Greenidge Generation Holdings, Inc. operates as a vertically integrated power generation and digital asset mining company. The firm’s core business combines ownership and operation of a natural gas–fueled power plant located near Seneca Lake in upstate New York with in-house Bitcoin mining facilities. By leveraging its self-owned energy infrastructure, Greenidge seeks to lower costs, improve operational efficiencies and maintain greater control over its energy supply chain.
The company’s flagship power generation facility was acquired and repowered in the mid-2010s, transforming a legacy site into a combined-cycle plant capable of producing approximately 106 megawatts of electricity. Greenidge sells a portion of this output to the regional grid under long-term contracts while dedicating the remainder to fuel its cryptocurrency mining operations. Alongside natural gas, the company intermittently sources renewable hydropower, reflecting an ongoing commitment to optimize its carbon footprint.
In parallel with its energy assets, Greenidge deploys high-efficiency application-specific integrated circuit (ASIC) miners to process and verify cryptocurrency transactions, primarily Bitcoin. The in-house mining team oversees all aspects of coin production, from network connectivity and cooling management to hardware maintenance and security. Greenidge also extends hosting services to third-party miners through its Foundry Digital division, providing infrastructure solutions that leverage the company’s established generation capacity and technical expertise.
Founded in 2019 and publicly listed on Nasdaq under the ticker GDEV following a business combination in 2021, Greenidge Generation has positioned itself as a bridge between traditional power markets and the rapidly evolving digital asset space. Under the leadership of President and CEO Robert Beadles, the company continues to explore expansion opportunities, including potential new generation sites and additional hosting contracts, with the goal of scaling its integrated energy-to-mining model across North American markets.
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