The company that deals with Bitcoin mining call Greenidge Generation Holdings went public on Nasdaq, as reported by Cryptonomist.ch referring to a document registered with the SEC in which a merger of Greenidge And Support.com.
Greenidge Generation Holdings and the new eco-sustainable energies
The official document states that the company listed on Nasdaq, Support.com (SPRT), announced an update regarding his merger with Greenidge. Greenidge shares they will be traded on the Nasdaq Global Select Market starting today 15 September with the ticker “GREE“.
At the time of the merger each Support.com common share will be extinguished and automatically converted into entitlement to receive 0.115 Greenidge Class A common shares. About Support.com SPRT is effectively delisted from Nasdaq, and is replaced by GREE.
It should be noted that the value of the SPRT shares had dropped considerably over the years, as in 2000 they reached an all-time high of 117 dollars, while now they are worth less than 16 dollars. During 2021 they had recovered a lot, going from just over 2 dollars at the beginning of the year to almost 60 dollars at the end of August. In September, however, they fell below 16 dollars again.
Greenidge Generation Holdings it’s a Bitcoin mining company and 100% carbon-free power generation, 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 new Crypto choices
Support.com will also pay Greenidge $ 33 million, with which the company will finance its growth plans. It should be noted that the energy consumption of Bitcoin mining is growing. According to a recent article published by Bloomberg, in 2020 the total consumption would have been around 67 TWh, but the estimate for 2021 would be 91 TWh.
The fact is that As the value of the Bitcoins they collect as a reward increases, miners can also increase the expenses of their business, for example using more electricity to increase their hashrate. Since Bitcoin mining is a competition, more hashrate also means more revenue.