Here's Why Bitcoin- And Ethereum-Related Stock Greenidge Generation Is Skyrocketing

Greenidge Generation Holdings Inc GREE shares are trading sharply higher by 22.6% at $10.54 Friday afternoon after the company reported fourth-quarter earnings results during Thursday’s after-hours session.

Greenidge Generation reported fourth-quarter adjusted net income of $7.6 million, along with sales of $44.30 million. Greenidge Generation says cryptocurrency datacenter revenue increased to $33.7 million, up 676% year-over-year. The company produced 609 bitcoins in the fourth quarter.

"Consistent with the estimates we released in February, Greenidge demonstrated another strong quarter of significant revenue growth and substantial Adjusted EBITDA generation," said Jeff Kirt, Chief Executive Officer of Greenidge. "During the quarter, in addition to commencing mining operations at our Spartanburg, SC facility within a week of its acquisition, our operations team continued to execute the deployment of our fleet as scheduled. After just four months of operations, our Spartanburg facility houses approximately 17% of our datacenter capacity."

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

Greenidge Generation has a 52-week high of $60.00 and a 52-week low of $7.01.