The Bitcoin mining company Greenidge Generation Holdings recently announced that it is planning on going public. The company will be the first of its kind, the first official BTC mining firm with an entire powerplant owned and operated by Greenidge Generation Holdings. The company will be going through a merger with Support.com in order to facilitate the process.
The official press release by the company states that the closing of the merger is expected sometime in Q3 2021. One of the highlights of the merger is an agreement for stock-for-stock transactions between the two companies. If things go smoothly, upon completion, Support.com will become a subsidiary owned by Greenidge.
Once the merger is finalized, owners of support.com stocks and options will collectively own 8% of the firm’s stock. The same goes for Greenidge options and stock holders, however, in this case, they will own close to 92% of the company stock.
Due to the rapid surge of Bitcoin price and subsequent interest, the BTC mining industry is also on the rise. For now, China retains dominance in crypto mining, however it’s just a matter of time until other countries catch up to it. For example, Greenidge Generation Holdings is just one company is potentially dozens that will reveal similar plans on crypto mining, sometime in the near future.