Bitcoin Miner Greenidge Expects Q3 Losses of $20M-$22M Amid CEO Departure

CEO Jeffrey Kirt resigned from his position effective Oct. 7.

AccessTimeIconOct 11, 2022 at 11:03 a.m. UTC
Updated May 9, 2023 at 3:58 a.m. UTC

Bitcoin (BTC) miner Greenidge Generation Holdings' (GREE) expects to record a GAAP net loss of between $20 million-$22 million for the third quarter.

In its preliminary financial and operating results for the quarter, Greenidge reported expected revenue of around $29 million compared to $35.8 million for the corresponding quarter a year ago.

The mining firm also announced the appointment of David Anderson as its new CEO following the departure of Jeffrey Kirt effective Oct. 7. Anderson was most recently president and CEO of Millar Western Forest Products, an Alberta, Canada-based integrated forest products company.

Greenidge mined approximately 866 BTC during Q3 compared to 729 BTC during the same period last year.

GREE shares sunk around 24% Monday closing at $1.32. In pre-market trading today, shares are currently up 5.3% at $1.39.

The Bitcoin network's mining difficulty has surged according to the latest data, which shows it now requires 35.6 trillion hashes to mine one BTC, an increase of 13.55% compared to its previous measure.

This means it is costing miners larger sums to extract new bitcoin at a time when the value of the world's largest crypto is treading water and high energy prices are adding to their costs.

Greenidge's preliminary results follow London-listed bitcoin miner Argo Blockchain (ARBK) being forced to raise $27 million last week to ease liquidity pressures and mining data center provider Compute North filing for bankruptcy.


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Jamie Crawley

Jamie Crawley is a CoinDesk news reporter based in London.