Western mining company increases the size of its net loss

Specialists CoinDesk in its Twitter account revealed that one of the vertically integrated bitcoin mining and power generation companies has updated its net loss figures. The organization in question is Greenidge Generation Holdings Inc. GAAP net loss of $20 million to $22 million in the third quarter.

Bitcoin miner @Greenidge_GREE expects to record a GAAP net loss of between $20 million-$22 million for the third quarter.

By @JamieCrawleyCDhttps://t.co/OjPJDuJSoQ— CoinDesk (@CoinDesk) October 11, 2022

Some analysts attributed the development to the company’s CEO stepping down. Jeffrey Kirt announced his resignation on Oct. 7 of this year.

The mining company has already found a replacement as CEO. David Anderson will lead Greenidge Generation Holdings Inc following the final departure of his predecessor.

By the way

The company received 866 BTC in the third quarter of this year. A positive trend is being observed. Compared to these figures for the last similar period. Then Greenidge got 729 units of this virtual coin.

Due to a sharp increase in the complexity of bitcoin mining, the process of mining the king of the cryptocurrency has become more costly. As a reminder, you will need 35.6 trillion hashes to farm one BTC. That’s as much as 13 percent more than the figure from the previous figure.