Bitcoin Miner Greenidge Seeks to Raise $22.8 Million in Class A Common Stock Proposal – Mining Bitcoin News

According to a U.S. Securities and Exchange Commission (SEC), Greenidge Generation, the bitcoin mining company Greenidge Generation seeks to raise approximately $22.8 million. According to the disclosure information in the prospectus, Greenidge from New York has concluded a sale agreement with Northland Securities (investment firms) and B. Riley Securities.

Bitcoin Miner Greenidge Generation Plans to Offer Stocks for $22.8 Million

Greenidge Generation plans to sell class A common stock to raise $22,800,000. According to an SEC prospectus supplement filing. Greenidge has entered into a sales agreement and Northland Securities will underwrite. B. Riley gets approximately 5% of gross sales price.

The company’s recent filing follows the mining firm reporting losses of around $107 million for the second quarter. At the time in mid-August, Greenidge explained that it was pausing operations tethered to the firm’s Texas mining expansion.

“We have chosen to pause our plans to develop certain additional sites in our pipeline in the ERCOT market and, instead, intend to concentrate our operations at our two existing sites in South Carolina and New York for the time being,” Greenidge said at the time.

According to the company, it mined around 287 bitcoins (BTC) in July and had approximately 2.7 EH/s of mining power as of July 31, 2022. News first reported on Greenidge during the first week of March 2020, when a $65 million investment fueled the natural gas providers’ “behind-the-meter” BTC mining operation.

At the time, the facility’s crew said it installed 7,000 miners at the plant, and the Greenidge data center in New York’s Finger Lakes region was obtaining 5.5 BTC every day. Since then, Greenidge’s bitcoin mining operations expanded quite a bit, but the company has received criticism from environmentalists.

In June 2022, the New York Department of Environmental Conservation (DEC) issued a statement that noted it denied Greenidge’s permit renewal and cited the need to provide better greenhouse gas (GHG) mitigation schemes.

“DEC determined the permit renewal application does not demonstrate compliance with the requirements of the Climate Leadership and Community Protection Act,” the department noted at the time. Greenidge SEC filing, dated October 3, 2022 notes that the value of the proceeds from the sale will be dependent on how many shares of common stock were sold.

“We currently plan to use the net proceeds from this offering, after deducting B. Riley’s commissions and offering expenses payable by us, for general corporate purposes, which may include, among other things, paying or refinancing all or a portion of our indebtedness at the time, and funding acquisitions, capital expenditures, and working capital,” Greenidge’s prospectus supplement SEC filing explains.

This story contains tags
$22.8 million. B. Riley Securities. Bitcoin. Bitcoin mining. BTC. BTC Mining. carbon footprint. Class-A common stock. Cryptocurrency. Mining Operations. Mining Operations. Mining Rigs. Natural Gas. new york. Northland Securities. Prospectus Supplement, Raise. SEC Filing. Stock Sale.

What do you think about Greenidge Generation’s recent SEC filing and the plans to raise up to $22.8 million? Please comment below to let us know your thoughts on this topic.

Jamie Redman

Jamie Redman is the News Lead for News. He also lives in Florida and works as a journalist covering financial technology. Redman is an active participant in the cryptocurrency community from 2011. Redman is passionate about Bitcoin and open-source codes. Redman is a prolific writer for News, with over 6,000 articles on disruptive protocols.

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