Greenidge Reorganizes Executive Ranks And Anticipates Additional Losses In Q3

The leadership team of Greenidge Generation is being reorganized. Two executives from the forestry products firm Millar Western took over the position that Jeffrey Kirt formerly held at the head of the Bitcoin mining operation.

Since March of last year, Kirt served as the loss-making miner’s CEO. He left the organization today. David Anderson, who most recently served as the CEO of Millar Western, will take his place. The chief strategy officer for Greenidge will be Scott MacKenzie, who is already Millar Western’s vice president of business development.

“We’ve become a public company, strengthened our management team and workforce, significantly improved our fleet efficiency, expanded our geographic footprint and identified several new opportunities for strategic growth,” Kirt said in a statement.

“I am pleased to pass the baton now to Dave and Scott, whose extensive experience in successfully running and improving commodities businesses, executing capital projects and delivering reliable, low-cost power generation will serve Greenidge well.”

Greenidge began trading on the NASDAQ platform

In September 2021, Greenidge began trading on the NASDAQ platform. The industry upheaval that is plaguing the Bitcoin mining sector has not been immune to the company. In August, Greenidge said that owing to a “sudden change in mining economics,” it would postpone its planned development in Texas and instead concentrate on existing locations in New York and South Carolina. Greenidge disclosed a second-quarter loss of $108 million.

Greenidge announced earlier this month that it intended to raise up to $23 million in a stock sale. On the basis of $29 million in revenue, Greenidge anticipates reporting a third-quarter net loss of $22 million. Of that, $18 million in revenue is anticipated from bitcoin mining, and another $4 million from power generation. In a statement announcing its new leadership, the company claimed to have mined 866 bitcoins in the third quarter.

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