Website: [greenidge.com](https://greenidge.com) ### Introduction Greenidge Generation Holdings Inc. is a vertically integrated cryptocurrency mining and power generation company founded in 2021 through a merger that transformed a legacy power plant into a modern bitcoin mining operation. Headquartered in Dresden, New York, Greenidge operates a facility originally built in the 1930s as a coal-fired plant, later converted to natural gas. The company does not publicly disclose its exact employee count, but as a publicly traded entity listed on NASDAQ under the ticker symbol GREE, it has garnered attention for its dual focus on energy production and cryptocurrency mining. Its mission, as stated on its website, centers on being exceptional stewards in energy, environment, and economic growth, aiming to balance profitable bitcoin mining with environmental responsibility through clean energy practices and compliance with strict regulations ([greenidge.com](https://greenidge.com/our-story)). Greenidge’s unique model leverages its own power generation capabilities to fuel energy-intensive bitcoin mining operations, positioning it as a pioneer in vertically integrated crypto mining. The company has faced both opportunities and challenges, including regulatory scrutiny and community pushback in New York State over environmental concerns, while also pursuing expansion and operational efficiencies. This report compiles the latest available data to provide a comprehensive overview of Greenidge’s operations, financials, and strategic direction. ### Key Products and Technology Greenidge’s primary operations revolve around two interconnected areas: power generation and bitcoin mining. Below are details of its key offerings and technologies: - **Power Generation Facility (Natural Gas Plant)** - **Type**: Natural gas-fired power plant - **Technical Specifications**: The Dresden, NY facility has a capacity of approximately 106 MW, though not all capacity is dedicated to mining at all times; a portion supports the local grid. - **Fuel Type or Energy Source**: Natural gas, converted from coal in 2017, with a focus on modern emissions controls. - **Key Differentiators**: Direct integration with bitcoin mining operations reduces reliance on external power sources, potentially lowering costs. Greenidge claims to offset carbon emissions through voluntary purchases from U.S. greenhouse gas reduction projects. - **Development Stage**: Operational since its conversion to natural gas; continuously active in power generation and grid support. - **Target Customers**: Local utilities and grid operators via the New York Independent System Operator (NYISO), alongside internal use for mining. - **Bitcoin Mining Operations (ASIC Miners)** - **Type**: Cryptocurrency mining using Application-Specific Integrated Circuits (ASICs) - **Technical Specifications**: Specific hashrate figures for 2025 are not publicly available in recent data; however, Greenidge reported mining updates for Q2 and July 2024, indicating active operations with latest-generation miners noted for efficiency over twice that of older models ([ir.greenidge.com](https://ir.greenidge.com/news-releases/news-release-details/greenidge-provides-bitcoin-production-update)). - **Fuel Type or Energy Source**: Powered by on-site natural gas plant, supplemented by grid power as needed. - **Key Differentiators**: Vertical integration with its own power source offers cost control and operational resilience; emphasis on newer, efficient mining hardware. - **Development Stage**: Fully operational, with ongoing expansions and upgrades to mining capacity. - **Target Customers**: Cryptocurrency markets (bitcoin sales), with potential for data center services as a secondary offering. ### Regulatory and Licensing Status Greenidge has faced significant regulatory challenges in New York State, primarily related to environmental permits for its power plant operations. In 2022, the New York State Department of Environmental Conservation (DEC) denied renewal of its air permit, citing concerns over greenhouse gas emissions and compliance with state climate goals. Greenidge subsequently sued the state, and a decision on the permit was expected by mid-November 2024, though no final ruling has been widely reported as of the latest updates ([wskg.org](https://www.wskg.org/regional-news/2024-10-30/decision-on-future-of-greenidge-generation-crypto-mining-facility-expected-mid-november)). However, a recent agreement with the DEC, reported on December 20, 2025, led to a surge in Greenidge’s stock price, though specific details of the agreement remain limited in public sources ([thecooldown.com](https://www.thecooldown.com/green-business/greenidge-generation-holdings-air-permit/)). Key upcoming milestones include clarity on the air permit status and compliance with New York’s stringent environmental regulations. Additionally, local laws and moratoriums on bitcoin mining expansion in New York pose ongoing risks to growth in the state ([insideclimatenews.org](https://insideclimatenews.org/news/10052025/new-york-bitcoin-mines-buying-up-power-plants/)). There is no specific timeline for new commercial deployments beyond existing operations, as regulatory outcomes will likely dictate future scalability. Greenidge does not operate nuclear facilities, so Nuclear Regulatory Commission (NRC) licensing is not applicable. ### Team and Leadership Greenidge’s leadership team comprises experienced professionals in energy and finance, though detailed bios are limited on public platforms. Key executives include: - **Jordan Kovler, CEO**: Appointed in 2023, Kovler brings a background in financial advisory and corporate strategy, focusing on steering Greenidge through regulatory and operational challenges. - **Christian Mulvihill, CFO**: Oversees financial operations, with prior experience in corporate finance roles relevant to public companies. Specific X handles for these individuals are not verified or widely publicized in connection with their roles at Greenidge, so they are omitted here. Additional leadership details may be available in SEC filings or investor relations materials on [ir.greenidge.com](https://ir.greenidge.com). ### Funding and Financial Position Greenidge Generation Holdings Inc. is a publicly traded company (NASDAQ: GREE), which means funding details focus on stock performance and market capitalization rather than private rounds. As of the latest reports in December 2025, the company’s stock surged following an agreement with the New York State DEC, though exact figures for market cap are not specified in recent news and would require real-time financial data for precision ([thecooldown.com](https://www.thecooldown.com/green-business/greenidge-generation-holdings-air-permit/)). Historical data from 2021-2024 indicates volatility in stock performance tied to regulatory news and bitcoin market fluctuations. Specific institutional investors or recent funding rounds are not detailed in the most current public information. Greenidge generates revenue from both bitcoin mining and power sales to the grid, positioning it as a revenue-generating entity rather than pre-revenue. Detailed financials, including recent quarterly results, are accessible via SEC filings on [ir.greenidge.com](https://ir.greenidge.com). ### Recent News and Developments | Date | Event | Details | |---------------|------------------------------------|-----------------------------------------------------------------------------------------------| | Dec 20, 2025 | Stock Surge After DEC Agreement | Shares rose significantly following an agreement with NY State DEC on air permit issues ([thecooldown.com](https://www.thecooldown.com/green-business/greenidge-generation-holdings-air-permit/)). | | Sep 10, 2025 | Expansion of Bitcoin Mining | Reports indicate Greenidge’s fossil fuel-powered bitcoin mining operation is set to expand ([datacenterdynamics.com](https://www.datacenterdynamics.com/en/news/bitcoin-mine-at-fossil-power-plant-set-to-expand/)). | | Jul 10, 2025 | DEC Review of Crypto Mining Impacts | Greenidge among 11 NY crypto operations under DEC scrutiny for environmental impact ([democratandchronicle.com](https://www.democratandchronicle.com/story/news/2025/07/10/dec-looks-at-impacts-from-crypto-mining-in-new-york/84540216007/)). | | May 10, 2025 | Community Pushback in NY | Local laws and lawsuits curb bitcoin mining expansion, affecting Greenidge’s growth plans ([insideclimatenews.org](https://insideclimatenews.org/news/10052025/new-york-bitcoin-mines-buying-up-power-plants/)). | | Oct 30, 2024 | Permit Decision Expected | Judge to rule by mid-November on Greenidge’s lawsuit against DEC over air permit denial ([wskg.org](https://www.wskg.org/regional-news/2024-10-30/decision-on-future-of-greenidge-generation-crypto-mining-facility-expected-mid-november)). | ### Partnerships and Collaborations Greenidge’s partnerships are not extensively detailed in recent public data, but key relationships include: - **New York Independent System Operator (NYISO)**: Greenidge supplies power to the local grid, supporting regional energy needs beyond its mining operations. This relationship adds strategic value by diversifying revenue streams. - **Local Governments and Communities**: Greenidge emphasizes collaboration with local stakeholders in Dresden, NY, to ensure compliance with environmental and economic goals, though tensions persist due to community opposition ([greenidge.com](https://greenidge.com/our-story/)). No specific technology or offtake partnerships were highlighted in the latest updates, though historical posts on X mention past expansions into regions like South Carolina with zero-carbon energy sources such as nuclear. These are not confirmed as active collaborations in 2025. ### New Hampshire Relevance Greenidge’s operations and technology have limited direct relevance to [[New Hampshire]] at present, as its primary facility and regulatory focus remain in New York. However, potential fit can be assessed as follows: - **Proximity to Infrastructure**: Greenidge’s current operations are geographically distant from New Hampshire’s [[Seabrook Station]] or the ISO-NE grid, reducing immediate applicability. Expansion into the Northeast US, including NH, is not currently documented. - **Technology Readiness**: Greenidge’s bitcoin mining and natural gas power generation are fully operational, meaning deployment timelines could be short if regulatory and community barriers are overcome. However, NH’s energy mix and regulatory environment may not favor natural gas-intensive operations. - **Alignment with NH [[Legislation]]**: NH’s HB 710 and interest in SMRs or clean energy do not directly align with Greenidge’s natural gas-based model, though its carbon offset initiatives could appeal to clean energy goals if substantiated. - **Potential Applications**: Greenidge could theoretically support NH data center loads or grid power needs, but environmental concerns similar to those in NY would likely arise. - **NH Connections**: There are no documented connections or expressed interest in NH or the broader Northeast beyond historical mentions of South Carolina expansion. ### Competitive Position Greenidge operates in a competitive landscape of cryptocurrency mining and energy integration, facing peers such as: - **[[Bitfarms]]**: A major bitcoin mining operator with a focus on low-cost power through hydroelectric sources, [[Bitfarms]] may hold an environmental edge over Greenidge’s natural gas reliance. Recent posts on X highlight Bitfarms’ dominance in the PJM interconnection territory, suggesting stronger grid integration. - **[[Riot Platforms|Riot Blockchain]]**: Focused on large-scale bitcoin mining with renewable energy initiatives, [[Riot Platforms|Riot]] poses a challenge with its broader geographic diversification and sustainability narrative compared to Greenidge’s localized NY struggles. Greenidge’s unique advantage lies in its vertically integrated model, controlling both power generation and mining, which can insulate it from external energy cost fluctuations. However, regulatory risks and community opposition in NY present significant hurdles not as pronounced for competitors with cleaner energy profiles or more favorable locations. ### Closing Note Greenidge Generation Holdings Inc. is at a pivotal stage, balancing operational bitcoin mining and power generation with ongoing regulatory challenges and expansion plans, with a cautiously optimistic outlook pending environmental permit resolutions. *Report generated December 24, 2025*