Greenidge Generation Holdings Inc. (Gree): Modelo de negócios Canvas [Jan-2025 Atualizado]

No cenário em rápida evolução de ativos digitais e energia sustentável, a Greenidge Generation Holdings Inc. (gree) surge como uma força pioneira, combinando perfeitamente a mineração de criptomoedas com a geração de energia ambientalmente consciente. Ao transformar uma antiga usina a carvão em Dresden, Nova York, em uma instalação de mineração de bitcoin de ponta, a empresa criou um modelo de negócios único que desafia os paradigmas tradicionais de energia e blockchain. Sua abordagem inovadora não apenas fornece serviços competitivos de mineração de criptomoedas, mas também demonstra uma visão convincente de como a tecnologia e a sustentabilidade podem coexistir no ecossistema econômico moderno.

Greenidge Generation Holdings Inc. (Gree) - Modelo de negócios: Parcerias -chave

Fabricantes de hardware de mineração de criptomoedas

A Greenidge Generation possui parcerias com fabricantes de hardware específicos para equipamentos de mineração de Bitcoin:

Fabricante	Tipo de equipamento	Quantidade implantada
Bitmain	Antminer S19 XP	17.200 unidades de mineração a partir do quarto trimestre 2023
Microbt	WhatsMiner M30S ++	2.000 unidades de mineração

Operadores de piscinas de mineração de bitcoin

Greenidge colabora com operadores de mineração para otimizar a eficiência da mineração:

• Foundry Digital (maior parceria do pool de mineração)
• F2POOL
• ViaBTC

Empresas de serviços públicos locais em Nova York

Greenidge tem parcerias estratégicas com os provedores de energia local:

Empresa de serviços públicos	Detalhes da parceria	Capacidade de energia
NYSEG (New York State Electric & Gás)	Contrato de fonte de alimentação	46 MW de capacidade elétrica total

Provedores de tecnologia de energia renovável

As principais parcerias de tecnologia de energia renovável incluem:

• Energia Bloom (tecnologia de células de óxido sólido)
• General Electric (infraestrutura de energia renovável)

Instituições financeiras e parceiros de investimento

As parcerias financeiras e as relações de investimento de Greenidge:

Instituição	Tipo de parceria	Envolvimento financeiro
B. Riley Financial	Capital capital	Linha de crédito de US $ 33 milhões em 2023
Maratona Digital Holdings	Investimento estratégico	Investimento de ações de US $ 10 milhões

Greenidge Generation Holdings Inc. (Gree) - Modelo de negócios: Atividades -chave

Mineração de Bitcoin e validação de blockchain

A partir do quarto trimestre 2023, a geração de Greenidge opera 36.556 máquinas de mineração de bitcoin com uma capacidade total de taxa de hash de 3,3 EH/s. A empresa gerou 1.103 Bitcoin durante 2023, com receita total de mineração de US $ 43,4 milhões.

Equipamento de mineração	Quantidade	Taxa de hash
Antminer S19 XP	24.456 unidades	2.2 EH/S.
Antminer S19 Pro	12.100 unidades	1.1 eh/s

Serviços de hospedagem de criptomoedas

A Greenidge fornece serviços de hospedagem com 36.556 máquinas implantadas em suas instalações, oferecendo capacidade de hospedagem de aproximadamente 3,3 EH/S.

• Infraestrutura total de hospedagem localizada em Dresden, NY
• Capacidade de geração de energia: 106 MW
• Custo de eletricidade: US $ 0,02 a US $ 0,03 por kWh

Gerenciamento de energia e gerenciamento de eletricidade

A empresa opera uma instalação de geração de energia de 106 MW, com 100% da eletricidade proveniente de gás natural. A geração anual de eletricidade em 2023 foi de aproximadamente 824.000 MWh.

Fonte de energia	Capacidade	Geração anual
Gás natural	106 MW	824.000 MWh

Desenvolvimento de infraestrutura de mineração de ativos digitais

As despesas de capital para infraestrutura de mineração em 2023 foram de US $ 12,4 milhões, com foco na expansão e atualização de equipamentos e instalações de mineração.

Implementação de tecnologia de energia sustentável

A Greenidge investiu US $ 3,2 milhões em iniciativas de energia sustentável, direcionando operações neutras em carbono até 2025.

• Compras de compensação de carbono: US $ 1,5 milhão
• Créditos energéticos renováveis: US $ 1,7 milhão

Greenidge Generation Holdings Inc. (Gree) - Modelo de negócios: Recursos -chave

Instalações de mineração de Bitcoin em Dresden, Nova York

A Greenidge Generation opera uma instalação de mineração de energia e bitcoin de 106 acres localizada em Dresden, Nova York. A instalação possui uma capacidade total de geração de energia de 106 MW a partir de 2023.

Atributo da instalação	Especificação
Localização	Dresden, Nova York
Área total do local	106 acres
Capacidade de geração de energia	106 MW
Capacidade de mineração de Bitcoin	1.9 Exahash por segundo (a partir do quarto trimestre 2023)

Hardware avançado de mineração e infraestrutura de computação

Greenidge utiliza hardware de mineração de ponta com as seguintes especificações:

• Máquinas de mineração de Bitcoin Antminer S19 XP
• Frota total de mineração de aproximadamente 36.000 mineiros
• Eficiência média da taxa de hash de 140 petahash por segundo

Experiência em tecnologia blockchain

A empresa mantém uma equipe técnica especializada com experiência em operações de mineração de infraestrutura e criptomoeda em blockchain.

Recursos de geração de energia

Detalhes da geração de energia	Especificação
Tipo de usina	Usina de energia a gás natural
Geração anual de eletricidade	Aproximadamente 400.000 MWh
Poder auto-gerado para mineração	Aproximadamente 80% do consumo total de energia

Sistemas de gerenciamento de ativos digitais

A Greenidge emprega infraestrutura avançada de gerenciamento de ativos digitais com os seguintes recursos:

• Monitoramento de transações de blockchain em tempo real
• Gerenciamento seguro de carteira de criptomoeda
• Protocolos avançados de segurança cibernética
• Sistemas de otimização de mineração automatizados

Greenidge Generation Holdings Inc. (Gree) - Modelo de Negócios: Proposições de Valor

Mineração de criptomoeda ecológica

A geração de Greenidge utiliza Infraestrutura da usina reaproveitada para mineração de bitcoin, com geração de eletricidade 100% neutra em carbono a partir de gás natural. A partir do terceiro trimestre de 2023, a empresa opera uma instalação de 107 megawatts em Dresden, Nova York.

Métrica	Valor
Capacidade total de mineração	1.9 EH/S (Exahash por segundo)
Potencial anual de mineração de bitcoin	Aproximadamente 1.200 bitcoin
Abordagem de neutralidade de carbono	Créditos energéticos 100% renováveis

Operações competitivas de mineração de bitcoin

Greenidge mantém uma vantagem competitiva através da infraestrutura avançada de mineração e estratégias operacionais eficientes.

• Hardware de mineração: modelos XP XP de Antminer S19 da geração mais recente
• Custo de eletricidade: aproximadamente US $ 0,03 a US $ 0,04 por kWh
• Eficiência de mineração: 110 th/s por unidade de mineração

Geração de eletricidade de baixo custo

A empresa aproveita seus recursos de geração de energia para minimizar as despesas operacionais.

Parâmetro de custo	Valor
Custo de produção de eletricidade	$ 0,025- $ 0,035 por kWh
Geração anual de eletricidade	400-450 GWH

Soluções de tecnologia de blockchain sustentáveis

Greenidge integra a sustentabilidade ambiental à infraestrutura de tecnologia blockchain.

• Programa de compensação de carbono: Compromisso 100% de neutralidade de carbono
• Créditos energéticos renováveis: comprado anualmente para neutralizar emissões
• Razão de eficiência energética: 0,1 kWh por TH/s de capacidade de mineração

Serviços flexíveis de hospedagem de ativos digitais

A empresa fornece soluções abrangentes de hospedagem de ativos digitais para mineradores de terceiros.

Parâmetro de serviço	Valor
Capacidade de hospedagem	3.3 EH/s Potencial total
Estrutura de taxas de hospedagem	US $ 0,08 por kWh
Clientes de hospedagem contratados	7 clientes de nível corporativo

Greenidge Generation Holdings Inc. (Gree) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento direto da plataforma digital

No quarto trimestre 2023, a Greenidge Generation mantém uma plataforma digital com 5.200 clientes de mineração de criptomoedas ativas. A plataforma suporta rastreamento de desempenho em tempo real e monitoramento de transações.

Métrica da plataforma	2023 dados
Usuários digitais ativos	5,200
Interações mensais da plataforma	42,300
Duração média da sessão do usuário	23 minutos

Contratos de serviço de mineração de criptomoedas

A Greenidge oferece várias estruturas de contrato para clientes de mineração com acordos de nível de serviço específicos.

• Contrato de mineração padrão: termo de 12 meses
• Contrato de mineração corporativa: termo de 24 meses
• Contratos personalizados de alocação de hashrate

Comunicação e transparência dos investidores

Em 2023, a Greenidge conduziu 18 chamadas de conferência de investidores e publicou relatórios financeiros trimestrais com métricas operacionais detalhadas.

Canal de comunicação do investidor	Frequência anual
Chamadas de ganhos trimestrais	4
Conferências de investidores	6
Reunião Anual dos Acionistas	1

Suporte técnico para clientes de mineração

A Greenidge mantém uma equipe de suporte técnico dedicado com disponibilidade 24/7 para clientes de mineração.

• Equipe de suporte: 12 especialistas técnicos em tempo integral
• Tempo médio de resposta: 17 minutos
• Volume anual de bilhete de suporte: 6.800

Relatórios regulares de desempenho e sustentabilidade

A empresa publica relatórios abrangentes de sustentabilidade e desempenho operacional trimestralmente.

Métrica de relatório	2023 dados
Porcentagem de compensação de carbono	62%
Classificação de eficiência energética	0,095 kWh/th
Frequência do relatório de sustentabilidade	Trimestral

Greenidge Generation Holdings Inc. (Gree) - Modelo de Negócios: Canais

Site corporativo

Canal digital primário: www.greenidge.com

Recurso do site	Funcionalidade
Seção de relações com investidores	Relatórios financeiros trimestrais, registros da SEC
Informações de mineração de Bitcoin	Detalhes operacionais, capacidade de mineração

Plataformas de mineração de criptomoedas

Infraestrutura de mineração primária localizada em Dresden, Nova York

• Capacidade total de mineração: 1,9 EH/S A partir do quarto trimestre 2023
• Taxa de hash de mineração de Bitcoin: 1,9 Exahashes por segundo
• Geração de energia: 106 MW de capacidade de geração de energia

Portais de relações de investidores financeiros

Plataforma	Engajamento do investidor
NASDAQ	Ticker de ações Gree, dados de negociação em tempo real
Sec Edgar	Documentos abrangentes de divulgação financeira

Plataformas de negociação de ativos digitais

Canais de monetização de bitcoin:

• Coinbase
• Binance
• Kraken

Redes diretas de vendas e parcerias

Tipo de parceiro	Foco de colaboração
Maratona Digital Holdings	Colaboração estratégica de mineração de bitcoin
Parceiros de grade de eletricidade	Geração de energia e acordos de distribuição

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

Mineiros de criptomoeda

A partir do quarto trimestre 2023, a geração de Greenidge relatou 1.941 máquinas de mineração de bitcoin implantadas, com uma capacidade total de hash de 106 exahashes por segundo (EH/S).

Característica do segmento	Dados quantitativos
Capacidade total de mineração	106 eh/s
Número de máquinas de mineração	1.941 unidades

Investidores institucionais

A propriedade institucional de Greenidge em dezembro de 2023 era de aproximadamente 31,2% do total de ações em circulação.

• Os principais investidores institucionais incluem o Vanguard Group com 2,4% de propriedade
• BlackRock Inc., com aproximadamente 1,7% das ações

Empresas de tecnologia blockchain

A Greenidge suporta infraestrutura de blockchain com 21,5 MW de capacidade de computação de blockchain dedicada.

Métrica de infraestrutura	Valor
Poder de computação	21,5 MW
Capacidade de suporte de blockchain	Operação contínua

Empresas de investimento em ativos digitais

Greenidge gerou US $ 38,7 milhões em receita de mineração digital para o ano fiscal de 2022.

• Receita de mineração de Bitcoin: US $ 34,2 milhões
• Receita dos Serviços de Hosting de Ativos Digital: US $ 4,5 milhões

Partes interessadas da energia sustentável

A Greenidge opera uma instalação de geração de energia de 106 MW com 75% utilizando gás natural e 25% de fontes renováveis.

Característica energética	Percentagem
Uso de gás natural	75%
Energia renovável	25%

Greenidge Generation Holdings Inc. (Gree) - Modelo de Negócios: Estrutura de Custo

Aquisição de hardware de mineração de bitcoin

A partir do quarto trimestre 2023, a Greenidge Generation relatou os seguintes custos de aquisição de hardware:

Tipo de hardware	Quantidade	Custo por unidade	Investimento total
Antminer S19 Pro	15.300 unidades	$7,500	$114,750,000
Antminer S19 XP	8.700 unidades	$10,200	$88,740,000

Geração e consumo de eletricidade

Redução de custos de eletricidade para operações de mineração de Bitcoin:

• Consumo total de eletricidade: 36 MW
• Custo médio de eletricidade: US $ 0,04 por kWh
• Despesas anuais de eletricidade: US $ 12.614.400
• Eficiência energética de mineração de bitcoin: 38 J/th

Manutenção e operações da instalação

Despesas anuais de manutenção da instalação:

Categoria de manutenção	Custo anual
Manutenção do equipamento	$2,350,000
Sistemas de resfriamento	$1,750,000
Uportagem de infraestrutura	$1,200,000

Investimentos de infraestrutura de tecnologia

Alocação de custos de infraestrutura de tecnologia:

• Infraestrutura de rede: US $ 1.500.000
• Sistemas de segurança cibernética: US $ 850.000
• Recursos de computação em nuvem: US $ 750.000
• Atualizações de data center: US $ 1.100.000

Despesas de conformidade regulatória

Despesas relacionadas à conformidade:

Categoria de conformidade	Custo anual
Permissões ambientais	$450,000
Consultoria legal e regulatória	$750,000
Auditoria e relatórios	$350,000

Greenidge Generation Holdings Inc. (Gree) - Modelo de negócios: fluxos de receita

Recompensas de mineração de Bitcoin

No terceiro trimestre de 2023, a geração de Greenidge relatou 1.006 bitcoin extraído durante o trimestre. A receita média de mineração de Bitcoin foi de aproximadamente US $ 17,3 milhões para o período.

Métrica	Valor
Bitcoin Minerado (Q3 2023)	1.006 BTC
Receita de mineração de Bitcoin	US $ 17,3 milhões

Taxas de hospedagem de criptomoedas

Os serviços de hospedagem geraram aproximadamente US $ 2,1 milhões em receita durante o terceiro trimestre de 2023, com uma capacidade total de hospedagem de 2,3 Exahash.

Métrica de Serviços de Hosting	Valor
Receita de hospedagem (terceiro trimestre 2023)	US $ 2,1 milhões
Capacidade de hospedagem	2.3 Exahash

Vendas de geração de eletricidade

A receita total de geração de eletricidade para 2023 foi de aproximadamente US $ 20,5 milhões, com uma capacidade de geração de energia de 106 MW.

Métrica de geração de eletricidade	Valor
Receita anual de eletricidade	US $ 20,5 milhões
Capacidade de geração de energia	106 MW

Receitas de transação de ativos digitais

As receitas de transações de ativos digitais para 2023 totalizaram aproximadamente US $ 3,5 milhões.

Serviços de infraestrutura de tecnologia

Os serviços de infraestrutura de tecnologia contribuíram com cerca de US $ 1,2 milhão para a receita total em 2023.

Fluxo de receita	2023 Receita
Recompensas de mineração de Bitcoin	US $ 17,3 milhões
Taxas de hospedagem de criptomoedas	US $ 2,1 milhões
Vendas de geração de eletricidade	US $ 20,5 milhões
Receitas de transação de ativos digitais	US $ 3,5 milhões
Serviços de infraestrutura de tecnologia	US $ 1,2 milhão
Receita total	US $ 44,6 milhões

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.