ChainCatcher news, according to Cointelegraph, a ruling by the New York State Supreme Court allows Greenidge Generation to continue generating power and conducting Bitcoin mining at its facility in Dresden, New York, and to reapply for the Chapter V air permit under the Clean Air Act that was denied by the New York State Department of Environmental Conservation (DEC) in June 2022.Nevertheless, the court also affirmed DEC's authority to deny permits under the Climate Leadership and Community Protection Act (CLCPA). The court found that DEC's decision was arbitrary and capricious, but there was no evidence of improper policymaking by DEC, which means that Greenidge's permit will be reconsidered.

ChainCatcher news, New York State Supreme Court Judge Vincent Dinolfo ruled that Greenidge Generation's bitcoin mining facility will continue to operate, overturning the New York State Department of Environmental Conservation (DEC)'s previous decision to deny the renewal of the Title V air permit. The judge noted that the DEC made legal errors in its final decision and acted arbitrarily and capriciously.Greenidge stated that the Climate Act does not authorize DEC officials to unilaterally alter the law or determine the value of working-class jobs. As of the third quarter, Greenidge managed a hash power capacity of 3.1 EH/s, of which 1.3 EH/s is self-owned and 1.8 EH/s comes from hosted power, primarily supplied by its facility located in Dresden, New York.

ChainCatcher news, mining company Greenidge Generation has received a temporary extension allowing its Bitcoin mining facility in Dresden to continue operating until November 14.Greenidge noted in a filing on Tuesday that the New York State Supreme Court is expected to rule on its lawsuit against the New York State Department of Environmental Conservation (DEC) on November 14. In June 2022, the DEC denied Greenidge's application to renew its Title V air permit for the Dresden plant. After an appeals process, Greenidge was ultimately denied again in May of this year.A court hearing was held on October 29, and the permit has been further extended to November 14.Greenidge announced preliminary financial results for the third quarter earlier this month, stating that it produced 167 BTC from July to September, of which 54 BTC was generated from proprietary hash rate and 113 BTC was produced for hosted client NYDIG.

ChainCatcher news, according to Bitcoin.com, Bitcoin mining company Greenidge Generation Holdings Inc. has established a new Bitcoin mining facility in Mississippi to expand its Bitcoin mining operations.The facility officially went live on July 1, 2024, with 2,400 Bitcoin mining machines, and is expected to further increase its capacity in the coming months.

ChainCatcher news, according to News.bitcoin, Bitcoin mining company Greenidge Generation Holdings has sold a 22-acre, 44 megawatt (MW) Bitcoin mining facility in South Carolina to NYDIG, settling $21.8 million in secured debt. The company stated that this move enhances Greenidge's financial stability and liquidity.NYDIG is a subsidiary of Stone Ridge Holdings Group, providing a range of services including Bitcoin (BTC) custody, financial solutions, infrastructure, and BTC mining operations. By acquiring the facility, NYDIG can further integrate its mining operations and enhance its infrastructure.

ChainCatcher message, according to a report from Hashrate Index, the collective debt of Bitcoin mining companies is expected to exceed $4 billion by the end of 2022. Among them, Core Scientific has the highest debt, owing creditors $1.3 billion as of September 30, and has filed for Chapter 11 bankruptcy protection; Marathon Digital owes approximately $851 million, but most of it is in convertible notes; the third debtor is Greenidge Generation, which owes $218 million but is undergoing a restructuring process that may significantly reduce its debt. (source link)

ChainCatcher news, Bitcoin mining company Greenidge Generation (GREE) has signed a non-binding term sheet with its lender NYDIG to restructure $74.7 million in debt. According to the agreement, NYDIG will purchase Greenidge's Bitcoin mining machines with a hash rate of 2.8 EH/s, and NYDIG will agree to reduce the debt by approximately $57 million to $68 million. (source link)

Chain Catcher News, Bitcoin mining company Greenidge Generation is restructuring its leadership. Jeffrey Kirt has resigned as CEO, and David Anderson, CEO of forestry products company Millar Western, will take over. Additionally, Scott MacKenzie, Vice President of Corporate Development at Millar Western, will serve as Greenidge's Chief Strategy Officer.Greenidge's financial report indicates an expected net loss of $22 million for the third quarter, with revenues of $29 million. Of this, $18 million in revenue is expected to come from Bitcoin mining, with an additional $4 million from power generation.It is reported that Greenidge went public on the Nasdaq in September 2021. In September of this year, Greenidge announced plans to raise up to $23 million through a stock issuance. (Source link)

According to Chain Catcher news, as reported by The Block, a document submitted by the U.S. Securities and Exchange Commission (SEC) shows that Bitcoin mining company Greenidge Generation is seeking to issue stock to raise $22.8 million.Greenidge Generation stated that after deducting commissions and issuance costs, it plans to use the net proceeds from this offering for general corporate purposes, which may include paying all or part of its debt, as well as funding acquisitions, capital expenditures, and working capital. (Source link)