New York’s Greenidge Generation is set to become the first publicly traded bitcoin miner with its own power plant through a coming merger.
- Greenidge's holding company announced Monday the merger has been agreed with Nasdaq-listed IT support solutions provider Support.com.
- The merger is expected to be completed in Q3 2021.
- Support.com will become a wholly owned subsidiary of Greenidge, with shares divided roughly 92-8 in Greenidge's favor.
- Greenidge's natural gas plant currently powers 19 megawatts of mining capacity, which it expects to reach 41 MW by the middle of 2021.
- The company also has goals to reach at least 500 MW of mining capacity by 2025.
- Shares of Support.com (Nasdaq: SPRT) exploded roughly 350% on the news, briefly trading above €7.50 (US$8.94) Monday, up from roughly €1.70 ($2.03) earlier in the day.
See also: A New York Power Plant Is Mining $50K Worth of Bitcoin a Day