Greenidge Generation Holdings Inc (NASDAQ: GREE) is a datacenter and power generation company that builds, maintains, and operates datacenters focused on bitcoin mining, alongside a 106 MW natural gas power generation facility connected to the New York Independent System Operator (NYISO). Revenue comes from bitcoin self-mining, cryptocurrency hosting fees, and power and capacity sales into the NYISO wholesale electricity market. The company is vertically integrated, using power generated from its own plant to supply its mining operations, which it describes as a differentiator among U.S.-listed bitcoin miners. As of the 10-K filed March 31, 2026 (FY2025), the company carries a stockholders' deficit and its auditors have flagged substantial doubt about its ability to continue as a going concern. Atlas Holdings LLC is the controlling shareholder. The company also hosts third-party bitcoin mining for NYDIG under a hosting agreement that covers power costs, direct operating costs, a hosting fee, and a gross profit-sharing arrangement.

Revenue model

Three revenue streams: (1) bitcoin self-mining, where the company contributes hashrate to mining pools and receives a pro-rata share of bitcoin rewards daily, less pool fees; (2) cryptocurrency hosting, where third-party miners such as NYDIG pay fees covering power costs, direct operating costs, a hosting fee, and a gross profit-sharing arrangement; (3) power and capacity sales into NYISO wholesale energy and capacity markets from its 106 MW generation facility (FY2025, per 10-K filed 2026-03-31).

Products and services

Bitcoin mining operations (self-mining via mining pool participation); third-party cryptocurrency hosting services (NYDIG Hosting Agreement); wholesale power and capacity sales from a 106 MW natural gas generation facility connected to NYISO; participation in the Regional Greenhouse Gas Initiative (RGGI) carbon allowance program.

Customers and end markets

End markets include the bitcoin mining network, NYISO wholesale electricity and capacity markets, and third-party cryptocurrency miners seeking hosted computing capacity. NYDIG is identified as a material hosting customer under a named hosting agreement. The company also has exposure to carbon credit markets through RGGI participation.

Value-chain role

Vertically integrated operator: owns and operates its own power generation asset to supply electricity to its own bitcoin mining datacenters and to third-party hosted miners, positioning it upstream of pure-play mining companies that purchase power from external suppliers. Also sells surplus power and capacity directly into NYISO wholesale markets.

Geographic exposure

Operations are in New York State, with power generation and datacenter infrastructure connected to the NYISO grid (per FY2025 10-K filed 2026-03-31).

Source: SEC 10-K, filed 2026-03-31

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