Greenidge, a bitcoin mining and power generation company, is scheduled to merge with customer and technical support solutions provider Support.com to become the latest publicly traded mining company.
The new entity’s Class A shares will denote by the symbol GREE.
The combination expects to become effective by market close the following day, according to a September 13 SEC notice. Greenidge will also receive an additional $33 million in cash from (Support.com).
Greenidge’s strong business will bolster this purchase. This will provide additional cash funding and a public currency to fuel their expansion goals. As well as significant new skills such as customer interface, security software, and privacy knowledge, added President Lance Rosenzweig.
Utilize low-carbon sources
Greenidge stated in July that it would become a carbon-neutral Bitcoin mining company. They intend to do this by purchasing voluntary carbon offsets from a portfolio of US greenhouse gas reduction programs.
The company also intends to use low-carbon energy sources at its Upstate Upcoming York operation and to offset the carbon footprint of its new South Carolina factory by procuring power from zero-carbon sources.
The crypto prices are faring
Compared to the previous day, the worldwide crypto market cap increased by 1% to $2.07 trillion. However, overall crypto market volume increased by up to 23% to $135.74 billion.
BTC saw a significant correction of close to 20% last week. It has been trading in a relatively narrow range between $44,000 and $46,000 for the previous few days. According to attendees of a digital currency panel at Wall Street’s SALT conference, cryptocurrency executives should collaborate with authorities rather than adversaries if the sector reaches its full potential.
While Bitcoin fell below $50,000 in late August, it is still being sought and will soon reclaim its valuation as institutional and retail investors continue to include it in their portfolios, said the CoinDCX Research Team.
Walmart Inc investigated how news release distributor GlobeNewswire created a bogus press release advertising a relationship with Litecoin.
Brevan Howard, a British hedge fund, announced plans to grow its crypto business by hiring a new leader to handle private and venture investments in the field and forming a new branch, BH Digital. Chiliz delivers blockchain-based technologies to sports and entertainment organizations to help them interact and monetize their consumers. Chiliz’s blockchain-based retail products and services are by CHZ, the native cryptocurrency.