Greenidge Generation Holdings Inc. (GREE): Business Model Canvas [Jan-2025 Mise à jour]

Dans le paysage rapide des actifs numériques et de l'énergie durable, Greenidge Generation Holdings Inc. (GREE) apparaît comme une force pionnière, mélangeant de manière transparente l'exploitation de crypto-monnaie avec une production d'électricité soucieuse de l'environnement. En transformant une ancienne centrale au charbon à Dresde, New York, en une installation d'exploitation de bitcoin de pointe, la société a conçu un modèle commercial unique qui remet en question l'énergie traditionnelle et les paradigmes de la blockchain. Leur approche innovante fournit non seulement des services d'extraction de crypto-monnaie compétitifs, mais démontre également une vision convaincante de la façon dont la technologie et la durabilité peuvent coexister dans l'écosystème économique moderne.

Greenidge Generation Holdings Inc. (GREE) - Modèle commercial: partenariats clés

Fabricants de quincailleurs d'extraction de crypto-monnaie

Greenidge Generation a des partenariats avec des fabricants de matériel spécifiques pour l'équipement d'extraction Bitcoin:

Fabricant	Type d'équipement	Quantité déployée
Bitmain	Antmin S19 XP	17 200 unités minières auprès du quatrième trimestre 2023
Microb	Whatsmin M30S ++	2 000 unités minières

Opérateurs de piscine d'extraction de Bitcoin

Greenidge collabore avec les opérateurs de piscine minière pour optimiser l'efficacité minière:

• Foundry Digital (plus grand partenariat de piscine minière)
• F2pool
• ViaTC

Sociétés de services publics locaux à New York

Greenidge a des partenariats stratégiques avec les fournisseurs d'énergie locaux:

Entreprise de services publics	Détails du partenariat	Capacité énergétique
NYSEG (New York State Electric & Gaz)	Accord d'alimentation	46 MW Capacité électrique totale

Fournisseurs de technologies d'énergie renouvelable

Les partenariats clés en technologie des énergies renouvelables comprennent:

• Bloom Energy (technologie de pile à combustible à oxyde solide)
• Général électrique (infrastructure d'énergie renouvelable)

Institutions financières et partenaires d'investissement

Les partenariats financiers de Greenidge et les relations d'investissement:

Institution	Type de partenariat	Implication financière
B. Riley Financial	Levage de capitaux	33 millions de dollars de crédit à partir de 2023
Marathon Digital Holdings	Investissement stratégique	10 millions de dollars d'investissement en actions

Greenidge Generation Holdings Inc. (GREE) - Modèle d'entreprise: activités clés

Bitcoin Mining et Blockchain Validation

Depuis le quatrième trimestre 2023, Greenidge Generation exploite 36 556 machines d'extraction de Bitcoin d'une capacité de taux de hachage totale de 3,3 EH / s. La société a généré 1 103 Bitcoin en 2023, avec un chiffre d'affaires minière total de 43,4 millions de dollars.

Équipement d'exploitation	Quantité	Taux de hachage
Antmin S19 XP	24 456 unités	2.2 eh / s
Antmin S19 Pro	12 100 unités	1.1 eh / s

Services d'hébergement de crypto-monnaie

Greenidge fournit des services d'hébergement avec 36 556 machines déployées dans ses installations, offrant une capacité d'hébergement d'environ 3,3 EH / s.

• Infrastructure d'hébergement totale située à Dresde, NY
• Capacité de production d'électricité: 106 MW
• Coût d'électricité: 0,02 $ - 0,03 $ par kWh

Génération d'électricité et gestion de l'électricité

La société exploite une installation de production d'électricité de 106 MW avec 100% de l'électricité provenant du gaz naturel. La production annuelle d'électricité en 2023 était d'environ 824 000 MWh.

Source d'énergie	Capacité	Génération annuelle
Gaz naturel	106 MW	824 000 MWh

Développement d'infrastructures d'extraction d'actifs numériques

Les dépenses en capital pour les infrastructures minières en 2023 étaient de 12,4 millions de dollars, axée sur l'expansion et la mise à niveau d'équipements et d'installations minières.

Mise en œuvre de la technologie énergétique durable

Greenidge a investi 3,2 millions de dollars dans des initiatives énergétiques durables, ciblant les opérations neutres en carbone d'ici 2025.

• Achats de compensation de carbone: 1,5 million de dollars
• Crédits d'énergie renouvelable: 1,7 million de dollars

Greenidge Generation Holdings Inc. (GREE) - Modèle d'entreprise: Ressources clés

Installations d'exploitation bitcoin à Dresde, New York

Greenidge Generation exploite une installation de production d'électricité de 106 acres et une installation d'exploitation bitcoin située à Dresde, New York. L'installation a une capacité de production d'électricité totale de 106 MW à 2023.

Attribut de l'installation	Spécification
Emplacement	Dresde, New York
Zone totale du site	106 acres
Capacité de production d'électricité	106 MW
Capacité d'exploration de bitcoin	1,9 Exahash par seconde (auprès du quatrième trimestre 2023)

Infrastructure de matériel minier avancé et informatique

Greenidge utilise le matériel minier de pointe avec les spécifications suivantes:

• Machines d'exploration de bitcoin Antmin S19 XP
• Flotte totale minière d'environ 36 000 mineurs
• Efficacité moyenne du taux de hachage de 140 Petahash par seconde

Expertise en technologie de la blockchain

La société maintient une équipe technique spécialisée avec une expertise dans les infrastructures de blockchain et les opérations d'extraction de crypto-monnaie.

Capacités de production d'électricité

Détail de production d'énergie	Spécification
Type de centrale électrique	Centrale au gaz naturel
Production d'électricité annuelle	Environ 400 000 MWh
Puissance auto-générée pour l'exploitation minière	Environ 80% de la consommation d'énergie totale

Systèmes de gestion des actifs numériques

Greenidge utilise une infrastructure avancée de gestion des actifs numériques avec les capacités suivantes:

• Surveillance des transactions blockchain en temps réel
• Gestion de portefeuille de crypto-monnaie sécurisée
• Protocoles avancés de cybersécurité
• Systèmes d'optimisation minière automatisés

Greenidge Generation Holdings Inc. (GREE) - Modèle d'entreprise: propositions de valeur

Extraction de crypto-monnaie respectueuse de l'environnement

Greenidge Generation utilise infrastructure de centrale réutilisée Pour l'extraction du bitcoin, avec une production d'électricité non neutre en carbone à partir de gaz naturel. Au troisième trimestre 2023, la société exploite une installation de 107 mégawatts à Dresde, New York.

Métrique	Valeur
Capacité minière totale	1,9 EH / S (exahash par seconde)
Potentiel d'exploration de bitcoin annuel	Environ 1 200 Bitcoin
Approche de neutralité au carbone	Crédits à 100% d'énergie renouvelable

Opérations de mine de bitcoin compétitives

Greenidge maintient un avantage concurrentiel grâce à une infrastructure minière avancée et à des stratégies opérationnelles efficaces.

• Matériel minier: Modèles XP Antmin S19 de dernière génération
• Coût d'électricité: environ 0,03 $ à 0,04 $ par kWh
• Efficacité minière: 110 th / s par unité minière

Production d'électricité à faible coût

La société tire parti de ses capacités de production d'électricité pour minimiser les dépenses opérationnelles.

Paramètre de coût	Valeur
Coût de production d'électricité	0,025 $ - 0,035 $ par kWh
Production d'électricité annuelle	400-450 GWh

Solutions technologiques de blockchain durables

Greenidge intègre la durabilité environnementale à l'infrastructure technologique blockchain.

• Programme de décalage en carbone: engagement à 100% de neutralité en carbone
• Crédits d'énergie renouvelable: acheté chaque année pour neutraliser les émissions
• Ratio d'efficacité énergétique: 0,1 kWh par th / s de capacité minière

Services d'hébergement d'actifs numériques flexibles

La société propose des solutions complètes d'hébergement d'actifs numériques pour les mineurs tiers.

Paramètre de service	Valeur
Capacité d'hébergement	3,3 Potentiel total EH / S
Hébergement des frais	0,08 $ par kWh
Des clients d'hébergement contractuels	7 clients au niveau de l'entreprise

Greenidge Generation Holdings Inc. (GREE) - Modèle d'entreprise: relations clients

Engagement de la plate-forme numérique directe

Depuis le quatrième trimestre 2023, Greenidge Generation conserve une plate-forme numérique avec 5 200 clients actifs d'extraction de crypto-monnaies. La plate-forme prend en charge le suivi des performances en temps réel et la surveillance des transactions.

Métrique de la plate-forme	2023 données
Utilisateurs numériques actifs	5,200
Interactions de plate-forme mensuelles	42,300
Durée moyenne de la session utilisateur	23 minutes

Contrats de services d'extraction de crypto-monnaie

Greenidge propose plusieurs structures contractuelles pour les clients miniers avec des accords de niveau de service spécifiques.

• Contrat d'extraction standard: durée de 12 mois
• Contrat d'extraction d'entreprise: durée de 24 mois
• Contrats d'allocation de hashrate personnalisés

Communication et transparence des investisseurs

En 2023, Greenidge a organisé 18 conférences téléphoniques sur les investisseurs et publié des rapports financiers trimestriels avec des mesures opérationnelles détaillées.

Canal de communication des investisseurs	Fréquence annuelle
Appels de résultats trimestriels	4
Conférences d'investisseurs	6
Réunion des actionnaires annuelle	1

Support technique pour les clients miniers

Greenidge maintient une équipe de support technique dédiée avec une disponibilité 24h / 24 et 7j / 7 pour les clients miniers.

• Personnel de soutien: 12 spécialistes techniques à temps plein
• Temps de réponse moyen: 17 minutes
• Volume annuel de billets de support: 6 800

Performances régulières et rapports de durabilité

La société publie des rapports complets de durabilité et de performance opérationnelle trimestriellement.

Métrique de rapport	2023 données
Pourcentage de compensation de carbone	62%
Évaluation de l'efficacité énergétique	0,095 kWh / th
Fréquence du rapport de durabilité	Trimestriel

Greenidge Generation Holdings Inc. (GREE) - Modèle d'entreprise: canaux

Site Web de l'entreprise

Canal numérique principal: www.greenidge.com

Fonctionnalité de site Web	Fonctionnalité
Section des relations avec les investisseurs	Rapports financiers trimestriels, dépôts de la SEC
Bitcoin Mining Information	Détails opérationnels, capacité minière

Plates-formes d'exploitation de crypto-monnaie

Infrastructure minière primaire située à Dresde, New York

• Capacité minière totale: 1,9 eh / s au Q4 2023
• Bitcoin Mining Hash Taux: 1,9 Exahashs par seconde
• Génération d'énergie: 106 MW de capacité de production d'électricité

Portails de relations d'investisseurs financiers

Plate-forme	Engagement des investisseurs
Nasdaq	Stock Ticker Gree, données de trading en temps réel
Sec Edgar	Documents de divulgation financière complets

Plates-formes de trading d'actifs numériques

Canaux de monétisation bitcoin:

• Coincement
• Binance
• Kraken

Réseaux de ventes directes et de partenariat

Type de partenaire	Focus de la collaboration
Marathon Digital Holdings	Collaboration stratégique de l'exploitation bitcoin
Partenaires du réseau électrique	Accords de production d'électricité et de distribution

Greenidge Generation Holdings Inc. (GREE) - Modèle d'entreprise: segments de clientèle

Mineurs de crypto-monnaie

Depuis le quatrième trimestre 2023, Greenidge Generation a rapporté 1 941 machines d'extraction de Bitcoin déployées, avec une capacité de taux de hachage totale de 106 exahashs par seconde (eh / s).

Caractéristique du segment	Données quantitatives
Capacité minière totale	106 eh / s
Nombre de machines minières	1 941 unités

Investisseurs institutionnels

La propriété institutionnelle de Greenidge en décembre 2023 représentait environ 31,2% du total des actions en circulation.

• Les principaux investisseurs institutionnels incluent Vanguard Group avec une propriété de 2,4%
• BlackRock Inc. détient environ 1,7% des actions

Blockchain Technology Companies

Greenidge prend en charge l'infrastructure blockchain avec 21,5 MW de capacité informatique de blockchain dédiée.

Métrique d'infrastructure	Valeur
Alimentation informatique	21,5 MW
Capacité de support blockchain	Opération continue

Sociétés d'investissement d'actifs numériques

Greenidge a généré 38,7 millions de dollars de revenus minières numériques pour l'exercice 2022.

• Bitcoin Mining Revenue: 34,2 millions de dollars
• Revenus de services d'hébergement d'actifs numériques: 4,5 millions de dollars

Parties prenantes de l'énergie durable

Greenidge exploite une installation de production d'électricité de 106 MW avec 75% en utilisant du gaz naturel et 25% de sources renouvelables.

Caractéristique énergétique	Pourcentage
Utilisation du gaz naturel	75%
Énergie renouvelable	25%

Greenidge Generation Holdings Inc. (GREE) - Modèle d'entreprise: Structure des coûts

Acquisition de matériel d'exploitation bitcoin

Au quatrième trimestre 2023, Greenidge Generation a rapporté les coûts d'acquisition de matériel suivants:

Type de matériel	Quantité	Coût par unité	Investissement total
Antmin S19 Pro	15 300 unités	$7,500	$114,750,000
Antmin S19 XP	8 700 unités	$10,200	$88,740,000

Production et consommation d'électricité

Répartition des coûts d'électricité pour les opérations d'extraction de Bitcoin:

• Consommation totale d'électricité: 36 MW
• Coût d'électricité moyen: 0,04 $ par kWh
• Dépenses d'électricité annuelles: 12 614 400 $
• Bitcoin Mining Efficacité énergétique: 38 J / Th

Entretien et opérations des installations

Frais de maintenance des installations annuelles:

Catégorie de maintenance	Coût annuel
Entretien de l'équipement	$2,350,000
Systèmes de refroidissement	$1,750,000
Entretien des infrastructures	$1,200,000

Investissements infrastructures technologiques

Infrastructure technologique Allocation des coûts:

• Infrastructure réseau: 1 500 000 $
• Systèmes de cybersécurité: 850 000 $
• Ressources de cloud computing: 750 000 $
• Mises à niveau du centre de données: 1 100 000 $

Frais de conformité réglementaire

Dépenses liées à la conformité:

Catégorie de conformité	Coût annuel
Permis environnementaux	$450,000
Conseil juridique et réglementaire	$750,000
Audit et rapport	$350,000

Greenidge Generation Holdings Inc. (GREE) - Modèle d'entreprise: Strots de revenus

Récompenses d'exploration de bitcoin

Au troisième trimestre 2023, Greenidge Generation a rapporté 1 006 bitcoin miné au cours du trimestre. Les revenus moyens de l'exploitation bitcoin étaient d'environ 17,3 millions de dollars pour la période.

Métrique	Valeur
Bitcoin miné (Q3 2023)	1 006 BTC
Bitcoin Mining Revenue	17,3 millions de dollars

Frais d'hébergement de crypto-monnaie

Les services d'hébergement ont généré environ 2,1 millions de dollars de revenus au cours du troisième trimestre 2023, avec une capacité d'hébergement totale de 2,3 Exahash.

Métrique des services d'hébergement	Valeur
Hébergement des revenus (TC 2023)	2,1 millions de dollars
Capacité d'hébergement	2.3 Exahash

Ventes de production d'électricité

Le chiffre d'affaires total de la production d'électricité pour 2023 était d'environ 20,5 millions de dollars, avec une capacité de production d'électricité de 106 MW.

Métrique de la production d'électricité	Valeur
Revenus électriques annuels	20,5 millions de dollars
Capacité de production d'électricité	106 MW

Revenus de transaction d'actifs numériques

Les revenus des transactions d'actifs numériques pour 2023 ont totalisé environ 3,5 millions de dollars.

Services d'infrastructure technologique

Les services d'infrastructure technologique ont contribué à 1,2 million de dollars estimé à un chiffre d'affaires total en 2023.

Flux de revenus	Revenus de 2023
Récompenses d'exploration de bitcoin	17,3 millions de dollars
Frais d'hébergement de crypto-monnaie	2,1 millions de dollars
Ventes de production d'électricité	20,5 millions de dollars
Revenus de transaction d'actifs numériques	3,5 millions de dollars
Services d'infrastructure technologique	1,2 million de dollars
Revenus totaux	44,6 millions de dollars

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.