Bitcoin miner Greenidge: Bitcoin production fell 16% in Q4, but revenue rose 23%

On February 3, Bitcoin miner Greenidge Generation said in a statement that despite a 16% drop in Bitcoin production, preliminary fourth-quarter revenue rose 23% from the third quarter to about $44 million. The third quarter was $35.8 million. In addition, as of December 31, 2021, the company's hashrate increased by 17% to 1.4 EH/s. While Greenidge produced around 609 bitcoins during the quarter, down 16%, bitcoin prices hit an all-time high of nearly $69,000 during the period. Adjusted earnings before interest, taxes, depreciation and amortization in the fourth quarter are expected to be $18 million to $20 million, down from $21.2 million in the third quarter, the company said. The company said it had $85 million in cash and short-term investments, of which only $2 million was in cryptocurrency, meaning it likely liquidated most of the cryptocurrency it produced.