Why Bitcoin- And Ethereum-Related Stock Greenidge Generation Is Rising

Greenidge Generation Holdings Inc GREE shares are trading higher by 7.95% at $5.57 after the company reported first-quarter earnings results.

Greenidge Generation reported quarterly losses of 1 cent. The company also reported $37.70 million in sales this quarter. This is a 241% increase over sales of $11.06 million in the same period last year.

“Consistent with the estimates we released on April 21, Greenidge demonstrated another strong quarter of significant revenue growth and substantial Adjusted EBITDA generation,” said Jeff Kirt, Chief Executive Officer of Greenidge. 

“In addition to announcing our quarterly results today, we have begun reporting monthly operational statistics. Our April results were highlighted by production of 197 bitcoin from 1.6 EH/s of hashrate capacity as we continue to expand capacity at our South Carolina facility.”

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Greenidge Generation owns a vertically integrated bitcoin mining and power generation facility located in the Town of Torrey, New York.

According to data from Benzinga Pro, Greenidge Generation has a 52-week high of $60.00 and a 52-week low of $4.31.