Bitcoin Mining Company Greenidge to List on Nasdaq Under Ticker GREE

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In Brief
  • Bitcoin mining company Greenidge to get listed on Nasdaq.

  • The company’s shares will run under the GREE ticker.

  • The listing will happen on Sep. 15, after the merger with Support.com.

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The Greenidge bitcoin mining company will be listed on the Nasdaq stock exchange on Sept 15, according to an SEC filing.

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Greenidge, a bitcoin mining and power generation company that operates in New York, will be listed on Nasdaq on Sept 15. An SEC filing shows that the company’s shares will run under the GREE ticker, and the news follows a previous update that disclosed a merger transaction to be completed on Sept 14.

Greenidge and Support.com, which is listed on Nasdaq, merged in March 2021. The closure of this deal means that the mining firm can move on with its public listing. Support.com is a customer and technical support solutions platform delivered by home-based employees.

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The company has raised some concerns with respect to its operations, chiefly environmental in nature. Residents of New York have also complained about the alleged effects the facility has had on a nearby lake. Given the furor over power consumption, it’s unsurprising that Greenidge is taking steps to counter the effects.

Greenidge also expects to expand to the state of South Carolina in the coming months. Furthermore, it will also invest a portion of its mining profits into renewable energy projects. The majority of power for this mining facility will use zero-carbon sources, which is a good sign that is indicative of a larger trend.

Companies moving towards green energy for bitcoin mining

Greenridge said that it intends to be carbon-neutral in May 2021 and that effective Jun. 2021, it had done so for its New York facility. This is an unsurprising development, given that the mining industry has come under fire for its electricity consumption. Numerous companies have decided to move towards greener solutions.

This overall initiative to move bitcoin mining towards more sustainable processes and greener sources of energy is being spearheaded by the likes of the Bitcoin Mining Council. The latter has Michael Saylor of MicroStrategy as one of its head members, and he has vowed to make the change come true. This is only one of many initiatives taken by entities across the world to reduce carbon output.

Bitcoin’s power consumption continues to be a thorn in its overall reputation. But the silver lining is that there is a noticeable shift towards green energy. This should perhaps put out some of the issues caused by the environmental impact.

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Rahul's cryptocurrency journey first began in 2014. With a postgraduate degree in finance, he was among the few that first recognized the sheer untapped potential of decentralized technologies. Since then, he has guided a number of startups to navigate the complex digital marketing and media outreach landscapes. His work has even influenced distinguished cryptocurrency exchanges and DeFi platforms worth millions of dollars.

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