Greenidge Generation Holdings Inc. (GREE): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama en rápida evolución de los activos digitales y la energía sostenible, Greenidge Generation Holdings Inc. (Gree) emerge como una fuerza pionera, combinando sin problemas la minería de criptomonedas con generación de energía ambientalmente consciente. Al transformar una antigua planta de energía a carbón en Dresde, Nueva York, en una instalación de minería de bitcoin de vanguardia, la compañía ha creado un modelo de negocio único que desafía la energía tradicional y los paradigmas de blockchain. Su enfoque innovador no solo proporciona servicios de minería de criptomonedas competitivas, sino que también demuestra una visión convincente de cómo la tecnología y la sostenibilidad pueden coexistir en el ecosistema económico moderno.

Greenidge Generation Holdings Inc. (Gree) - Modelo de negocios: asociaciones clave

Fabricantes de hardware de minería de criptomonedas

Greenidge Generation tiene asociaciones con fabricantes de hardware específicos para equipos de minería de Bitcoin:

Fabricante	Tipo de equipo	Cantidad desplegada
Bitmain	Antminer S19 XP	17.200 unidades mineras a partir del cuarto trimestre 2023
Microbt	WhatsMiner M30S ++	2,000 unidades mineras

Operadores de piscina minera de bitcoin

Greenidge colabora con operadores de piscinas mineras para optimizar la eficiencia minera:

• Foundry Digital (Asociación de Pool de Minería más grande)
• F2POOL
• ViaBTC

Empresas de servicios públicos locales en Nueva York

Greenidge tiene asociaciones estratégicas con proveedores de energía locales:

Empresa de servicios públicos	Detalles de la asociación	Capacidad energética
NYSEG (Electric del Estado de Nueva York & Gas)	Acuerdo de suministro de energía	Capacidad eléctrica total de 46 MW

Proveedores de tecnología de energía renovable

Las asociaciones clave de tecnología de energía renovable incluyen:

• Bloom Energy (tecnología de pila de combustible de óxido sólido)
• General Electric (infraestructura de energía renovable)

Instituciones financieras y socios de inversión

Las asociaciones financieras y las relaciones de inversión de Greenidge:

Institución	Tipo de asociación	Participación financiera
B. Riley Financial	Recaudación de capital	Capacidad de crédito de $ 33 millones a partir de 2023
Maratón Digital Holdings	Inversión estratégica	$ 10 millones de inversión de renta variable

Greenidge Generation Holdings Inc. (Gree) - Modelo de negocio: actividades clave

Bitcoin Mining y validación de blockchain

A partir del cuarto trimestre de 2023, Greenidge Generation opera 36,556 máquinas mineras de bitcoin con una capacidad de tasa de hash total de 3.3 eh/s. La compañía generó 1.103 bitcoin durante 2023, con ingresos mineros totales de $ 43.4 millones.

Equipo minero	Cantidad	Tasa de hash
Antminer S19 XP	24,456 unidades	2.2 eh/s
Antminer S19 Pro	12,100 unidades	1.1 eh/s

Servicios de alojamiento de criptomonedas

Greenidge ofrece servicios de alojamiento con 36,556 máquinas desplegadas en sus instalaciones, ofreciendo una capacidad de alojamiento de aproximadamente 3.3 eh/s.

• Infraestructura de alojamiento total ubicada en Dresde, NY
• Capacidad de generación de energía: 106 MW
• Costo de electricidad: $ 0.02- $ 0.03 por kWh

Generación de energía y gestión de electricidad

La compañía opera una instalación de generación de energía de 106 MW con el 100% de la electricidad de gas natural. La generación de electricidad anual en 2023 fue de aproximadamente 824,000 MWh.

Fuente de energía	Capacidad	Generación anual
Gas natural	106 MW	824,000 MWH

Desarrollo de infraestructura de minería de activos digitales

El gasto de capital para la infraestructura minera en 2023 fue de $ 12.4 millones, centrándose en expandir y actualizar equipos e instalaciones mineras.

Implementación de tecnología energética sostenible

Greenidge ha invertido $ 3.2 millones en iniciativas de energía sostenible, dirigida a operaciones neutrales en carbono para 2025.

• Compras de compensación de carbono: $ 1.5 millones
• Créditos de energía renovable: $ 1.7 millones

Greenidge Generation Holdings Inc. (Gree) - Modelo de negocio: recursos clave

Instalaciones de minería de Bitcoin en Dresde, Nueva York

Greenidge Generation opera una instalación de minería de potencia y generación de energía de 106 acres ubicada en Dresden, Nueva York. La instalación tiene una capacidad de generación de energía total de 106 MW a partir de 2023.

Atributo de instalación	Especificación
Ubicación	Dresde, Nueva York
Área total del sitio	106 acres
Capacidad de generación de energía	106 MW
Capacidad minera de bitcoin	1.9 Exahash por segundo (a partir del cuarto trimestre 2023)

Infraestructura de hardware e informática de minería avanzada

Greenidge utiliza hardware minero de última generación con las siguientes especificaciones:

• Máquinas de minería de bitcoin antminer S19 XP
• Flota minera total de aproximadamente 36,000 mineros
• Eficiencia promedio de la tasa de hash de 140 Petahash por segundo

Experiencia en tecnología blockchain

La compañía mantiene un equipo técnico especializado con experiencia en infraestructura de blockchain y operaciones mineras de criptomonedas.

Capacidades de generación de energía

Detalle de generación de energía	Especificación
Tipo de planta de energía	Planta de energía a gas natural
Generación de electricidad anual	Aproximadamente 400,000 MWh
Potencia autogenerada para la minería	Aproximadamente el 80% del consumo de energía total

Sistemas de gestión de activos digitales

Greenidge emplea la infraestructura avanzada de gestión de activos digitales con las siguientes capacidades:

• Monitoreo de transacciones blockchain en tiempo real
• Gestión segura de la billetera de criptomonedas
• Protocolos avanzados de ciberseguridad
• Sistemas de optimización de minería automatizada

Greenidge Generation Holdings Inc. (Gree) - Modelo de negocio: propuestas de valor

Minería de criptomonedas ecológica

Greenidge Generation utiliza Infraestructura de planta de energía reutilizada Para la minería de bitcoin, con generación de electricidad al 100% de carbono neutral a partir de gas natural. A partir del tercer trimestre de 2023, la compañía opera una instalación de 107 megavatios en Dresde, Nueva York.

Métrico	Valor
Capacidad minera total	1.9 eh/s (exahash por segundo)
Potencial de minería bitcoin anual	Aproximadamente 1,200 bitcoin
Enfoque de neutralidad de carbono	Créditos de energía renovable 100%

Operaciones de minería de bitcoin competitivas

Greenidge mantiene una ventaja competitiva a través de una infraestructura minera avanzada y estrategias operativas eficientes.

• Hardware de minería: modelos Antminer S19 XP de última generación
• Costo de electricidad: aproximadamente $ 0.03- $ 0.04 por kWh
• Eficiencia minera: 110 th/s por unidad minera

Generación de electricidad de bajo costo

La compañía aprovecha sus capacidades de generación de energía para minimizar los gastos operativos.

Parámetro de costo	Valor
Costo de producción de electricidad	$ 0.025- $ 0.035 por kWh
Generación de electricidad anual	400-450 GWH

Soluciones de tecnología de blockchain sostenible

Greenidge integra la sostenibilidad ambiental con la infraestructura de tecnología blockchain.

• Programa de compensación de carbono: compromiso de neutralidad de carbono 100%
• Créditos de energía renovable: comprado anualmente para neutralizar las emisiones
• Relación de eficiencia energética: 0.1 kWh por TH/s de capacidad minera

Servicios de alojamiento de activos digitales flexibles

La compañía proporciona soluciones completas de alojamiento de activos digitales para mineros de terceros.

Parámetro de servicio	Valor
Capacidad de alojamiento	3.3 Potencial total EH/S
Estructura de tarifas de alojamiento	$ 0.08 por kWh
Clientes de alojamiento contratados	7 clientes de nivel empresarial

Greenidge Generation Holdings Inc. (Gree) - Modelo de negocios: relaciones con los clientes

Compromiso de plataforma digital directa

A partir del cuarto trimestre de 2023, Greenidge Generation mantiene una plataforma digital con 5.200 clientes activos de minería de criptomonedas. La plataforma admite el seguimiento de rendimiento en tiempo real y el monitoreo de transacciones.

Métrica de plataforma	2023 datos
Usuarios digitales activos	5,200
Interacciones de plataforma mensuales	42,300
Duración promedio de la sesión del usuario	23 minutos

Contratos de servicio minero de criptomonedas

Greenidge ofrece múltiples estructuras contractuales para clientes mineros con acuerdos de nivel de servicio específicos.

• Contrato de minería estándar: plazo de 12 meses
• Contrato de minería empresarial: plazo de 24 meses
• Contratos de asignación de hashrate personalizados

Comunicación y transparencia de los inversores

En 2023, Greenidge realizó 18 llamadas de conferencia de inversores y publicó informes financieros trimestrales con métricas operativas detalladas.

Canal de comunicación de inversores	Frecuencia anual
Llamadas de ganancias trimestrales	4
Conferencias de inversores	6
Reunión anual de accionistas	1

Soporte técnico para clientes mineros

Greenidge mantiene un equipo de soporte técnico dedicado con disponibilidad 24/7 para clientes mineros.

• Personal de apoyo: 12 especialistas técnicos a tiempo completo
• Tiempo de respuesta promedio: 17 minutos
• Volumen anual de boletos de soporte: 6,800

Informes regulares de rendimiento e sostenibilidad

La compañía publica informes integrales de sostenibilidad y rendimiento operativo trimestralmente.

Métrica de informes	2023 datos
Porcentaje de compensación de carbono	62%
Calificación de eficiencia energética	0.095 kWh/th
Frecuencia de informe de sostenibilidad	Trimestral

Greenidge Generation Holdings Inc. (Gree) - Modelo de negocio: canales

Sitio web corporativo

Canal digital primario: www.greenidge.com

Característica del sitio web	Funcionalidad
Sección de relaciones con los inversores	Informes financieros trimestrales, presentaciones de la SEC
Información minera de bitcoin	Detalles operativos, capacidad minera

Plataformas de minería de criptomonedas

Infraestructura minera primaria ubicada en Dresde, Nueva York

• Capacidad minera total: 1.9 eh/s a partir del cuarto trimestre 2023
• Bitcoin Mining Hash Tasa: 1.9 Exahashes por segundo
• Generación de energía: 106 MW de capacidad de generación de energía

Portales de relaciones con inversores financieros

Plataforma	Compromiso de los inversores
Nasdaq	Stock Ticker Gree, datos comerciales en tiempo real
Sec Edgar	Documentos integrales de divulgación financiera

Plataformas de comercio de activos digitales

Canales de monetización de Bitcoin:

• Coinbase
• Binance
• Kraken

Redes directas de ventas y asociaciones

Tipo de socio	Enfoque de colaboración
Maratón Digital Holdings	Colaboración estratégica de minería bitcoins
Socios de la red eléctrica	Acuerdos de generación de energía y distribución

Greenidge Generation Holdings Inc. (Gree) - Modelo de negocio: segmentos de clientes

Mineros de criptomonedas

A partir del cuarto trimestre de 2023, Greenidge Generation reportó 1.941 máquinas mineras de bitcoin desplegadas, con una capacidad de tasa de hash total de 106 exahashes por segundo (EH/s).

Característica de segmento	Datos cuantitativos
Capacidad minera total	106 eh/s
Número de máquinas mineras	1.941 unidades

Inversores institucionales

La propiedad institucional de Greenidge a diciembre de 2023 era de aproximadamente el 31.2% del total de acciones en circulación.

• Los principales inversores institucionales incluyen Vanguard Group con 2.4% de propiedad
• BlackRock Inc. posee aproximadamente el 1.7% de las acciones

Empresas de tecnología blockchain

Greenidge admite la infraestructura de blockchain con 21.5 MW de capacidad informática de blockchain dedicada.

Infraestructura métrica	Valor
Potencia informática	21.5 MW
Capacidad de soporte de blockchain	Operación continua

Empresas de inversión de activos digitales

Greenidge generó $ 38.7 millones en ingresos mineros digitales para el año fiscal 2022.

• Ingresos mineros de Bitcoin: $ 34.2 millones
• Ingresos de servicios de alojamiento de activos digitales: $ 4.5 millones

Partes interesadas de energía sostenibles

Greenidge opera una instalación de generación de energía de 106 MW con un 75% utilizando gas natural y 25% de fuentes renovables.

Característica de energía	Porcentaje
Uso de gas natural	75%
Energía renovable	25%

Greenidge Generation Holdings Inc. (Gree) - Modelo de negocio: Estructura de costos

Adquisición de hardware de minería bitcoin

A partir del cuarto trimestre de 2023, Greenidge Generation informó los siguientes costos de adquisición de hardware:

Tipo de hardware	Cantidad	Costo por unidad	Inversión total
Antminer S19 Pro	15,300 unidades	$7,500	$114,750,000
Antminer S19 XP	8.700 unidades	$10,200	$88,740,000

Generación y consumo de electricidad

Desglose de costos de electricidad para operaciones mineras de bitcoin:

• Consumo total de electricidad: 36 MW
• Costo promedio de electricidad: $ 0.04 por kWh
• Gastos de electricidad anual: $ 12,614,400
• Eficiencia energética minera de bitcoin: 38 j/th

Mantenimiento y operaciones de las instalaciones

Gastos anuales de mantenimiento de la instalación:

Categoría de mantenimiento	Costo anual
Mantenimiento del equipo	$2,350,000
Sistemas de enfriamiento	$1,750,000
Mantenimiento de la infraestructura	$1,200,000

Inversiones de infraestructura tecnológica

Asignación de costos de infraestructura tecnológica:

• Infraestructura de red: $ 1,500,000
• Sistemas de ciberseguridad: $ 850,000
• Recursos de computación en la nube: $ 750,000
• Actualizaciones del centro de datos: $ 1,100,000

Gastos de cumplimiento regulatorio

Gastos relacionados con el cumplimiento:

Categoría de cumplimiento	Costo anual
Permisos ambientales	$450,000
Consultoría legal y regulatoria	$750,000
Auditoría e informes	$350,000

Greenidge Generation Holdings Inc. (Gree) - Modelo de negocio: flujos de ingresos

Recompensas de minería de bitcoin

A partir del tercer trimestre de 2023, Greenidge Generation reportó 1.006 bitcoin extraído durante el trimestre. Los ingresos promedio de la minería de Bitcoin fueron de aproximadamente $ 17.3 millones para el período.

Métrico	Valor
Bitcoin Mined (tercer trimestre de 2023)	1.006 BTC
Ingresos mineros de Bitcoin	$ 17.3 millones

Tasas de alojamiento de criptomonedas

Los servicios de alojamiento generaron aproximadamente $ 2.1 millones en ingresos durante el tercer trimestre de 2023, con una capacidad de alojamiento total de 2.3 Exahash.

Métrica de servicios de alojamiento	Valor
Alojamiento de ingresos (tercer trimestre 2023)	$ 2.1 millones
Capacidad de alojamiento	2.3 Exahash

Ventas de generación de electricidad

Los ingresos totales de generación de electricidad para 2023 fueron de aproximadamente $ 20.5 millones, con una capacidad de generación de energía de 106 MW.

Métrica de generación de electricidad	Valor
Ingresos anuales de electricidad	$ 20.5 millones
Capacidad de generación de energía	106 MW

Ingresos de transacciones de activos digitales

Los ingresos por transacciones de activos digitales para 2023 totalizaron aproximadamente $ 3.5 millones.

Servicios de infraestructura tecnológica

Los servicios de infraestructura tecnológica contribuyeron con un estimado de $ 1.2 millones a los ingresos totales en 2023.

Flujo de ingresos	2023 ingresos
Recompensas de minería de bitcoin	$ 17.3 millones
Tasas de alojamiento de criptomonedas	$ 2.1 millones
Ventas de generación de electricidad	$ 20.5 millones
Ingresos de transacciones de activos digitales	$ 3.5 millones
Servicios de infraestructura tecnológica	$ 1.2 millones
Ingresos totales	$ 44.6 millones

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.