What Happened to Greenidge Generation Holdings?
Ticker: GREESPAC Year: 2021Merger: 2021
Return
-97.5%
Current Price
$1.5
Peak Price
$60
Trust Size
$0M
Summary
Bitcoin mining company that took over a coal power plant in upstate New York. Merged with Support.com in a SPAC-like reverse merger. Stock crashed 97% as crypto winter hit and environmentalists protested.
What Happened
Greenidge Generation reverse-merged with Support.com (a remote IT support company) in September 2021 â a SPAC-like deal where a shell company absorbed a private company. Greenidge converted a retired coal power plant in Dresden, NY into a natural gas plant that powered Bitcoin mining operations. At peak crypto prices, it minted money. But when Bitcoin crashed in 2022, environmental groups targeted the plant, New York denied air permit renewal, and the company pivoted to South Carolina. Stock fell from $60 to under $2. A fascinating case of crypto, energy, and environmental politics colliding.
Key People
Timeline
2021-09
Reverse merger with Support.com completed
2021-11
Stock peaks at $60 during crypto boom
2022-06
Bitcoin crash, stock falls 80%
2022-11
NY denies air permit renewal
2023-06
Pivots mining to South Carolina