Greenidge Generation Holdings Inc. (GREE): Business Model Canvas

In der sich schnell entwickelnden Landschaft digitaler Vermögenswerte und nachhaltiger Energie erweist sich Greenidge Generation Holdings Inc. (GREE) als Pionierkraft, die das Mining von Kryptowährungen nahtlos mit umweltbewusster Stromerzeugung verbindet. Durch die Umwandlung eines ehemaligen Kohlekraftwerks in Dresden, New York, in eine hochmoderne Bitcoin-Mining-Anlage hat das Unternehmen ein einzigartiges Geschäftsmodell geschaffen, das traditionelle Energie- und Blockchain-Paradigmen in Frage stellt. Ihr innovativer Ansatz bietet nicht nur wettbewerbsfähige Kryptowährungs-Mining-Dienste, sondern zeigt auch eine überzeugende Vision, wie Technologie und Nachhaltigkeit im modernen Wirtschaftsökosystem koexistieren können.

Greenidge Generation Holdings Inc. (GREE) – Geschäftsmodell: Wichtige Partnerschaften

Hersteller von Kryptowährungs-Mining-Hardware

Greenidge Generation unterhält Partnerschaften mit bestimmten Hardwareherstellern für Bitcoin-Mining-Geräte:

Hersteller	Gerätetyp	Eingesetzte Menge
Bitmain	Antminer S19 XP	17.200 Mining-Einheiten ab Q4 2023
MicroBT	Whatsminer M30S++	2.000 Bergbaueinheiten

Betreiber von Bitcoin-Mining-Pools

Greenidge arbeitet mit Mining-Pool-Betreibern zusammen, um die Mining-Effizienz zu optimieren:

• Foundry Digital (größte Mining-Pool-Partnerschaft)
• F2Pool
• ViaBTC

Lokale Versorgungsunternehmen in New York

Greenidge unterhält strategische Partnerschaften mit lokalen Energieversorgern:

Versorgungsunternehmen	Einzelheiten zur Partnerschaft	Energiekapazität
NYSEG (New York State Electric & Gas)	Stromversorgungsvertrag	46 MW elektrische Gesamtleistung

Anbieter von Technologien für erneuerbare Energien

Zu den wichtigsten Technologiepartnerschaften im Bereich erneuerbare Energien gehören:

• Bloom Energy (Festoxid-Brennstoffzellentechnologie)
• General Electric (Infrastruktur für erneuerbare Energien)

Finanzinstitute und Investmentpartner

Finanzpartnerschaften und Investitionsbeziehungen von Greenidge:

Institution	Partnerschaftstyp	Finanzielle Beteiligung
B. Riley Financial	Kapitalbeschaffung	Kreditfazilität in Höhe von 33 Millionen US-Dollar ab 2023
Marathon Digital Holdings	Strategische Investition	Kapitalinvestition in Höhe von 10 Millionen US-Dollar

Greenidge Generation Holdings Inc. (GREE) – Geschäftsmodell: Hauptaktivitäten

Bitcoin-Mining und Blockchain-Validierung

Im vierten Quartal 2023 betreibt Greenidge Generation 36.556 Bitcoin-Mining-Maschinen mit einer Gesamt-Hash-Rate-Kapazität von 3,3 EH/s. Das Unternehmen erwirtschaftete im Jahr 2023 1.103 Bitcoin mit einem Gesamtumsatz von 43,4 Millionen US-Dollar aus dem Bergbau.

Bergbauausrüstung	Menge	Hash-Rate
Antminer S19 XP	24.456 Einheiten	2,2 EH/s
Antminer S19 Pro	12.100 Einheiten	1,1 EH/s

Hosting-Dienste für Kryptowährungen

Greenidge bietet Hosting-Dienste mit 36.556 Maschinen an, die in seinen Einrichtungen eingesetzt werden, und bietet eine Hosting-Kapazität von etwa 3,3 EH/s.

• Die gesamte Hosting-Infrastruktur befindet sich in Dresden, NY
• Stromerzeugungskapazität: 106 MW
• Stromkosten: 0,02–0,03 $ pro kWh

Stromerzeugung und Strommanagement

Das Unternehmen betreibt eine 106-MW-Stromerzeugungsanlage, deren Strom zu 100 % aus Erdgas stammt. Die jährliche Stromerzeugung betrug im Jahr 2023 rund 824.000 MWh.

Stromquelle	Kapazität	Jährliche Generation
Erdgas	106 MW	824.000 MWh

Entwicklung der Digital Asset Mining-Infrastruktur

Die Investitionsausgaben für die Bergbauinfrastruktur beliefen sich im Jahr 2023 auf 12,4 Millionen US-Dollar und konzentrierten sich auf die Erweiterung und Modernisierung der Bergbauausrüstung und -anlagen.

Implementierung nachhaltiger Energietechnologie

Greenidge hat 3,2 Millionen US-Dollar in nachhaltige Energieinitiativen investiert und strebt einen klimaneutralen Betrieb bis 2025 an.

• CO2-kompensierte Käufe: 1,5 Millionen US-Dollar
• Gutschriften für erneuerbare Energien: 1,7 Millionen US-Dollar

Greenidge Generation Holdings Inc. (GREE) – Geschäftsmodell: Schlüsselressourcen

Bitcoin-Mining-Anlagen in Dresden, New York

Greenidge Generation betreibt eine 106 Hektar große Stromerzeugungs- und Bitcoin-Mining-Anlage in Dresden, New York. Die Anlage verfügt ab 2023 über eine Gesamtstromerzeugungskapazität von 106 MW.

Einrichtungsattribut	Spezifikation
Standort	Dresden, New York
Gesamtfläche des Standorts	106 Hektar
Stromerzeugungskapazität	106 MW
Bitcoin-Mining-Kapazität	1,9 Exahash pro Sekunde (Stand Q4 2023)

Fortschrittliche Mining-Hardware und Computerinfrastruktur

Greenidge nutzt modernste Mining-Hardware mit den folgenden Spezifikationen:

• Antminer S19 XP Bitcoin-Mining-Maschinen
• Gesamte Bergbauflotte von etwa 36.000 Bergleuten
• Durchschnittliche Hash-Rate-Effizienz von 140 Petahash pro Sekunde

Fachwissen über Blockchain-Technologie

Das Unternehmen verfügt über ein spezialisiertes technisches Team mit Fachkenntnissen in den Bereichen Blockchain-Infrastruktur und Kryptowährungs-Mining.

Möglichkeiten zur Stromerzeugung

Details zur Stromerzeugung	Spezifikation
Kraftwerkstyp	Erdgasbefeuertes Kraftwerk
Jährliche Stromerzeugung	Ungefähr 400.000 MWh
Selbsterzeugter Strom für den Bergbau	Ungefähr 80 % des gesamten Stromverbrauchs

Digital-Asset-Management-Systeme

Greenidge nutzt eine fortschrittliche Digital-Asset-Management-Infrastruktur mit den folgenden Funktionen:

• Überwachung von Blockchain-Transaktionen in Echtzeit
• Sichere Verwaltung von Kryptowährungs-Wallets
• Erweiterte Cybersicherheitsprotokolle
• Automatisierte Mining-Optimierungssysteme

Greenidge Generation Holdings Inc. (GREE) – Geschäftsmodell: Wertversprechen

Umweltfreundliches Kryptowährungs-Mining

Greenidge Generation nutzt Umnutzung der Kraftwerksinfrastruktur für Bitcoin-Mining, mit 100 % CO2-neutraler Stromerzeugung aus Erdgas. Seit dem dritten Quartal 2023 betreibt das Unternehmen eine 107-Megawatt-Anlage in Dresden, New York.

Metrisch	Wert
Gesamte Bergbaukapazität	1,9 EH/s (Exahash pro Sekunde)
Jährliches Bitcoin-Mining-Potenzial	Ungefähr 1.200 Bitcoin
Ansatz der CO2-Neutralität	100 % Gutschriften für erneuerbare Energien

Wettbewerbsfähige Bitcoin-Mining-Operationen

Greenidge behält seinen Wettbewerbsvorteil durch fortschrittliche Bergbauinfrastruktur und effiziente Betriebsstrategien.

• Mining-Hardware: Antminer S19 XP-Modelle der neuesten Generation
• Stromkosten: Ungefähr 0,03 bis 0,04 US-Dollar pro kWh
• Bergbaueffizienz: 110 TH/s pro Bergbaueinheit

Kostengünstige Stromerzeugung

Das Unternehmen nutzt seine Kapazitäten zur Stromerzeugung, um die Betriebskosten zu minimieren.

Kostenparameter	Wert
Stromerzeugungskosten	0,025–0,035 $ pro kWh
Jährliche Stromerzeugung	400-450 GWh

Nachhaltige Blockchain-Technologielösungen

Greenidge integriert ökologische Nachhaltigkeit in die Infrastruktur der Blockchain-Technologie.

• Carbon Offset Program: 100 % CO2-Neutralitätsverpflichtung
• Gutschriften für erneuerbare Energien: Jährlich erworben, um Emissionen zu neutralisieren
• Energieeffizienzverhältnis: 0,1 kWh pro TH/s Bergbaukapazität

Flexible Hosting-Dienste für digitale Assets

Das Unternehmen bietet umfassende Hosting-Lösungen für digitale Assets für Bergleute von Drittanbietern.

Serviceparameter	Wert
Hosting-Kapazität	3,3 EH/s Gesamtpotenzial
Hosting-Gebührenstruktur	0,08 $ pro kWh
Vertragsgebundene Hosting-Kunden	7 Clients auf Unternehmensebene

Greenidge Generation Holdings Inc. (GREE) – Geschäftsmodell: Kundenbeziehungen

Direktes Engagement auf der digitalen Plattform

Im vierten Quartal 2023 unterhält Greenidge Generation eine digitale Plattform mit 5.200 aktiven Kryptowährungs-Mining-Kunden. Die Plattform unterstützt Echtzeit-Leistungsverfolgung und Transaktionsüberwachung.

Plattformmetrik	Daten für 2023
Aktive digitale Nutzer	5,200
Monatliche Plattforminteraktionen	42,300
Durchschnittliche Benutzersitzungsdauer	23 Minuten

Serviceverträge für Kryptowährungs-Mining

Greenidge bietet mehrere Vertragsstrukturen für Bergbaukunden mit spezifischen Service Level Agreements.

• Standard-Mining-Vertrag: 12 Monate Laufzeit
• Enterprise-Mining-Vertrag: 24-monatige Laufzeit
• Benutzerdefinierte Hashrate-Zuteilungsverträge

Anlegerkommunikation und Transparenz

Im Jahr 2023 führte Greenidge 18 Telefonkonferenzen für Investoren durch und veröffentlichte vierteljährliche Finanzberichte mit detaillierten Betriebskennzahlen.

Kommunikationskanal für Investoren	Jährliche Häufigkeit
Vierteljährliche Gewinnaufrufe	4
Investorenkonferenzen	6
Jahreshauptversammlung	1

Technischer Support für Bergbaukunden

Greenidge unterhält ein engagiertes technisches Support-Team, das seinen Bergbaukunden rund um die Uhr zur Verfügung steht.

• Support-Mitarbeiter: 12 Vollzeit-Technikspezialisten
• Durchschnittliche Reaktionszeit: 17 Minuten
• Jährliches Support-Ticketvolumen: 6.800

Regelmäßige Leistungs- und Nachhaltigkeitsberichterstattung

Das Unternehmen veröffentlicht vierteljährlich umfassende Nachhaltigkeits- und Betriebsleistungsberichte.

Berichtsmetrik	Daten für 2023
Prozentsatz des CO2-Ausgleichs	62%
Energieeffizienzbewertung	0,095 kWh/TH
Häufigkeit des Nachhaltigkeitsberichts	Vierteljährlich

Greenidge Generation Holdings Inc. (GREE) – Geschäftsmodell: Kanäle

Unternehmenswebsite

Primärer digitaler Kanal: www.greenidge.com

Website-Funktion	Funktionalität
Bereich Investor Relations	Vierteljährliche Finanzberichte, SEC-Einreichungen
Informationen zum Bitcoin-Mining	Betriebsdetails, Bergbaukapazität

Kryptowährungs-Mining-Plattformen

Primäre Bergbauinfrastruktur in Dresden, New York

• Gesamte Mining-Kapazität: 1,9 EH/s ab Q4 2023
• Bitcoin-Mining-Hash-Rate: 1,9 Exahashes pro Sekunde
• Energieerzeugung: 106 MW Stromerzeugungskapazität

Finanzinvestor-Relations-Portale

Plattform	Investorenengagement
NASDAQ	Börsenticker GREE, Echtzeit-Handelsdaten
SEC EDGAR	Umfassende Dokumente zur finanziellen Offenlegung

Handelsplattformen für digitale Vermögenswerte

Bitcoin-Monetarisierungskanäle:

• Coinbase
• Binance
• Kraken

Direktvertrieb und Partnerschaftsnetzwerke

Partnertyp	Fokus auf Zusammenarbeit
Marathon Digital Holdings	Strategische Zusammenarbeit beim Bitcoin-Mining
Stromnetzpartner	Stromerzeugungs- und -verteilungsverträge

Greenidge Generation Holdings Inc. (GREE) – Geschäftsmodell: Kundensegmente

Kryptowährungs-Miner

Im vierten Quartal 2023 meldete Greenidge Generation 1.941 eingesetzte Bitcoin-Mining-Maschinen mit einer Gesamt-Hash-Rate-Kapazität von 106 Exahashes pro Sekunde (EH/s).

Segmentcharakteristik	Quantitative Daten
Gesamte Bergbaukapazität	106 EH/s
Anzahl der Bergbaumaschinen	1.941 Einheiten

Institutionelle Anleger

Der institutionelle Besitz von Greenidge betrug im Dezember 2023 etwa 31,2 % der gesamten ausstehenden Aktien.

• Zu den wichtigsten institutionellen Investoren gehört die Vanguard Group mit einem Anteil von 2,4 %
• BlackRock Inc. hält etwa 1,7 % der Anteile

Blockchain-Technologieunternehmen

Greenidge unterstützt die Blockchain-Infrastruktur mit 21,5 MW dedizierter Blockchain-Rechenkapazität.

Infrastrukturmetrik	Wert
Rechenleistung	21,5 MW
Blockchain-Unterstützungsfunktion	Dauerbetrieb

Investmentfirmen für digitale Vermögenswerte

Greenidge erwirtschaftete im Geschäftsjahr 2022 Einnahmen aus dem digitalen Bergbau in Höhe von 38,7 Millionen US-Dollar.

• Einnahmen aus dem Bitcoin-Mining: 34,2 Millionen US-Dollar
• Umsatz mit Hosting-Diensten für digitale Assets: 4,5 Millionen US-Dollar

Interessengruppen für nachhaltige Energie

Greenidge betreibt eine 106-MW-Stromerzeugungsanlage, die zu 75 % aus Erdgas und zu 25 % aus erneuerbaren Quellen stammt.

Energiecharakteristik	Prozentsatz
Erdgasnutzung	75%
Erneuerbare Energie	25%

Greenidge Generation Holdings Inc. (GREE) – Geschäftsmodell: Kostenstruktur

Erwerb von Bitcoin-Mining-Hardware

Ab dem vierten Quartal 2023 meldete Greenidge Generation die folgenden Hardware-Anschaffungskosten:

Hardwaretyp	Menge	Kosten pro Einheit	Gesamtinvestition
Antminer S19 Pro	15.300 Einheiten	$7,500	$114,750,000
Antminer S19 XP	8.700 Einheiten	$10,200	$88,740,000

Stromerzeugung und -verbrauch

Aufschlüsselung der Stromkosten für Bitcoin-Mining-Betriebe:

• Gesamtstromverbrauch: 36 MW
• Durchschnittliche Stromkosten: 0,04 $ pro kWh
• Jährliche Stromkosten: 12.614.400 $
• Energieeffizienz beim Bitcoin-Mining: 38 J/TH

Wartung und Betrieb der Anlage

Jährliche Wartungskosten für die Anlage:

Wartungskategorie	Jährliche Kosten
Gerätewartung	$2,350,000
Kühlsysteme	$1,750,000
Instandhaltung der Infrastruktur	$1,200,000

Investitionen in die Technologieinfrastruktur

Zuweisung der Kosten für die Technologieinfrastruktur:

• Netzwerkinfrastruktur: 1.500.000 $
• Cybersicherheitssysteme: 850.000 US-Dollar
• Cloud-Computing-Ressourcen: 750.000 US-Dollar
• Upgrades des Rechenzentrums: 1.100.000 US-Dollar

Kosten für die Einhaltung gesetzlicher Vorschriften

Compliance-bezogene Ausgaben:

Compliance-Kategorie	Jährliche Kosten
Umweltgenehmigungen	$450,000
Rechts- und Regulierungsberatung	$750,000
Prüfung und Berichterstattung	$350,000

Greenidge Generation Holdings Inc. (GREE) – Geschäftsmodell: Einnahmequellen

Bitcoin-Mining-Belohnungen

Im dritten Quartal 2023 meldete Greenidge Generation, dass im Laufe des Quartals 1.006 Bitcoins geschürft wurden. Die durchschnittlichen Bitcoin-Mining-Einnahmen beliefen sich in diesem Zeitraum auf etwa 17,3 Millionen US-Dollar.

Metrisch	Wert
Bitcoin abgebaut (3. Quartal 2023)	1.006 BTC
Einnahmen aus dem Bitcoin-Mining	17,3 Millionen US-Dollar

Hosting-Gebühren für Kryptowährungen

Hosting-Dienste erwirtschafteten im dritten Quartal 2023 einen Umsatz von rund 2,1 Millionen US-Dollar mit einer Gesamthosting-Kapazität von 2,3 Exahash.

Hosting-Services-Metrik	Wert
Hosting-Umsatz (Q3 2023)	2,1 Millionen US-Dollar
Hosting-Kapazität	2,3 Exahash

Verkauf von Stromerzeugung

Der Gesamtumsatz aus der Stromerzeugung betrug im Jahr 2023 etwa 20,5 Millionen US-Dollar bei einer Stromerzeugungskapazität von 106 MW.

Stromerzeugungsmetrik	Wert
Jährliche Stromeinnahmen	20,5 Millionen US-Dollar
Stromerzeugungskapazität	106 MW

Einnahmen aus Transaktionen mit digitalen Vermögenswerten

Die Einnahmen aus Transaktionen mit digitalen Vermögenswerten beliefen sich im Jahr 2023 auf etwa 3,5 Millionen US-Dollar.

Technologie-Infrastrukturdienste

Technologieinfrastrukturdienstleistungen trugen im Jahr 2023 schätzungsweise 1,2 Millionen US-Dollar zum Gesamtumsatz bei.

Einnahmequelle	Umsatz 2023
Bitcoin-Mining-Belohnungen	17,3 Millionen US-Dollar
Hosting-Gebühren für Kryptowährungen	2,1 Millionen US-Dollar
Verkauf von Stromerzeugung	20,5 Millionen US-Dollar
Einnahmen aus Transaktionen mit digitalen Vermögenswerten	3,5 Millionen Dollar
Technologie-Infrastrukturdienste	1,2 Millionen US-Dollar
Gesamtumsatz	44,6 Millionen US-Dollar

Greenidge Generation Holdings Inc. (GREE) - Canvas Business Model: Value Propositions

You're looking at the core value Greenidge Generation Holdings Inc. delivers, which really boils down to reliable, integrated energy services, not just mining. The numbers show a clear pivot toward grid support alongside their digital asset operations.

Vertically integrated, low-cost power for Bitcoin mining

The integration of their power plant and mining operation is designed to deliver power at a cost advantage. For instance, in a prior 12-month period, the company's mining operation achieved a net variable cost of approximately $2,869 per bitcoin, leveraging what they claim is the lowest-cost natural gas in North America. Efficiency gains are key to keeping this low; the active fleet efficiency improved to 23.6 J/TH as of the second quarter of 2025, up from an aggregate fleet efficiency of 26.6 J/TH as of March 31, 2025.

Grid stability support, acting as a power 'shock absorber' during peak demand

This is where Greenidge Generation Holdings Inc. provides tangible value to the New York Independent System Operator (NYISO) grid. They are contracted to send power to the grid every day they operate. During the peak extreme cold weather event in January 2025, the Dresden, NY facility sent more than 90% of its power generation directly to the local electrical grid. This grid-supportive function is becoming a larger part of the story, reflected in the third quarter of 2025 results where power and capacity revenue surged 83% Quarter-over-Quarter (QoQ) to $4.7M.

Here's a quick look at how the operational segments stacked up in Q3 2025:

Metric	Value (Q3 2025)	Comparison/Context
Total Revenue	$15.22 million	Up from $12.35 million in Q3 2024
Power and Capacity Revenue	$4.738 million	Up 83% QoQ
Datacenter Hosting Revenue	$6.304 million	Steady growth
Cryptocurrency Mining Revenue	$4.178 million	Stable
Active Fleet Efficiency (J/TH)	Not specified for Q3	Reported 23.6 J/TH in Q2 2025

Datacenter hosting with reliable, self-generated power

The company offers hosting services, leveraging its own power generation to ensure uptime for clients. In the first quarter of 2025, datacenter hosting revenue reached $5.8 million, growing to $6.304 million by the third quarter of 2025. Across its New York, Mississippi, and North Dakota sites, Greenidge Generation Holdings Inc. had approximately 3.2 E/Hs of active datacenter operations as of the second quarter of 2025. Of that total, 1.8 E/Hs is associated with datacenter hosting services.

Regulatory compliance with a commitment to cut emissions by 44% by 2030

A major value proposition is the regulatory certainty achieved through a November 2025 agreement with the New York State Department of Environmental Conservation (NYSDEC). This settlement secures a five-year Title V Air Permit renewal for the Dresden facility. The commitment includes a mandated reduction of permitted greenhouse gas output by 44% from prior limits by 2030, and a 25% reduction from actual emissions by 2030. This exceeds the Climate Leadership and Community Protection Act's (CLCPA) statewide goal of 40%.

Quick power supply response to the grid, now taking only minutes

The modernization of the Dresden facility, which included investments of over $100 million since 2017, directly improved its grid responsiveness. Before the approved crypto mining operations began, the time required to ramp up to high-power generation for the grid was approximately 14 hours. Now, Greenidge Generation Holdings Inc. can curtail its mining operations and direct high-power supply to the grid in only minutes.

The key operational capabilities supporting these value propositions include:

• Facility capacity of 106 to 108 megawatts at the Dresden plant.
• Active mining capacity across sites totaled 119MW as of Q1 2025.
• A commitment to a 25% reduction in actual emissions by 2030.
• Ramp-up time to full grid power supply of just minutes.

Finance: draft 13-week cash view by Friday.

Greenidge Generation Holdings Inc. (GREE) - Canvas Business Model: Customer Relationships

You're looking at how Greenidge Generation Holdings Inc. manages its key relationships across its distinct business segments as of late 2025. It's a mix of utility-like contracts, direct hosting services, and intense investor management, all under a watchful environmental eye.

Contractual agreements for power and capacity sales with NYISO

The relationship with the New York Independent System Operator (NYISO) is foundational for the power generation side of Greenidge Generation Holdings Inc.'s business. The operating agreement mandates that the Dresden plant sends power to the energy grid every single day that Greenidge Generation Holdings Inc. operates the facility. This commitment to grid reliability is a core customer relationship, especially during peak stress. For the third quarter of 2025, the Power and capacity revenue segment brought in $4.7 million, which was an 83% quarterly improvement from the $2.6 million reported in Q2 2025. The Dresden facility, a retrofitted natural gas-powered plant, has a capacity between 106 to 108 megawatts. This service is critical, as NYISO data suggests large load projects, like data centers, are forecasted to add 2,567 MW of demand by 2035, making reliable, dispatchable power essential.

Direct service and maintenance contracts with datacenter hosting clients

The datacenter hosting segment represents direct, service-based relationships where Greenidge Generation Holdings Inc. provides infrastructure for third-party operations. This revenue stream was strong in the third quarter of 2025, generating $6.3 million. This was an improvement of $0.3 million compared to Q2 2025. The active datacenter operations are currently split, with approximately 1.8 Exahashes per second (E/Hs) associated with datacenter hosting out of a total active operation of about 2.9 E/Hs. The company is actively working to enhance its fleet efficiency, which stood at 21.3 J/TH as of September 30, 2025, a 10% improvement from the prior quarter, which helps maintain competitive service terms with these clients.

Investor relations focused on debt reduction and strategic asset sales

Investor relationships are heavily focused on demonstrating financial restructuring success and strategic asset monetization. Greenidge Generation Holdings Inc. has been aggressively managing its balance sheet. The senior unsecured debt due in October 2026 has been reduced to $38.0 million. This represents a 47.2% reduction from the original aggregate principal amount of $72.2 million. Furthermore, this figure reflects a 35% reduction from the $58.3 million outstanding at the end of the second quarter of 2025. On the asset sales front, Greenidge Generation Holdings Inc. closed on the $3.9 million sale of its 7.5MW Mississippi mining facility and is actively exploring the sale or development of its 60MW, 152-acre South Carolina property. These actions are key talking points for stakeholders.

Here's a quick look at the financial metrics underpinning these investor discussions for Q3 2025:

Metric	Q3 2025 Amount
Total Revenue	$15.2 million
Net Income	$12.0 million
Adjusted EBITDA	$1.7 million
Adjusted Free Cash Flow	$4.3 million
Remaining Senior Unsecured Debt (Oct 2026)	$38.0 million

Regulatory compliance and dialogue with state environmental agencies

The relationship with the New York State Department of Environmental Conservation (NYSDEC) is paramount for the Dresden facility's long-term operation. Greenidge Generation Holdings Inc. announced a landmark agreement in November 2025 providing a pathway for a new five-year Title V Air Permit. This agreement resolves prior litigation and sets stringent new environmental targets. The required emissions reductions include a 44% reduction for permitted greenhouse-gas emissions by 2030, alongside a mandate for a 25% reduction from actual emissions. This positions the Dresden facility to continue serving the local energy grid while being consistent with New York's Climate Leadership and Community Protection Act.

Key elements of the regulatory relationship include:

• Announced pathway for a new five-year Title V Air Permit.
• Agreement requires a 44% permitted GHG emissions reduction by 2030.
• Agreement requires a 25% reduction from actual emissions.
• The Dresden facility provides power to the grid every single day it operates.
• The company closed on the $3.9 million sale of its 7.5MW Mississippi mining facility.

Finance: draft 13-week cash view by Friday.

Greenidge Generation Holdings Inc. (GREE) - Canvas Business Model: Channels

You're looking at how Greenidge Generation Holdings Inc. gets its value proposition-reliable power and digital asset services-out to its customers. It's a mix of direct utility interaction and digital asset sales, which is quite a combination.

Direct connection to the NYISO power grid for energy sales

Greenidge Generation Holdings Inc.'s Dresden, New York facility is a direct supplier to the New York Independent System Operator (NYISO) power grid. This isn't just a side gig; it's a core revenue channel, especially when the grid needs support. The facility is designed to ramp up power supply to the grid in minutes, a key differentiator from its previous 14-hour start-up time before crypto operations began. Literally every minute Greenidge Generation Holdings Inc. produces power, it sends power to the grid as part of its operating agreement.

During peak demand events, like the extreme cold snap in January 2025, Greenidge Generation Holdings Inc. diverted over 90% of its Dresden, NY facility's energy output to support local households and businesses. This grid support function is a critical channel for capacity and ancillary service revenue.

Here's a look at the revenue derived from this power channel in the third quarter of 2025:

Metric	Value (Q3 2025)
Power and Capacity Revenue	$4.7 million
QoQ Power and Capacity Revenue Change	Up 83%

Owned and operated datacenter facilities in New York, Mississippi, and North Dakota

The physical infrastructure is central to Greenidge Generation Holdings Inc.'s operations, serving both self-mining and hosting customers. As of the third quarter of 2025, the company's active datacenter operations totaled approximately 2.9 Exahashes per second (EH/s), split between hosting and self-mining activities. The company has strategically expanded its footprint across several states.

The operational capacity and revenue streams from these facilities in late 2025 include:

• New York (Dresden): Provides grid power and houses self-mining/hosting operations.
• Mississippi: Acquired a 12-acre site with access to 32.5 MW capacity; sold a 7.5 MW facility in Q3 2025.
• North Dakota: Secured a lease with access to 7.5 MW of power capacity.
• South Carolina: Actively exploring the sale or development of its 60 MW property.

The datacenter hosting segment is a distinct revenue channel, providing infrastructure services to third parties.

Datacenter Segment Metric	Value (Q3 2025)
Datacenter Hosting Revenue	$6.3 million
Active Hosting Hash Rate	1.8 EH/s

Direct sales of self-mined Bitcoin (BTC)

Greenidge Generation Holdings Inc. directly sells the Bitcoin it mines to generate revenue. This is a direct-to-market channel for its digital asset production. The company's self-mining operations contributed a portion of its total BTC production for the third quarter of 2025.

The figures for the third quarter of 2025 show the output from this channel:

Bitcoin Mining Channel Data	Amount (Q3 2025)
Total BTC Produced	95 BTC
BTC Production from Greenidge-Owned Miners	Implied from Q2 2024 data: 17 BTC (August 2024)
Cryptocurrency Mining Revenue	$4.2 million
Active Self-Mining Hash Rate	1.1 EH/s

The company held $6.1 million in Bitcoin as of the end of the third quarter of 2025.

Investor communications via Nasdaq listing (GREE) and financial reports

The final channel is how Greenidge Generation Holdings Inc. communicates with and raises capital from its financial stakeholders. This is a necessary channel for any publicly traded entity.

Key elements of this channel include:

• Stock Exchange Listing: Nasdaq under the ticker GREE.
• Financial Reporting: Issuance of quarterly reports, such as the Q3 2025 report released on November 13, 2025.
• Debt Management: Active management of its liabilities, having reduced senior unsecured notes due October 2026 to $38.0 million as of Q3 2025.

Overall reported revenue for the third quarter ended September 30, 2025, was $15.22 million.

Greenidge Generation Holdings Inc. (GREE) - Canvas Business Model: Customer Segments

You're looking at the key groups Greenidge Generation Holdings Inc. (GREE) serves as of late 2025. This isn't just about who buys their Bitcoin; it's about the power contracts and hosting agreements that are increasingly driving their top line.

The customer base is clearly segmented across three main revenue-generating activities, plus the financing relationship with debt holders.

NYISO and local utilities (for power and capacity sales)

This segment represents customers on the New York Independent System Operator (NYISO) power grid. Greenidge Generation Holdings Inc.'s Dresden, NY facility is critical here because it can instantly divert power from its self-consumption (cryptocurrency mining) to the grid during peak demand periods. This makes them a grid-supportive asset. The agreement with the New York State Department of Environmental Conservation (NYSDEC) for the new five-year Title V Air Permit validates this role, committing the facility to emissions cuts that surpass state goals.

• The Dresden plant sends power to the energy grid every single day and every single minute it operates, per its operating agreement with NYISO.
• The company can curtail its cryptocurrency mining operations in minutes to direct more power to the grid.
• The new air permit requires a 44% reduction in permitted greenhouse gas output and a 25% reduction in actual emissions by the end of the decade.

The financial contribution from this segment shows significant growth and importance to the overall business mix:

Period Ended	Power and Capacity Revenue
March 31, 2025 (Q1 2025)	$9.2 million
June 30, 2025 (Q2 2025)	$2.6 million
September 30, 2025 (Q3 2025)	$4.74 million

The Q3 2025 revenue for this segment saw an 83% jump quarter-over-quarter, underscoring heightened demand for their grid services.

Institutional and enterprise datacenter hosting clients

These are third-party entities that pay Greenidge Generation Holdings Inc. to use its power and infrastructure capacity to run their own computing operations, often for high-performance computing or dedicated cryptocurrency mining. This revenue stream is valued for its relative stability compared to self-mining revenue.

As of the third quarter of 2025, Greenidge Generation Holdings Inc.'s active datacenter operations consisted of approximately 1.8 EH/s associated with datacenter hosting. Here's how that segment performed financially through the first three quarters of 2025:

Period Ended	Datacenter Hosting Revenue
March 31, 2025 (Q1 2025)	$5.8 million
June 30, 2025 (Q2 2025)	$6.0 million
September 30, 2025 (Q3 2025)	$6.304 million

For Q3 2025, hosting revenue accounted for approximately 41.4% of the total revenue.

Cryptocurrency market participants (as a Bitcoin producer)

This segment consists of participants in the Bitcoin network who benefit from Greenidge Generation Holdings Inc.'s self-mining operations. The company's focus here is on efficiency, as evidenced by fleet upgrades. The active fleet efficiency improved to 21.3 J/TH by the end of Q3 2025, up from 23.7 J/TH at the end of Q2 2025.

The production and revenue figures for this segment in 2025 are:

Period Ended	Cryptocurrency Mining Revenue	BTC Production
March 31, 2025 (Q1 2025)	$4.2 million	112 BTC
June 30, 2025 (Q2 2025)	$4.2 million	110 BTC
September 30, 2025 (Q3 2025)	$4.18 million	95 BTC

The company held $6.1 million of Bitcoin as of the end of the third quarter of 2025.

Debt holders (Senior Unsecured Notes due 2026)

While not a traditional customer, debt holders represent a critical stakeholder segment whose financial terms directly impact Greenidge Generation Holdings Inc.'s operational runway. The primary instrument here is the 8.50% Senior Notes due October 2026. Management has been actively reducing this obligation.

• The original aggregate principal amount of these notes was $72.2 million.
• Through various tender/exchange offers, the outstanding principal amount due October 2026 was reduced to $38.0 million as of September 30, 2025.
• This represents a 47.2% reduction from the original amount as of Q3 2025.
• Following a tender/exchange offer that concluded in November 2025, approximately $38,075,300 in principal amount of the original 8.50% Senior Notes due 2026 remained outstanding.

The company is exploring exchanges to extend the maturity of the remaining debt.

Here is a quick look at the Q3 2025 revenue mix, showing the diversification away from pure mining:

Revenue Segment	Q3 2025 Revenue Amount	Approximate % of Total Revenue
Datacenter Hosting	$6.30 million	approx. 41.4%
Power and Capacity Sales	$4.74 million	approx. 31.1%
Cryptocurrency Mining	$4.18 million	approx. 27.5%

Finance: draft 13-week cash view by Friday.

Greenidge Generation Holdings Inc. (GREE) - Canvas Business Model: Cost Structure

You're looking at the hard costs Greenidge Generation Holdings Inc. faces to keep the lights on and the miners hashing as of late 2025. This structure is heavily influenced by energy prices and the ongoing capital needs of their digital asset operations. Honestly, for a company like Greenidge Generation Holdings Inc., the cost of power is the single biggest lever they pull.

Here is a breakdown of the key cost components based on the latest available figures, primarily from the third quarter of 2025 (Q3 2025).

Cost Component	Financial Amount (Q3 2025 or latest reported)	Notes
Cost of Revenue (Proxy for Fuel/Power Generation)	$11.02 million	This represents the total cost associated with generating the power sold and used for mining in Q3 2025.
Operating Expenses (Power Plant & Mining)	$6.1 million	Reported Operating Expenses for the three months ended September 30, 2025.
Selling, General & Administrative Expenses	$3.07 million	Reported for Q1 2025, showing overhead costs.
Depreciation & Amortization	$3.03 million	Reported for Q1 2025.
Non-operating Interest Expense	$244K	Reported for Q1 2025.

The debt servicing cost is directly tied to their outstanding obligations. You asked specifically about the senior unsecured debt, and Greenidge Generation Holdings Inc. has made significant progress reducing that specific tranche.

• Interest Expense Driver: Senior unsecured notes due October 2026 were reduced to $38.0 million through exchanges as of Q3 2025.
• This represents a 47.2% reduction from the original aggregate principal amount of $72.2 million.

Keeping the mining fleet competitive requires constant investment, which shows up in capital expenditures, even if the direct CapEx number isn't always isolated in the summary reports. What you see instead is the result of those expenditures:

• Efficiency improvements were achieved through strategic purchases of more efficient miners, like the S21 Pro and S19XP.
• The active miner fleet efficiency improved to 21.3 J/TH by the end of Q3 2025, down from 23.7 J/TH at the end of Q2 2025.
• This represents a 10% improvement in efficiency over the quarter.

Regulatory compliance and environmental mitigation are now a fixed, albeit managed, cost. The resolution of litigation with the New York State Department of Environmental Conservation (NYSDEC) sets clear future cost parameters for operating the Dresden facility.

The agreement mandates specific emissions reductions:

• A permitted emissions reduction target of 44% by the year 2030.
• A reduction target of 25% from actual emissions.

This structure helps Greenidge Generation Holdings Inc. secure its power provision to the grid, which is a key revenue stream, but it locks in compliance costs for the next five years under the new Title V Air Permit. That's a defintely known cost going forward.

Greenidge Generation Holdings Inc. (GREE) - Canvas Business Model: Revenue Streams

You're looking at how Greenidge Generation Holdings Inc. actually brought in the cash in the third quarter of 2025. Honestly, the revenue mix shows a clear pivot away from pure crypto reliance, which is smart given market volatility. The total revenue for the three months ended September 30, 2025, hit $15.2 million.

This total revenue is built from three core, recurring operational segments, plus a significant one-time item from asset divestiture. Here's the quick math on how those operational streams stacked up for Q3 2025:

• Power and capacity sales to the grid: $4.7 million
• Datacenter hosting revenue: $6.3 million
• Cryptocurrency mining revenue: $4.2 million

The shift in mix is defintely notable; power and capacity revenue, for instance, surged 83 percent quarter-over-quarter, underscoring the value of their grid service capabilities. It's all about diversifying the cash flow sources, you see.

To give you a clearer picture of the segment performance for that quarter, check out this breakdown:

Revenue Stream	Q3 2025 Amount (Millions USD)
Datacenter Hosting	$6.3
Power and Capacity Sales	$4.7
Cryptocurrency Mining	$4.2
Total Operational Revenue	$15.2

Beyond the regular operations, Greenidge Generation Holdings Inc. also booked a significant, non-recurring cash inflow from a strategic asset sale. They closed on the sale of their Mississippi bitcoin mining facility on September 16, 2025, for $3.9 million, subject to adjustments. That cash is aimed at improving liquidity and supporting the balance sheet strategy, which included reducing their senior unsecured notes due in 2026.

So, while the operational revenue totaled $15.2 million, that asset sale provides an extra boost to the cash position, which is crucial when you're managing debt maturities. Finance: draft 13-week cash view by Friday.