Bitcoin mining company Greenidge Generation Holdings is being listed on the Nasdaq.
This was revealed in a document filed with the SEC announcing a merger between Greenidge and Support.com.
Greenidge Generation Holdings and new sustainable energies
The official document states that Nasdaq-listed company Support.com (SPRT) has announced an update regarding its merger with Greenidge. The parties expect the merger to close today, resulting in Greenidge’s Class A common stock beginning trading on the Nasdaq Global Select Market tomorrow, September 15, 2021, under the ticker “GREE.”
In addition, at the time of the merger, each share of Support.com common stock will be extinguished and automatically converted into the right to receive 0.115 shares of Greenidge Class A common stock.
Information on Support.com SPRT is effectively delisted from the Nasdaq, and GREE takes its place.
It is worth noting that the value of SPRT’s shares had fallen over the years, as they reached an all-time high of $117 in 2000, while they are now worth less than $16.
In 2021, however, they had recovered considerably, rising from just over $2 at the beginning of the year to almost $60 at the end of August. In September though, they fell back below $16.
Greenidge Generation Holdings is a 100% carbon-free bitcoin mining and power generation company, as it uses low-carbon energy sources and offsets its carbon footprint. It currently operates a facility in upstate New York and plans to expand operations to a second location in South Carolina in the coming months.
Energy consumption and opting for crypto
Support.com will also pay Greenidge $33 million, with which the company will fund its growth plans.
It is worth noting that the energy consumption of Bitcoin mining is growing.
According to a recent article published by Bloomberg, in 2020 the total consumption would be around 67 TWh, but the estimate for 2021 would be 91 TWh.
The fact is that as the value of the BTC being received as a reward increases, miners can also increase the expenses of their business, for example by using more electricity to increase their hashrate. Since Bitcoin mining is a competition, more hashrate also means more revenue.