Greenidge Generation Holdings Inc. is a developer and operator of datacenters and powered assets designed to support energy-intensive computing workloads. The company builds maintains and operates datacenters focused on bitcoin mining along with related power and electric infrastructure. It generates revenue from datacenter hosting cryptocurrency self-mining and power and capacity sales. Greenidge Generation Holdings Inc. is increasingly focused on leveraging its power generation assets grid interconnection rights and datacenter development expertise to support artificial intelligence and high-performance computing workloads which it believes represent a significant long-term growth opportunity.

Greenidge Generation Holdings Inc. generates revenue from three primary sources datacenter hosting cryptocurrency self-mining and power and capacity sales. Under datacenter hosting the company provides hosting power and technical support services for mining equipment owned by third parties such as affiliates of NYDIG ABL LLC under the NYDIG Hosting Agreement. Cryptocurrency self-mining involves earning bitcoin as rewards and transaction fees by contributing hashrate to the global bitcoin network using application-specific integrated circuit computers owned or leased by the company. Power and capacity sales derive from the company's 106 megawatt natural gas power generation facility connected to the New York Independent System Operator where it sells electricity capacity and ancillary services in the wholesale market. Revenue from these sales includes energy revenue based on hourly power prices capacity revenue for committing to sell power when dispatched and ancillary services revenue for providing operating reserves when selected by the NYISO.

The company operates through the following segments:

• Datacenter Operations This segment includes the development maintenance and operation of datacenters focused on bitcoin mining and related power infrastructure. Activities involve hosting third-party mining equipment self-mining cryptocurrency and managing the associated power consumption and infrastructure at facilities such as the New York Facility in Torrey New York the North Dakota Facility through a five-year lease and development efforts at the Columbus Mississippi site.

• Power Generation This segment encompasses the ownership and operation of the 106 megawatt natural gas power generation plant in Torrey New York. The facility generates electricity sold to the New York Independent System Operator and provides behind-the-meter power to datacenter operations at the New York Facility. It also includes capacity and ancillary service sales in the wholesale electricity market and is supported by natural gas supply agreements and grid interconnection rights.

Greenidge Generation Holdings Inc. operates in a competitive landscape that includes other large public and private bitcoin mining companies traditional datacenter developers and operators hyperscale cloud providers and infrastructure companies seeking access to reliable and competitively priced power capacity. The company believes its competitive advantages stem from vertical integration of power generation and datacenter operations low power costs through access to the Millennium Pipeline price hub and a cool climate reducing the need for active cooling hosting arrangements that cover power and direct operating costs behind-the-meter power supply reducing reliance on third-party agreements and operational expertise from years of operating energy-intensive computing facilities. Additionally the company benefits from institutional backing through its controlling stockholder Atlas and its affiliates which own and operate over 2000 megawatts of power generation assets and generate significant annual revenues.

The company serves a diverse customer base that includes third-party cryptocurrency mining companies such as affiliates of NYDIG ABL LLC under the NYDIG Hosting Agreement wholesale electricity market participants in New York State and entities involved in artificial intelligence and high-performance computing workloads as the company expands its focus toward these emerging opportunities.