Greenidge Generation Holdings Inc. (GREE): Business Model Canvas [Dec-2025 Updated]

You're looking to cut through the noise and see the real mechanics of Greenidge Generation Holdings Inc.'s business model as of late 2025, and honestly, it all hinges on their unique vertical integration. Forget just mining; this company runs a 110MW natural gas plant in Dresden, NY, which lets them act as a power shock absorber for the grid while simultaneously fueling their own operations, which generated $4.2 million from mining in Q3 2025 alongside $6.3 million from hosting. To truly grasp how they balance this power play with managing their remaining $38.0 million in senior unsecured debt, you need to see the full nine-block breakdown below, detailing everything from their NYISO contracts to their efficiency gains down to 21.3 J/TH. Keep reading; this is where the strategy becomes clear.

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

You're looking at the critical relationships Greenidge Generation Holdings Inc. (GREE) maintains to fuel its dual-purpose power generation and datacenter operations as of late 2025. These partnerships are key to managing regulatory compliance, ensuring fuel supply, and monetizing power assets.

NYSDEC for the five-year Title V Air Permit agreement

The agreement with the New York State Department of Environmental Conservation (NYSDEC) for the five-year renewal of the Title V Air Permit for the Dresden facility, announced November 7, 2025, is foundational for continued operation. This settlement ends prior litigation.

The terms mandate significant environmental performance improvements:

• 44% reduction in permitted greenhouse-gas emissions by 2030.
• 25% reduction from actual emissions by 2030.

These targets exceed the Climate Leadership Community Protection Act (CLCPA) statewide goal of a 40% reduction by 2030. Greenidge Generation has invested over $100 million in facility modernization since acquiring the former coal-fired plant in 2016. The Dresden facility has a capacity between 106 to 108 megawatts. Greenidge noted it can curtail cryptocurrency mining operations within minutes to direct more power to the local grid.

NYISO (New York Independent System Operator) for power grid sales

Greenidge Generation Holdings Inc. provides electricity to the upstate New York grid under an operating agreement with the New York Independent System Operator (NYISO). This segment is a growing revenue driver.

Here's how power and capacity sales performed recently:

The company's commitment to grid reliability is clear; they regularly increase power supply during high-demand times. As of July 31, 2021, Greenidge had approximately 63 MW of capacity available for sale into the NYISO system.

Natural gas suppliers for low-cost fuel access

The Dresden facility runs on natural gas, making fuel sourcing a critical partnership area. Greenidge purchases gas through a third-party provider and contracts directly with Empire Pipeline Inc. for transportation. This contract provides for the transportation of up to 15,000 dekatherms of natural gas per day. Greenidge also has contracts with Emera Energy for both gas purchase and electricity bidding through the NYISO. The strategy involves procuring the majority of gas at spot prices while using fixed-price forward contracts to partially mitigate commodity price volatility.

Datacenter developers for potential South Carolina property sale/development

Greenidge Generation Holdings Inc. has been actively reshaping its asset base, which involved its Spartanburg, South Carolina property. The initial Purchase and Sale Agreement with Data Journey LLC, dated November 27, 2024, involved selling approximately 152 acres and power rights for $12.1 million in cash plus an 8 percent profit participation interest in the planned data center project. This agreement was terminated by Data Journey LLC on August 24, 2025, though Greenidge retained non-refundable deposits totaling $400,000. The original purchase price for the broader site in 2021 was $15 million. Following the termination, Greenidge is exploring new opportunities, including a deal with a subsidiary of Lightstone Group for the 152 acres and rights to 60 MW of future electrical service. This potential deal includes an initial cash payment of $18 million at closing, with up to an additional $18 million tied to future energization above initial capacity before the end of 2030, backed by a $1.5 million non-refundable escrow deposit.

US Digital Mining Mississippi LLC, buyer of the 7.5MW facility

Greenidge completed a strategic divestiture of a non-core asset to improve liquidity. Greenidge Mississippi LLC entered into an Asset Purchase Agreement (APA) on August 1, 2025, to sell certain assets comprising the Mississippi Facility to US Digital Mining Mississippi LLC, a subsidiary of LM Funding America, Inc. The transaction closed on September 16, 2025. The facility sold was a 7.5MW operational site.

The reported consideration varies slightly across filings:

• One source states the consideration was $3.9 million in cash.
• The APA filing states an aggregate purchase price of $4.2 million in cash.

This sale was part of a broader effort that also saw Greenidge reduce its senior unsecured 2026 debt obligations by 47.2% to $38.0 million as of the Q3 2025 report.

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

You're looking at the core engine room of Greenidge Generation Holdings Inc. as of late 2025. The key activities are a mix of power generation, digital asset operations, and aggressive financial restructuring. It's all about managing the integrated power-to-compute model while cleaning up the balance sheet.

Operating the Natural Gas Power Plant in Dresden, NY

The Dresden, NY facility remains central, operating as a quick-dispatch power generator under a required agreement with the New York Independent System Operator (NYISO). This means Greenidge Generation Holdings Inc. must supply power to the local grid daily, a commitment that has seen significant execution, especially during peak demand events. For instance, during a June 2025 heatwave, the facility delivered 99.5% of its electrical production to the grid on one day to meet surging demand. The facility is retrofitted and has a stated capacity in the range of 106 to 108 megawatts.

The revenue derived from this grid support activity is a key component of the overall business structure:

• Power and capacity revenue for Q3 2025 reached $4.7 million.
• The facility's ability to ramp up power to the grid now takes only minutes, a significant improvement from the prior 14 hours.

Vertically Integrated Bitcoin Self-Mining Operations

Greenidge Generation Holdings Inc. runs its own cryptocurrency mining fleet, leveraging the power generated at its facilities. This activity is constantly being optimized for efficiency, which is critical when managing operational costs against volatile crypto prices. The focus is clearly on deploying more efficient hardware.

Here's a look at the operational metrics as of the third quarter of 2025:

The improvement in efficiency to 21.3 J/TH from 23.7 J/TH in the prior quarter shows active management of the mining fleet.

Providing Datacenter Hosting Services to Third Parties

Beyond self-mining, Greenidge Generation Holdings Inc. monetizes its infrastructure by hosting third-party digital asset operations. This provides a more stable, contract-based revenue stream compared to self-mining revenue alone. This hosting segment is a major contributor to total revenue.

For the third quarter ending September 30, 2025, the hosting segment performed well:

• Datacenter hosting revenue was $6.3 million in Q3 2025.
• This represented an improvement of $0.3 million from the $6.0 million reported in Q2 2025.

Actively Managing and Reducing Senior Unsecured Debt

A primary focus has been deleveraging the balance sheet through strategic debt management activities, specifically targeting the senior unsecured notes due in October 2026. Greenidge Generation Holdings Inc. has been very active in tender and exchange offers to retire this debt at a discount.

The progress on this front is substantial:

• Senior unsecured debt due October 2026 stands at $38.0 million as of Q3 2025.
• This represents a 47.2% reduction from the original aggregate principal amount of $72.2 million.
• The debt level at the end of Q2 2025 was $58.3 million, meaning a reduction of $20.3 million occurred between the end of Q2 and the end of Q3 2025.

The company has completed three public tender/exchange offers to achieve this reduction.

Infrastructure Development for New 44 MW Capacity in Mississippi

Greenidge Generation Holdings Inc. has been engaged in developing future power capacity, specifically targeting 44 MW of additional low-cost power access in Mississippi, with a target date of July 2026. This was tied to the purchase of a 37-acre site in that state. However, the strategy for the existing Mississippi presence has recently shifted. The company announced and subsequently closed the sale of its existing Mississippi mining facility.

Key figures related to the Mississippi asset transition:

So, while the existing asset was divested for $3.9 million, the strategic activity continues with the pursuit of the 44 MW development opportunity.

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

You're looking at the core assets Greenidge Generation Holdings Inc. (GREE) relies on to run its vertically integrated power generation and datacenter business. These aren't just line items; they are the physical and regulatory foundations of their operation as of late 2025.

The physical infrastructure is centered around the Dresden, New York facility, which is a significant asset in the Upstate New York energy landscape. This plant is the engine that powers both their own digital asset mining and provides essential supply back to the grid.

Here's a breakdown of the hard assets and critical permissions that define their resource base:

• Wholly-owned 110MW natural gas power plant in Dresden, New York.
• Title V Air Permit renewal secured in November 2025, guaranteeing five years of continued operation in New York State.
• Access to low-cost natural gas supply in Upstate New York, leveraging the facility's native energy source.

The digital asset operations are scaled by the efficiency of their mining fleet and the total computational power deployed. Efficiency gains are crucial for managing operational costs in this sector.

Here's a table summarizing the key quantitative operational resources found in their recent filings and updates:

The continuous improvement in energy efficiency is a direct result of strategic hardware deployment. For example, the fleet efficiency improved from 27.1 J/TH as of September 30, 2024, to the latest reported figure. This focus on efficiency helps manage the variable cost of energy, which is a major component of their operating expenses.

Also, remember the dual-purpose nature of the Dresden site is a key resource in itself. It acts as a shock absorber for the New York Independent System Operator (NYISO) grid, capable of ramping up high-power supply in minutes, a capability that took approximately 14 hours before their crypto operations were integrated. This grid reliability service generates a distinct revenue stream.

• Grid Power Supply Capability: Ramps up to high-power supply in minutes.
• Power and Capacity Revenue (Q3 2025): $4.7 million.
• Total Bitcoin Production (Q3 2025): 95 BTC.

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:

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:

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:

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.

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:

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:

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:

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:

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:

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).

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:

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.