Greenidge to Merge, Becoming First Publicly Traded Bitcoin Miner With a Power Plant

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