Greenidge Generation Holdings, which owns a Bitcoin mining and power generation facility, is preparing to go public on the NASDAQ through a merger with customer solutions provider Support.com.
Notably, Support.com is already listed on the NASDAQ and has a market cap of $41.5M.
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According to the press release, both companies have entered into a merger agreement subject to certain conditions, including approval of the transaction by Support.com shareholders. Upon approval, Support.com will become a subsidiary of Greenidge Generation Holdings.
The holding company's subsidiary, Greenidge Generation, is a hybrid power plant located in New York State. The company entered into the first regulated contract in April 2020 for the sale of computing power to mine Bitcoin.
As of February 28, Greenidge had mined 1,186 BTC over the last 12 months. The company's current hashrate is 1.1 EH/s. However, it has plans to increase it to 2.6 EH/s by 2022.