Bitcoin Miner Greenidge: Revenue Still Growing in Q4

Bitcoin miner Greenidge Generation said in a statement that preliminary revenue for the fourth quarter was up 23 percent from the third quarter, despite a 16 percent drop in the number of bitcoins produced. Revenue in the fourth quarter rose to about $44 million, compared to $35.8 million in the third quarter. Its hash rate climbed 17% to 1.4 exahash per second (EH/s) as of December 31, 2021. While Greenidge mined around 609 bitcoins during the quarter, down 16%, bitcoin’s price hit an all-time high of nearly $69,000 during the period. Fourth-quarter adjusted earnings before interest, taxes, depreciation and amortization are expected to be between $18 million and $20 million, the company said. That was down from $21.2 million in the third quarter. With $85 million in cash and short-term investments, only $2 million of that is in cryptocurrency holdings, meaning it likely monetizes most of the tokens it mines.