of $22 million on $29 million in revenue. Of that, $18 million in revenue is expected to accrue from bitcoin mining, with power generation accounting for a further $4 million. The company mined 866 bitcoins in the third quarter, it said in a statement announcing its leadership change. 

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