Controversial Bitcoin Miner Greenidge Generation Looks to Raise $22.8 Million
Controversial crypto miner Greenidge Generation is looking to raise up to $22.8 million as part of a Class A common stock offer. As per the company’s SEC filing, the new capital will be used for “paying or refinancing all or a portion of our indebtedness at the time, and funding acquisitions, capital expenditures, and working capital.”
The New York-based miner has entered into a sales agreement with crypto-focused investment bank B. Riley Securities, which will see it take 5% of the sale as commission. The call for investment also coincides with an upheaval in the economics of Bitcoin mining, which has changed dramatically since the asset’s peak in value. Greenidge reported net losses of $107.9 million in its second quarter and also scaled back plans to expand into Texas in August 2022.
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