Bitcoin miner Greenidge Generation Holdings’ (GREE) GAAP net loss for the third quarter is expected to be between $20 million and $22 million. CEO Jeffrey Kirt stepped down from his job on October 7.
Bitcoin miner Greenidge Generation Holdings’ (GREE) GAAP net loss for the third quarter is expected to be between $20 million and $22 million.
In its preliminary financial and operating results for the quarter, Greenidge said it expected to make about $29 million in revenue, which is less than the $35.8 million it made in the same quarter last year.
The mining company also said that David Anderson would take over as CEO after Jeffrey Kirt left the company on October 7. Anderson was most recently president and CEO of Millar Western Forest Products, an integrated forest products company in Alberta, Canada, where he had worked for a long time.
During Q3, Greenidge mined about 866 BTC, which is more than the 729 BTC it mined during the same time last year.
Monday, GREE shares fell about 24% and closed at $1.32. Today, before the market opens, shares are up 5.3% to $1.39.
The difficulty of mining on the Bitcoin network has gone up, according to the most recent data. It now takes 35.6 trillion hashes to mine one BTC, which is 13.55 percent more than before.
This means that it costs miners more money to create new bitcoins at a time when the value of the world’s largest cryptocurrency is flat and the price of energy is going up.
Greenidge’s preliminary results come after London-listed bitcoin miner Argo Blockchain (ARBK) had to raise $27 million last week to ease liquidity pressures and mining data center provider Compute North filed for bankruptcy.
