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

[ad_1]

The bitcoin mining operation Greenidge Generation is seeking to raise roughly $22.8 million, according to a USSecurities and Exchange Commission (SEC) filing published Wednesday. According to the prospectus disclosing information, the New York-based Greenidge conducted a sales agreement with the investment firms B. Riley Securities and Northland Securities.

Bitcoin Miner Greenidge Generation Looks to Raise $22.8 Million via Stock Offer

According to a prospectus supplement SEC filing, Greenidge Generation is looking to raise $22,800,000 from a sale of class A common stocks. Greenidge entered a sales agreement with B. Riley Securities and Northland Securities, and B. Riley will be the underwriter and gets roughly 5% of the gross sales price as a commission.

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.

In July, the company mined approximately 287 bitcoin (BTC), and had around 2.7 exahash per second (EH/s) of mining capacity as of July 31, 2022. Bitcoin.com 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 operations.

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 have expanded quite a bit, but the company has criticism received 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. The recent Greenidge SEC filing dated October 3, 2022, notes the amount of proceeds acquired from the sale will depend on the number of class A common stock 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.

Tags in this story

$22.8 million, B. Riley Securities, bitcoin, bitcoin mining, BTC, BTC Mining, carbon footprint, Class-A Common Stock, crypto-mining, Cryptocurrency, greenidge generation, hosting, mining, bitcoin mining, Mining Operations, mining rigs, natural gas, new york, Northland Securities, prospectus supplement, Raise, sale, SEC filing, stock sale, vented gas

What do you think about Greenidge Generation’s recent SEC filing and the plans to raise up to $22.8 million? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols today emerging.




Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.



[ad_2]

Source link

Leave a Comment