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United States mining company boosts quarterly revenue by 240%

United States mining company boosts quarterly revenue by 240%

In the first quarter of 2022, Greenidge Generation, a holding company consisting of a cryptocurrency data center and a power generation company, reported a revenue of $37.7 million.

According to the company's report, Greenidge Generation Holdings increased revenue by 240% in the first quarter of 2022 compared to the same time frame in 2021. In the first three months of 2022, the company mined about 561 BTC, earning $23.2 million. In the first three months of 2022, the company mined about 561 BTC, bringing in $23.2 million, representing a 158% increase over the fourth quarter of last year, according to the company's report.

Greenidge Generation owns a hybrid power plant in New York State, where the main mining facilities are located. At the end of March, the company had a fleet of about 19,400 miners with a total hash rate of about 1.6 EH/s.

The company held about $126 million in liquidity, consisting of about $98 million in cash and cryptocurrency assets and about $28 million in defaulted financial obligations. There was also an additional $135 million in deposit at Bitmain.

The report provided operational data for April: about 197 bitcoins were mined during the month, and the number of miners increased by 200.

In March, the company reported raising another $108 million to purchase additional equipment in order to increase its overall hash rate to 4.7 EH/s.

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