Bitcoin Greenidge And Support.com Merge To Create A Carbon Free Bitcoin Mine

Greenidge announced its commitment to becoming a 100% carbon-neutral Bitcoin mining operation. (photo: doc. unsplash)

JAKARTA - Bitcoin mining and power generation company Greenidge will complete a merger with customer and technical support solutions provider Support.com to become the newest publicly traded mining company.

After the merger transaction is completed, Support.com Inc. will become a wholly owned subsidiary of Greenidge Generation Holdings Inc. The new entity's Class A shares will be traded under the ticker GREE.

According to a September 13 announcement published by the SEC, the merger is expected to be effective at market close the following day. The Merger, completed as a share-to-share transaction, will make each share in Support.com Inc. automatically converted into the right of the bearer to receive 0.115 Greenidge Class A shares.

"This merger is an important next step for Greenidge as we build on our existing, integrated, and proven platform for affordable, lower-carbon Bitcoin mining and energy generation," said Greenidge CEO Jeff Kirt.

According to the March 22 statement that first announced the proposed merger, Support.com will also provide Greenidge with an additional $33 million in cash.

"This transaction will build on Greenidge's successful business by providing additional cash and public currency to fund their growth plans, as well as important new capabilities including customer interface, security software, and privacy expertise," said the president and support of Support.com. CEO, Lance Rosenzweig.

Once the merger is complete, Kirt will lead the combined company as CEO. Rosenzweig, will remain in his position as CEO of the existing Support.com business, which will continue to operate as usual as a wholly owned subsidiary of Greenidge.

In July, Greenidge announced its commitment to becoming a 100% carbon-neutral Bitcoin mining operation by purchasing voluntary carbon offsets from a portfolio of US greenhouse gas reduction projects.

The company also aims to utilize low-carbon energy sources at its facilities in Upstate New York, and offset the carbon footprint of the new South Carolina plant by sourcing electricity from zero-carbon sources.