0001628280-24-037288 | 10-Q | XBRL Viewer | Greenidge Generation Holdings INC

EQUITY BASED COMPENSATION (Tables)

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Unvested Restricted Common Stock Unit Awards Activity

The Company’s unvested RSA and RSU award activity for the six months ended June 30, 2024 is summarized below:


	RSAs & RSUs	Weighted Average Grant Date Fair Value
Unvested at December 31, 2023	9,116	$	62.99
Granted	293,386	$	4.08
Vested	(152,099)	$	8.18
Forfeited	(1,337)	$	3.74
Unvested at June 30, 2024	149,066	$	3.47

Stock Options Activity

The Company’s common stock options activity for the six months ended June 30, 2024 is summarized below:


	Options	Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Life (in years)	Aggregate Intrinsic Value
Outstanding at December 31, 2023	458,982	$	16.59
Granted	25,000	$	3.00

Forfeited	(266)	$	62.50
Expired	(824)	$	64.01
Outstanding at June 30, 2024	482,892	$	15.79	8.43	$	—
Exercisable as of June 30, 2024	233,506	$	22.95	7.94	$	—

DEBT

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

DEBT

The following table provides information on the Company’s debt agreements:


$ in thousands							Balance as of:
Note	Loan Date	Maturity Date	Interest Rate		Amount Financed		June 30, 2024		December 31, 2023
Senior Unsecured Notes	October 2021/December 2021	October 2026	8.5	%	$	72,200	$	72,200	$	72,200
Total Debt							72,200		72,200
Less: Debt discount and issue costs							(2,961)		(3,490)
Total debt at book value							69,239		68,710
Less: Current portion							—		—
Long-term debt, net of current portion and deferred financing fees							$	69,239	$	68,710

The Company incurred interest expense of $1.8 million and $3.1 million during the three months ended June 30, 2024 and 2023, respectively, under the terms of these notes payable. The Company incurred interest expense of $3.6 million and $6.7 million during the six months ended June 30, 2024 and 2023, respectively, under the terms of these notes payable and other financings that were extinguished during the year ended December 31, 2023.

Senior Unsecured Notes

During the fourth quarter of 2021, the Company sold $72.2 million of 8.50% Senior Notes due October 2026 (the "Notes") pursuant to the Company’s registration statement on Form S-1. Interest on the Notes is payable quarterly in arrears on January 31, April 30, July 31 and October 31 of each year to the holders of record at the close of business on the immediately preceding January 15, April 15, July 15 and October 15, respectively. The Notes are senior unsecured obligations of the Company and rank equal in right of payment with the Company’s existing and future senior unsecured indebtedness. The Notes trade on the Nasdaq Global Select Market under the symbol "GREEL."

The Company may redeem the Notes for cash in whole or in part at any time (i) on or after October 31, 2023 and prior to October 31, 2024, at a price equal to 102% of their principal amount, plus accrued and unpaid interest to, but excluding, the date of redemption, (ii) on or after October 31, 2024 and prior to October 31, 2025, at a price equal to 101% of their principal amount, plus accrued and unpaid interest to, but excluding, the date of redemption, and (iii) on or after October 31, 2025 and prior to maturity, at a price equal to 100% of their principal amount, plus accrued and unpaid interest to, but excluding, the date of redemption. In addition, the Company may redeem the Notes, in whole, but not in part, at any time at its option, at a redemption price equal to 100.5% of the principal amount plus accrued and unpaid interest to, but not including, the date of redemption, upon the occurrence of certain change of control events.

Minimum Future Principal Payments

Minimum future principal payments on debt at June 30, 2024 were as follows:


$ in thousands
Remainder of 2024	$	—
2025	—
2026	72,200
2027	—
2028	—
Total	$	72,200

Fair Value Disclosure

The notional value and estimated fair value of the Company’s debt totaled $72.2 million and $33.2 million, respectively at June 30, 2024 and $72.2 million and $29.3 million, respectively at December 31, 2023. The notional value does not

include unamortized discounts on debt issuance costs of $3.0 million and $3.5 million at June 30, 2024 and December 31, 2023, respectively. The estimated fair value of the senior unsecured notes, representing the fair value of the Company's 8.50% senior secured notes due October 2026, was measured using quoted market prices at the reporting date. Such instruments were valued using Level 1 inputs.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

FAIR VALUE - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
FAIR VALUE - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Impairment of long-lived assets	$ 0	$ 0	$ 169	$ 0

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2024	Aug. 09, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-40808
Entity Registrant Name	Greenidge Generation Holdings Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	86-1746728
Entity Address, Postal Zip Code	14441
Entity Address, City or Town	Dresden
Entity Address, State or Province	NY
Entity Address, Address Line One	590 Plant Road
City Area Code	315
Local Phone Number	536-2359
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0001844971
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Common Class A
Document Information [Line Items]
Title of 12(b) Security	Class A Common Stock, $0.0001 par value
Trading Symbol	GREE
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		7,933,209
Senior Notes
Document Information [Line Items]
Title of 12(b) Security	8.50% Senior Notes due 2026
Trading Symbol	GREEL
Security Exchange Name	NASDAQ
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		2,733,394

DEBT - Minimum Future Principal Payments on Debt (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Debt Disclosure [Abstract]
Remainder of 2024	$ 0
2025	0
2026	72,200
2027	0
2028	0
Total	$ 72,200

FAIR VALUE - Warrant Asset (Details)	Jun. 30, 2024	Dec. 31, 2023
Stock Price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and Rights Outstanding, Measurement Input	3.10	4.83
Risk-free interest rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and Rights Outstanding, Measurement Input	0.0521	0.0514
Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and Rights Outstanding, Measurement Input	0.6709	1.7264
Remaining term (in years)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and Rights Outstanding, Measurement Input	0.50	1.00
Expected dividend yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and Rights Outstanding, Measurement Input	0	0

DEBT - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended		12 Months Ended
DEBT - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2021	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Debt Instrument [Line Items]
Interest expense	$ 1,800	$ 3,100		$ 3,600	$ 6,700
Notional value				72,200		$ 72,200
Fair value of debt	33,200			33,200		29,300
Unamortized discounts and debt issuance costs	$ 2,961			$ 2,961		$ 3,490
Senior Notes \| Senior Unsecured Notes
Debt Instrument [Line Items]
Senior Notes			$ 72,200
Interest rate	8.50%		8.50%	8.50%
Senior Notes \| Senior Unsecured Notes \| Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Debt instrument, redeem percentage			102.00%
Senior Notes \| Senior Unsecured Notes \| Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Debt instrument, redeem percentage			101.00%
Senior Notes \| Senior Unsecured Notes \| Debt Instrument, Redemption, Period Three
Debt Instrument [Line Items]
Debt instrument, redeem percentage			100.00%
Senior Notes \| Senior Unsecured Notes \| Debt Instrument, Redemption, Period Four
Debt Instrument [Line Items]
Debt instrument, redeem percentage			100.50%
Senior Notes \| 8.50% Senior Secured Notes Due 2026
Debt Instrument [Line Items]
Interest rate	8.50%			8.50%

EQUITY BASED COMPENSATION

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

EQUITY BASED COMPENSATION

In February 2021, Greenidge adopted an equity incentive plan and reserved 383,111 shares of Class A common stock for issuance under the plan (the “2021 Equity Plan”), applicable to employees and non-employee directors. In April 2023, the stockholders approved an amendment and restatement of the Company’s 2021 Equity Plan to increase the maximum aggregate number of shares of Class A common stock that may be issued for all purposes under the Plan by 500,000 shares of Class A common stock from 383,111 to 883,111 shares of Class A common stock and to remove the counting of shares of Class A common stock granted in connection with awards other than stock options and stock appreciation rights against the total number of shares available under the Plan as two shares of Class A common stock for every one share of Class A common stock granted in connection with such award. For the three months ended June 30, 2024, no additional shares had been granted under the 2021 Equity Plan. In October 2022, the Company registered 307,684 shares of Class A common stock, outside the 2021 Equity Plan, that were reserved for issuance upon the vesting and exercise of non-qualified stock options inducement grants.

RSAs and RSUs

Restricted stock awards ("RSA") are generally granted with an eligible vesting range from upon grant to over a three-year period. Restricted stock unit ("RSU") awards are generally eligible to vest over a three-year period.

The Company’s unvested RSA and RSU award activity for the six months ended June 30, 2024 is summarized below:


	RSAs & RSUs	Weighted Average Grant Date Fair Value
Unvested at December 31, 2023	9,116	$	62.99
Granted	293,386	$	4.08
Vested	(152,099)	$	8.18
Forfeited	(1,337)	$	3.74
Unvested at June 30, 2024	149,066	$	3.47

The value of RSA and RSU grants are measured based on their fair market value on the date of grant and amortized over their requisite service periods. At June 30, 2024, there was approximately $0.4 million of total unrecognized compensation cost related to unvested restricted stock rights, which is expected to be recognized over a remaining weighted-average vesting period of approximately 1.41 years.

Common Stock Options

The Company’s common stock options activity for the six months ended June 30, 2024 is summarized below:


	Options	Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Life (in years)	Aggregate Intrinsic Value
Outstanding at December 31, 2023	458,982	$	16.59
Granted	25,000	$	3.00

Forfeited	(266)	$	62.50
Expired	(824)	$	64.01
Outstanding at June 30, 2024	482,892	$	15.79	8.43	$	—
Exercisable as of June 30, 2024	233,506	$	22.95	7.94	$	—

The value of common stock option grants is measured based on their fair market value on the date of grant and amortized over their requisite service periods. At June 30, 2024, there was approximately $1.2 million of total unrecognized compensation cost related to unvested common stock options, which is expected to be recognized over a remaining weighted-average vesting period of approximately 1.78 years.

On April 26, 2024, the Company entered into a Release Agreement with a former employee to allow for an acceleration of vesting of remaining unvested options and extended post termination exercise period. The stock option modification resulted in $0.2 million of incremental compensation cost for the three and six months ended June 30, 2024, which was calculated using the Black-Scholes option-pricing model. The following assumptions were used for the Black-Scholes valuation: risk-free rate of 4.67%, expected life of 8.46 years, exercise price of $13.20, annualized volatility of 133.96%, and a dividend rate of 0%.

Stock-Based Compensation

The Company recognized stock-based compensation expense of $0.3 million and $0.6 million during the three months ended June 30, 2024 and 2023, respectively and $1.4 million and $1.0 million during the six months ended June 30, 2024 and 2023, respectively. Stock-based compensation expense is included in selling, general and administrative expenses in the accompanying unaudited condensed consolidated statements of operations and comprehensive loss.

COMMITMENTS AND CONTINGENCIES	6 Months Ended
COMMITMENTS AND CONTINGENCIES	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Legal Matters From time to time, the Company may be involved in various lawsuits and legal proceedings that arise in the ordinary course of business. However, litigation is subject to inherent uncertainties, and an adverse result in such matters may arise and harm the Company’s business. The Company is currently not aware of any such legal proceedings or claims that it believes will have a material adverse effect on its business, financial condition, or operating results. Environmental Liabilities The Company has a CCR liability associated with the closure of a coal ash pond located on the Company’s property in the Town of Torrey, New York. In accordance with ASC 410-30, the Company has a liability of $17.3 million as of June 30, 2024 and December 31, 2023, respectively. CCRs are subject to federal and state requirements. In October 2023, the Company completed the necessary steps to officially cease use of the coal ash pond. Following this occurring, the Company is required to complete the remediation of the coal ash pond CCR by November 2028 and will perform the work in stages over the next five years. Current estimates are based on various assumptions including, but not limited to, closure and post-closure cost estimates, timing of expenditures, escalation factors, and requirements of granted permits. Additional adjustments to the environment liability may occur periodically due to changes in remediation requirements regarding CCRs, which may lead to material changes in estimates and assumptions. The Company owns and operates a fully permitted landfill that also acts as a leachate treatment facility. In accordance with ASC 410-30, Environmental Obligations ("ASC 410-30"), the Company has recorded an environmental liability of $12.9 million as of June 30, 2024 and December 31, 2023. As required by NYSDEC, companies with landfills are required to fund a trust to cover closure costs and expenses after the landfill has stopped operating or, in lieu of a trust, may negotiate to maintain a letter of credit guaranteeing the payment of the liability. Estimates are based on various assumptions including, but not limited to, closure and post-closure cost estimates, timing of expenditures, escalation factors, and requirements of granted permits. Additional adjustments to the environment liability may occur periodically due to potential changes in estimates and assumptions. The liability has been determined based on estimated costs to remediate as well as post-closure costs which are assumed over an approximate 30-year period and assumes an annual inflation rate of 2.4%. Commitments The Company entered into a contract with Empire Pipeline Incorporated in September 2020 which provides for the transportation to its pipeline of 15,000 dekatherms of natural gas per day, approximately $0.2 million per month. The contract ends in September 2030 and may be terminated by either party with 12 months’ notice after the initial 10-year period.

PROPERTY AND EQUIPMENT

6 Months Ended

Jun. 30, 2024

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT

Property and equipment, net consisted of the following at June 30, 2024 and December 31, 2023:


$ in thousands	Estimated Useful Lives	June 30, 2024		December 31, 2023
Plant infrastructure	10 years	$	1,367	$	1,367
Miners	3 years	32,069		32,195
Miner facility infrastructure	10 years	10,253		8,154
Land	N/A	9,136		7,679
Equipment	5 years	45		45


Construction in process	N/A	6,481		6,229

		59,351		55,669
Less: Accumulated depreciation		(17,093)		(10,574)
		$	42,258	$	45,095

Total depreciation expense was $3.3 million and $3.2 million for the three months ended June 30, 2024 and 2023, respectively and $6.5 million and $7.0 million six months ended June 30, 2024 and 2023, respectively.

On January 30, 2023, Greenidge entered into an agreement regarding its 2021 and 2022 Master Equipment Finance Agreements with NYDIG. During the six months ended June 30, 2023, the Company transferred ownership of bitcoin mining equipment with net book value of $50.0 million and miner deposits of $7.4 million that remained accrued to Greenidge for previous purchases of mining equipment with a bitcoin miner manufacturer and the related debt was canceled pursuant to a debt settlement agreement entered into with NYDIG. The Company recognized a gain on the sale of assets of $1.2 million, which relates to the sale of bitcoin miner manufacturer coupons that were transferred as part of the debt restructuring agreement with NYDIG.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Jun. 30, 2024
Accounting Policies [Abstract]
Reclassifications	Reclassifications Certain prior year amounts have been reclassified to conform to the current year’s presentation.
Revenue Recognition	Revenue Recognition Cryptocurrency Mining Revenue Greenidge has entered into digital asset mining pools by executing contracts with the mining pool operators to perform hash computations for a mining pool. The contracts are terminable at any time at no cost by either party and Greenidge’s enforceable right to compensation begins only when, and lasts as long as, Greenidge performs hash computations for the mining pool operator. In exchange for performing hash computations, Greenidge is entitled to a fractional share of the cryptocurrency award the mining pool operator theoretically receives less the mining pool fees. The agreements entered into with the pool operators pay out based on a Full-Pay-Per-Share (“FPPS”) payout formula, which is a conceptual formula that entitles Greenidge to consideration upon the provision of hash computations to the pool even if a block is not successfully placed by the pool operator. Revenue is measured as the value of the consideration received in the form of cryptocurrency from the pool operator, less the mining pool fees retained by the mining pool operator. Greenidge does not expect any material future changes in mining pool fee rates. In exchange for performing hash computations for the mining pool, the Company is entitled to a fractional share of the cryptocurrency award the mining pool operator theoretically receives (less pool operator fees to the mining pool operator which are netted as a reduction of the transaction price). Greenidge’s fractional share is based on the proportion of hash computations the Company performed for the mining pool operator to the total hash computations contributed by all miners in solving the current algorithm during the 24-hour period. Daily earnings calculated under the FPPS payout formula are calculated from midnight-to-midnight UTC time and are credited to pool members’ accounts at 1:00:00 A.M. UTC. The pool sends Greenidge’s cryptocurrency balance in the account to a digital wallet designated by the Company between 9:00 A.M. and 5:00 P.M. UTC time each day, which Greenidge automatically sells for cash within minutes of receipt, unless Greenidge decides to retain its newly earned bitcoin in connection with its bitcoin retention strategy. The service of performing hash computations for the mining pool operators is an output of Greenidge’s ordinary activities and is the only performance obligation in Greenidge’s contracts with mining pool operators. The cryptocurrency that Greenidge receives as transaction consideration is noncash consideration, which Greenidge measures at fair value on the contract inception date at 0:00:00 UTC on the start date of the contract. The duration of each contract is 24 hours or less and provides the same rate of payment upon renewal. Since the pricing remains the same upon contract renewal, the contract does not provide the applicable mining pool operator with a material right that represents a separate performance obligation. The fair value is based on Greenidge’s primary exchange of the related cryptocurrency which is considered to be Coinbase. The consideration Greenidge earns is variable since it is based on the amount of hash computations provided by both Greenidge and the bitcoin network as a whole. The Company does not constrain this variable consideration because it is probable that a significant reversal in the amount of revenue recognized from the contract will not occur when the uncertainty is subsequently resolved and recognizes the non-cash consideration on the same day that control is transferred, which is the same day as contract inception. Engineering Procurement and Construction Management ("EPCM") Revenue The Company has entered into contracts with customers to perform engineering procurement and construction management services for customers developing cryptocurrency mining facilities. The services defined in the contracts are generally separated into phases, being 1) engineering 2) construction and 3) procurement. While the services discussed above are capable of being distinct and separately identifiable, the Company concluded that the services provided are inputs to produce the combined output to the customer, which is the completed site buildout. Further, the services provided are significantly modified by the other services in the contract. As such, while the performance obligations may be capable of being distinct, they are not distinct in the context of the contract and therefore the promises in the contract are combined into one single performance obligation. The Company recognizes EPCM revenue over time, as performance obligations are satisfied, due to the continuous transfer of control to the customer. The Company utilizes the percentage-of-completion method, based primarily on contract cost incurred to date compared to total estimated contract cost. The percentage-of-completion method, and input method, is used as management considers it to be the best available measure of progress on these contracts. To the extent a contract is canceled, the Company assesses whether there are any remaining goods or services to be provided after cancellation. If there are any remaining goods or services to be provided, the Company follows the guidance under ASC 606 for contract modifications. If there are no remaining goods or services to be provided, the Company considers whether consideration received is refundable or nonrefundable. To the extent consideration received is refundable, the Company recognizes a refund liability, otherwise, it recognizes revenue for the consideration received.
Digital assets	Digital assets Digital assets are comprised of bitcoin earned as noncash consideration in exchange for providing hash computations for a mining pool, which are accounted for in connection with the Company’s revenue recognition policy previously disclosed. Digital assets are included in current assets in the consolidated balance sheets due to the Company’s ability to sell it in a highly liquid marketplace and because the Company reasonably expects to liquidate its digital assets to support operations within the next twelve months. The Company adopted ASU 2023-08 during the second quarter of 2024 with an effective date of January 1, 2024. As a result of adopting ASU 2023-08, the Company measures digital assets at fair value as of each reporting period based on UTC closing prices at period-end on the active trading platform that the Company normally transacts and has determined is its principal market for bitcoin. Gains and losses resulting from remeasurements are included within Loss (gain) on digital assets in the consolidated statements of operations and comprehensive loss. Gains and losses resulting from the sale of bitcoin, measured as the difference between the cash proceeds and the carrying basis of bitcoin as determined on a first-in-first-out basis, are also included within Loss (gain) on digital assets in the consolidated statements of operations and comprehensive loss. Digital assets received by the Company as noncash consideration are included within operating activities on the consolidated statements of cash flows as substantially all of the Company’s digital asset production is sold within days of being produced. To the extent the Company holds bitcoin for more than a few days, proceeds from the sale of bitcoin are included within investing activities on the consolidated statements of cash flows. Prior to the adoption of ASU 2023-08, the Company accounted for digital assets as intangible assets with an indefinite useful life, which are not amortized but assessed for impairment annually, or more frequently, when events or changes in circumstances occur indicating that it is more likely than not that the indefinite-lived asset is impaired. The Company performed an analysis each period to identify whether events or changes in circumstances, principally decreases in the quoted prices on active exchanges, indicated that it was more likely than not that its digital assets were impaired. Digital assets were considered impaired if the carrying value was greater than the lowest intraday quoted price at any time during the period. For quoted prices, the Company used daily exchange data from its principal market. Subsequent reversal of impairment losses were not permitted.
Recent Accounting Pronouncements, Not Yet Adopted and Recent Accounting Pronouncements, Adopted	Recent Accounting Pronouncements, Not Yet Adopted In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. ASU 2023-07 expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, an amount and description of its composition of other segment items, and interim disclosures of a reportable segment’s profit or loss and assets. This guidance becomes effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024 and is required to be applied retrospectively. Early adoption is permitted. The Company is currently evaluating this guidance to determine the impact it may have on its consolidated financial statements disclosures. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosure. ASU 2023-09 mostly requires, on an annual basis, disclosure of specific categories in an entity’s effective tax rate reconciliation and income taxes paid disaggregated by jurisdiction. The incremental disclosures may be presented on a prospective or retrospective basis. The ASU is effective for fiscal years beginning after December 15, 2024 with early adoption permitted. The Company is currently evaluating the impact the adoption of this ASU will have on its consolidated financial statements and disclosures. In March 2024, the FASB issued ASU 2024-01, Compensation - Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards. ASU 2024-01 clarifies ASC 718 scope application for profits interest and similar awards by adding illustrative examples. This guidance becomes effective for annual periods beginning after December 15, 2024 and interim periods within those annual periods. Early adoption is permitted. The Company is currently evaluating this guidance to determine the impact, but does not expect it to have a material impact on its Condensed Consolidated Financial Statements and related disclosures. In March 2024, the FASB issued ASU 2024-02, Codification Improvements - Amendments to Remove References to the Concept Statements. ASU 2024-02 removes references to various Concept Statements. This ASU is effective for fiscal years beginning after December 15, 2024. Early application of the amendments in the ASU is permitted. ASU 2024-02 can be applied prospectively or retrospectively. The Company is currently evaluating this guidance to determine the impact, but does not expect it to have a material impact on its Condensed Consolidated Financial Statements and related disclosures. Recent Accounting Pronouncements, Adopted In December 2023, the FASB issued ASU No. 2023-08, Intangibles - Goodwill and Other - Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets ("ASU 2023-08"), which is intended to improve the accounting for and disclosure of crypto assets. The amendments require crypto assets meeting the criteria to be recognized at fair value with changes recognized in net income each reporting period. Upon adoption, a cumulative-effect adjustment is made to the opening balance of retained earnings as of the beginning of the annual reporting period of adoption. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2024, with early adoption permitted. The Company elected to adopt ASU 2023-08 effective January 1, 2024. As a result of adoption, the Company recorded a cumulative-effect adjustment to its Accumulated deficit balance of approximately $0.02 million as of January 1, 2024, as a result of recognizing its bitcoin held as of January 1, 2024, at fair value.

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-17

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
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-Paragraph 19
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-19

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-18

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-18

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 20
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-20

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (b)
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-20

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-Paragraph 20
-Subparagraph (c)
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

SUPPLEMENTAL BALANCE SHEET AND CASH FLOW INFORMATION - Cash Flow Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Cumulative-effect adjustment due to the adoption of ASU 2023-08	$ (379,464)		$ (369,974)
Property and equipment purchases in accounts payable	2,557	$ 1,860
Accrued interest added to debt principal	0	592
Cash paid for interest	3,069	3,908
Professional Services
Property, Plant and Equipment [Line Items]
Common stock issued	0	250
Amendment Fee To Lender
Property, Plant and Equipment [Line Items]
Common stock issued	0	1,000
Cumulative Translation Adjustment
Property, Plant and Equipment [Line Items]
Cumulative-effect adjustment due to the adoption of ASU 2023-08	22	0	$ (20)
Miners
Property, Plant and Equipment [Line Items]
Exchange of property plant and equipment, for reduction in debt	0	49,950
Miner Coupons
Property, Plant and Equipment [Line Items]
Exchange of property plant and equipment, for reduction in debt	0	1,152
Equipment deposits
Property, Plant and Equipment [Line Items]
Exchange of property plant and equipment, for reduction in debt	$ 0	$ 7,381

PROPERTY AND EQUIPMENT - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 3,300	$ 3,200	$ 6,500	$ 7,000
Gain on sale of assets	$ 32	$ 8	32	1,752
Miners
Property, Plant and Equipment [Line Items]
Exchange of property plant and equipment, for reduction in debt			0	49,950
Miner Coupons
Property, Plant and Equipment [Line Items]
Exchange of property plant and equipment, for reduction in debt			0	1,152
Gain on sale of assets			1,200
Equipment deposits
Property, Plant and Equipment [Line Items]
Exchange of property plant and equipment, for reduction in debt			$ 0	$ 7,381

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ DEFICIT (UNAUDITED) - USD ($) $ in Thousands	Total	Revision of Prior Period, Accounting Standards Update, Adjustment	Securities Purchase Agreement	Common Stock	Common Stock Securities Purchase Agreement	Additional Paid - In Capital	Additional Paid - In Capital Securities Purchase Agreement	Subscription Receivable	Cumulative Translation Adjustment	Accumulated Deficit	Accumulated Deficit Revision of Prior Period, Accounting Standards Update, Adjustment
Stockholders' equity, beginning balance (in shares) at Dec. 31, 2022				4,625,278
Stockholders' equity, beginning balance at Dec. 31, 2022	$ (47,047)			$ 0		$ 293,774		$ 0	$ (357)	$ (340,464)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	481					481
Proceeds from sale of preferred stock, net of stock issuance costs/Shares issued to Support.com shareholders upon Merger, net of issuance costs (in shares)				1,211,926
Proceeds from sale of preferred stock, net of stock issuance costs/Shares issued to Support.com shareholders upon Merger, net of issuance costs	8,096			$ 1		8,095
Restricted shares award issuance, net of withholdings (in shares)				9,275
Proceeds from stock options exercised (in shares)				133,333
Proceeds from stock options exercised	1,000					1,000
Foreign currency translation adjustment	17								17
Net loss	(8,171)									(8,171)
Stockholders' equity ending balance (in shares) at Mar. 31, 2023				5,979,812
Stockholders equity, ending balance at Mar. 31, 2023	(45,624)			$ 1		303,350		0	(340)	(348,635)
Stockholders' equity, beginning balance (in shares) at Dec. 31, 2022				4,625,278
Stockholders' equity, beginning balance at Dec. 31, 2022	(47,047)			$ 0		293,774		0	(357)	(340,464)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Foreign currency translation adjustment	27
Net loss	(18,213)
Stockholders' equity ending balance (in shares) at Jun. 30, 2023				7,236,614
Stockholders equity, ending balance at Jun. 30, 2023	(51,768)			$ 1		307,238		0	(330)	(358,677)
Stockholders' equity, beginning balance (in shares) at Dec. 31, 2022				4,625,278
Stockholders' equity, beginning balance at Dec. 31, 2022	(47,047)			$ 0		293,774		0	(357)	(340,464)
Stockholders' equity ending balance (in shares) at Dec. 31, 2023				9,131,252
Stockholders equity, ending balance at Dec. 31, 2023	$ (51,024)	$ 22		$ 1		319,992		(698)	(345)	(369,974)	$ 22
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accounting Standards Update [Extensible Enumeration]	Accounting Standards Update 2023-08 [Member]
Stockholders' equity, beginning balance (in shares) at Mar. 31, 2023				5,979,812
Stockholders' equity, beginning balance at Mar. 31, 2023	$ (45,624)			$ 1		303,350		0	(340)	(348,635)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	568					568
Proceeds from sale of preferred stock, net of stock issuance costs/Shares issued to Support.com shareholders upon Merger, net of issuance costs (in shares)				1,253,434
Proceeds from sale of preferred stock, net of stock issuance costs/Shares issued to Support.com shareholders upon Merger, net of issuance costs	3,320			$ 0		3,320
Restricted shares award issuance, net of withholdings (in shares)				3,368
Foreign currency translation adjustment	10								10
Net loss	(10,042)									(10,042)
Stockholders' equity ending balance (in shares) at Jun. 30, 2023				7,236,614
Stockholders equity, ending balance at Jun. 30, 2023	(51,768)			$ 1		307,238		0	(330)	(358,677)
Stockholders' equity, beginning balance (in shares) at Dec. 31, 2023				9,131,252
Stockholders' equity, beginning balance at Dec. 31, 2023	(51,024)	22		$ 1		319,992		(698)	(345)	(369,974)	22
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	1,070					1,070
Proceeds from sale of preferred stock, net of stock issuance costs/Shares issued to Support.com shareholders upon Merger, net of issuance costs (in shares)				45,269	450,300
Proceeds from sale of preferred stock, net of stock issuance costs/Shares issued to Support.com shareholders upon Merger, net of issuance costs	1,038		$ 1,133			340	$ 1,133	698
Restricted shares award issuance (in shares)				159,357
Issuance of warrants in connection with Securities Purchase Agreement	4,866					4,866
Foreign currency translation adjustment	(3)								(3)
Net loss	(3,944)									(3,944)
Stockholders' equity ending balance (in shares) at Mar. 31, 2024				9,786,178
Stockholders equity, ending balance at Mar. 31, 2024	(46,842)			$ 1		327,401		0	(348)	(373,896)
Stockholders' equity, beginning balance (in shares) at Dec. 31, 2023				9,131,252
Stockholders' equity, beginning balance at Dec. 31, 2023	$ (51,024)	$ 22		$ 1		319,992		(698)	(345)	(369,974)	$ 22
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issuance upon exercise of prefunded warrant (in shares)	810,205
Foreign currency translation adjustment	$ (3)
Net loss	(9,512)
Stockholders' equity ending balance (in shares) at Jun. 30, 2024				10,623,987
Stockholders equity, ending balance at Jun. 30, 2024	(52,099)			$ 1		327,712		0	(348)	(379,464)
Stockholders' equity, beginning balance (in shares) at Mar. 31, 2024				9,786,178
Stockholders' equity, beginning balance at Mar. 31, 2024	(46,842)			$ 1		327,401		0	(348)	(373,896)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	311					311
Common stock issuance upon exercise of prefunded warrant (in shares)				810,205
Restricted shares award issuance (in shares)				27,604
Foreign currency translation adjustment	0
Net loss	(5,568)									(5,568)
Stockholders' equity ending balance (in shares) at Jun. 30, 2024				10,623,987
Stockholders equity, ending balance at Jun. 30, 2024	$ (52,099)			$ 1		$ 327,712		$ 0	$ (348)	$ (379,464)

FAIR VALUE (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Assets Measured On Recurring Basis and Fair Value Hierarchy

The following tables present information about the Company’s assets and liabilities that are measured at fair value on a recurring basis and indicate the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value (in thousands):


	As of December 31, 2023
	Level 1		Level 2		Level 3		Total
Assets:
Prepaid expenses and current other assets:
Warrant asset	$	—	$	—	$	477	$	477


	As of June 30, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Digital assets	$	961	$	—	$	—	$	961
Prepaid expenses and current other assets:
Warrant asset	$	—	$	—	$	57	$	57

Fair Value Measurement Inputs and Valuation Techniques

The following table provides quantitative information regarding the Level 3 fair value inputs:


	June 30, 2024			December 31, 2023
Stock Price	$	3.10		$	4.83
Risk-free interest rate	5.21		%	5.14		%
Volatility	67.09		%	172.64		%
Remaining term (in years)	0.50			1.00
Expected dividend yield	—		%	—		%

DEBT - Equipment Financing Agreements (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2021
Debt Instrument [Line Items]
Total Debt	$ 72,200	$ 72,200
Less: Debt discount and issue costs	(2,961)	(3,490)
Total debt at book value	69,239	68,710
Less: Current portion	0	0
Long-term debt, net of deferred financing fees	$ 69,239	68,710
Senior Unsecured Notes \| Senior Notes
Debt Instrument [Line Items]
Interest Rate	8.50%		8.50%
Amount Financed	$ 72,200
Total Debt	$ 72,200	$ 72,200

INCOME TAXES (Details) - USD ($)	3 Months Ended		6 Months Ended
INCOME TAXES (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate as a percentage	0.00%	0.00%	0.00%	0.00%
Benefit from income taxes	$ 0	$ 0	$ 0	$ 0

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/exampleRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Jun. 30, 2024
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Presentation of Condensed Consolidated Financial Statements In the opinion of Greenidge management, the accompanying condensed consolidated financial statements include all adjustments necessary for a fair presentation of the results for the interim periods presented and such adjustments are of a normal recurring nature. The results for the unaudited interim condensed consolidated statements of operations are not necessarily indicative of results to be expected for the year ending December 31, 2024 or for any future interim period. The unaudited interim condensed consolidated financial statements do not include all of the information and notes required by United States Generally Accepted Accounting Principles for complete financial statements. The Company has reflected the operations of its Support.com business as discontinued operations for all periods presented. See Note 3, “Discontinued Operations” for further information. Unless otherwise noted, amounts and disclosures throughout these notes to the Company's condensed consolidated financial statements relate solely to continuing operations and exclude all discontinued operations. The accompanying condensed consolidated financial statements should be read in conjunction with the notes to the consolidated financial statements of the Company in its 2023 Annual Report on Form 10-K. Going Concern In accordance with the Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") 2014-15, Presentation of Financial Statements – Going Concern, the Company's management evaluated whether there are conditions or events that pose risk associated with the Company's ability to continue as a going concern within one year after the date these financial statements have been issued. The Company’s consolidated financial statements have been prepared assuming that it will continue as a going concern. The Company has historically incurred operating losses and negative cash flows from operations. These factors raise substantial doubt as to the Company’s ability to continue as a going concern. The halving of bitcoin, which occurred April 19, 2024, may have an adverse effect on the Company’s projected future cash flows. The fixed costs to operate the business including, but not limited to, insurance, overhead and capital expenditures, as well as the variable input costs to operate the Company’s datacenters, have a material impact on the Company’s continuing operations and ability to generate positive cash flows. While the market has improved in 2023 and 2024, the Company continues to have to address the possibility of negative impacts of the price of bitcoin and natural gas as these have proven to be volatile markets. As a result, management took certain actions during 2023 and 2024 to improve the Company's liquidity that are described further below. At June 30, 2024, the Company had $10.3 million of cash, restricted cash and cash equivalents and other current assets of $7.4 million, while having $8.7 million of accounts payable and accrued expenses, emissions liability of $3.5 million, current liabilities held for sale of $0.3 million, related party payables of $0.4 million, and an estimated $1.6 million of environmental liability spend in the next 12 months, which results in working capital of $3.2 million as of June 30, 2024. Additionally, the Company has $6.1 million of interest payments due over the next twelve months. The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and/or obtaining the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. In an effort to improve liquidity, the Company has completed or is in the process of completing the following transactions: •In September 2022, Greenidge entered into an at-the-market issuance sales agreement, as amended, dated as of September 19, 2022, by and among the Company, B. Riley Securities, Inc. (“B. Riley Securities”) and Northland Securities, Inc., relating to shares of Greenidge’s Class A common stock (the "ATM Agreement"), and since October 23, 2022 through August 9, 2024, have received net proceeds of $20.7 million from sales of Class A common stock under the ATM Agreement. See Note 9, "Stockholder's Deficit", for further details. •On January 30, 2023, the Company entered into debt restructuring agreements with NYDIG ABL LLC ("NYDIG") and B. Riley Commercial Capital, LLC ("B. Riley Commercial"). The restructuring of the NYDIG debt improved the Company's liquidity during 2023 as the payments required in 2023 on the remaining principal balance was interest payments of $2.0 million. This reduced debt service is substantially lower than the $62.7 million of principal and interest payments which would have been required in 2023 pursuant to the 2021 and 2022 Master Equipment Finance Agreements, both of which were refinanced in January 2023. See Note 5, "Debt" of our Annual Report on Form 10-K, filed April 10, 2024, for further details regarding the debt restructuring agreements. •In conjunction with the restructuring of the debt with NYDIG, the Company also entered into hosting agreements with NYDIG on January 30, 2023 (the “NYDIG Hosting Agreements”), which improved its liquidity position, as it provided for cost reimbursements for key input costs, while allowing the Company to participate in profit upside. •On November 9, 2023, the Company closed the sale of the South Carolina Facility to complete the deleveraging transaction with NYDIG. In exchange for the sale to NYDIG of the upgraded 44 MW South Carolina mining facilities and the subdivided real estate of approximately 22 acres of land, the Company received total consideration of $28 million, as follows: ◦The Senior Secured Loan with NYDIG with remaining principal of $17.7 million was extinguished; ◦The B. Riley Commercial Secured Promissory Note with remaining principal of $4.1 million, which NYDIG purchased from B. Riley Commercial on July 20, 2023 at par was extinguished; ◦A cash payment of approximately $4.5 million, and ◦The Company also received bonus payments earned of approximately $1.6 million as a result of the completion of the expansion of the upgraded mining facility and the facility’s uptime performance. The Company recognized a gain on the sale of the South Carolina Facility of $8.2 million. In conjunction with the sale, the Company and NYDIG terminated the South Carolina Hosting Order. The NYDIG Hosting Agreement related to the New York Facility was not impacted by this transaction and remains in place. Following the completion of the South Carolina Facility sale, the Company continues to own approximately 153 acres of land in South Carolina, and is assessing potential uses of the remaining site, which may include the sale of the property. •Since entering into the NYDIG Hosting Agreements, the Company has identified opportunities to deploy its company-owned miners. In March 2023, the Company entered into a hosting agreement with Conifex Timber Inc. ("Conifex"), whereby Conifex will provide hosting services to Greenidge utilizing renewable power (the “Conifex Hosting Agreement”). In April 2023, the Company entered into a hosting agreement with Core Scientific, Inc. ("Core") in which Core will host and operate Greenidge-owned bitcoin miners at its facilities (the “Core Hosting Agreement”, and together with the NYDIG Hosting Agreements and the Conifex Hosting Agreement, the “Hosting Agreements”). On May 31, 2024, the only order entered into between Greenidge and Core pursuant to the Core Hosting Agreement terminated pursuant to its terms and Core no longer hosts or operates any Greenidge-owned bitcoin miners. As a result, the Company deployed the miners hosted by Core to sites Greenidge operates as part of its self-mining operations. •On April 10, 2024, the Company closed on the purchase of a parcel of land containing approximately 12 acres located in Columbus, Mississippi, including over 73,000 square feet of industrial warehouse space. The Company deployed 7.5 MW of miners on the property in the second quarter of 2024. The Company has also deployed additional miners in conjunction with a 7.5 MW mining capacity lease in North Dakota, which has a term of five years and provides us with energy to power mining. The Company believes the addition of these datacenters will improve the Company’s profits and liquidity during the remainder of 2024 and beyond. •On February 12, 2024, the Company entered into a securities purchase agreement (the “SPA”) with Armistice Capital Master Fund Ltd. (“Armistice”). Pursuant to the SPA, Armistice purchased shares of the Company’s Class A common stock and a pre-funded Class A common stock purchase warrant entitling them to purchase shares of the Company’s Class A common stock. In addition, the Company issued to Armistice a Class A common stock purchase warrant entitling Armistice, commencing on August 14, 2024, to acquire additional shares of the Company’s Class A common stock from time to time. The SPA resulted in net proceeds of $6.0 million. See Note 9, "Stockholders’ Deficit", for further details. •On September 15, 2021, as amended on April 7, 2022, Greenidge entered into the Equity Purchase Agreement with B. Riley Principal Capital, LLC ("B. Riley Principal"). Pursuant to the Equity Purchase Agreement, Greenidge had the right to sell to B. Riley Principal up to $500 million in shares of its Class A common stock, subject to certain limitations and the satisfaction of specified conditions in the Equity Purchase Agreement, from time to time over the 24-month period commencing on April 28, 2022. From the Effective Date to June 30, 2024, The Company has received aggregate proceeds of $8.0 million, net of discounts, of which $0.3 million were received during the six months ended June 30, 2024. There were no shares issued during the three months ended June 30, 2024. See Note 9, "Stockholders’ Deficit", for further details. The Equity Purchase Agreement automatically terminated pursuant to its terms on April 28, 2024. •On July 30, 2024, Greenidge entered into a common stock purchase agreement (the "Common Stock Purchase Agreement") and related registration rights agreement with B. Riley Principal Capital II, LLC ("B. Riley Principal II"), an affiliate of B. Riley Principal, pursuant to which Greenidge has the right to sell to B. Riley Principal II up to $20 million in shares of its Class A common stock, subject to certain limitations and the satisfaction of specified conditions in the Common Stock Purchase Agreement, from time to time over the 36-month term of the Common Stock Purchase Agreement. See Note 16, "Subsequent Events", for further details. Despite these improvements to the Company’s financial condition, Greenidge management expects that it will require additional capital in order to fund the Company’s expenses and to support the Company’s near-term working capital needs and remaining debt servicing requirements. Management continues to assess different options to improve its liquidity which include, but are not limited to: •issuances of equity, including but not limited to issuances under the Common Stock Purchase Agreement and/or the ATM Agreement. •a sale of the Company’s remaining real estate in South Carolina and/or sale of the remaining miner infrastructure equipment inventory, which was not used in the South Carolina expansion. The Company estimates that substantially all of its cash resources will be depleted by the end of the first quarter of 2025. The Company’s estimate of cash resources available to the Company for the next 12 months is dependent on completion of certain actions, including obtaining additional short-term outside financing, executing on certain investing transactions; as well as bitcoin prices and blockchain difficulty levels similar to those existing as of the filing of this Quarterly Report on Form 10-Q and energy prices similar to the those experienced in the first six months of 2024. Increases in the price of bitcoin benefit the Company by increasing the amount of revenue earned for each bitcoin mined. Increases in the difficulty to mine a bitcoin adversely affect the Company by decreasing the number of bitcoin it can mine. Increases in the costs of electricity, natural gas, and emissions credits adversely affect the Company by increasing the cost to mine bitcoin. While the Company continues to work to implement options to improve liquidity, we can provide no assurance that these efforts will be successful and the Company’s liquidity could be negatively impacted by factors outside of its control, in particular, significant decreases in the price of bitcoin, our inability to procure and comply with the permits and licenses required to operate our facilities, including the Title V Air Permit for the New York Facility, or the cost to us of such procurement or compliance, regulatory changes concerning cryptocurrency, increases in energy costs or other macroeconomic conditions and other matters identified in Part I, Item 1A "Risk Factors" in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 and in this Quarterly Report on Form 10-Q. Given this uncertainty regarding the Company’s financial condition over the next 12 months from the date these financial statements were issued, the Company has concluded that there is substantial doubt about its ability to continue as a going concern for a reasonable period of time. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. Reclassifications Certain prior year amounts have been reclassified to conform to the current year’s presentation. Significant Accounting Policies The Company’s significant accounting policies are described in Note 2. Summary of Significant Accounting Policies, in the Company’s consolidated financial statements included in the Company’s Annual Report filed on Form 10-K for the year ended December 31, 2023. There have been no material changes to the significant accounting policies, except as described herein, for the three and six months ended June 30, 2024. Revenue Recognition Cryptocurrency Mining Revenue Greenidge has entered into digital asset mining pools by executing contracts with the mining pool operators to perform hash computations for a mining pool. The contracts are terminable at any time at no cost by either party and Greenidge’s enforceable right to compensation begins only when, and lasts as long as, Greenidge performs hash computations for the mining pool operator. In exchange for performing hash computations, Greenidge is entitled to a fractional share of the cryptocurrency award the mining pool operator theoretically receives less the mining pool fees. The agreements entered into with the pool operators pay out based on a Full-Pay-Per-Share (“FPPS”) payout formula, which is a conceptual formula that entitles Greenidge to consideration upon the provision of hash computations to the pool even if a block is not successfully placed by the pool operator. Revenue is measured as the value of the consideration received in the form of cryptocurrency from the pool operator, less the mining pool fees retained by the mining pool operator. Greenidge does not expect any material future changes in mining pool fee rates. In exchange for performing hash computations for the mining pool, the Company is entitled to a fractional share of the cryptocurrency award the mining pool operator theoretically receives (less pool operator fees to the mining pool operator which are netted as a reduction of the transaction price). Greenidge’s fractional share is based on the proportion of hash computations the Company performed for the mining pool operator to the total hash computations contributed by all miners in solving the current algorithm during the 24-hour period. Daily earnings calculated under the FPPS payout formula are calculated from midnight-to-midnight UTC time and are credited to pool members’ accounts at 1:00:00 A.M. UTC. The pool sends Greenidge’s cryptocurrency balance in the account to a digital wallet designated by the Company between 9:00 A.M. and 5:00 P.M. UTC time each day, which Greenidge automatically sells for cash within minutes of receipt, unless Greenidge decides to retain its newly earned bitcoin in connection with its bitcoin retention strategy. The service of performing hash computations for the mining pool operators is an output of Greenidge’s ordinary activities and is the only performance obligation in Greenidge’s contracts with mining pool operators. The cryptocurrency that Greenidge receives as transaction consideration is noncash consideration, which Greenidge measures at fair value on the contract inception date at 0:00:00 UTC on the start date of the contract. The duration of each contract is 24 hours or less and provides the same rate of payment upon renewal. Since the pricing remains the same upon contract renewal, the contract does not provide the applicable mining pool operator with a material right that represents a separate performance obligation. The fair value is based on Greenidge’s primary exchange of the related cryptocurrency which is considered to be Coinbase. The consideration Greenidge earns is variable since it is based on the amount of hash computations provided by both Greenidge and the bitcoin network as a whole. The Company does not constrain this variable consideration because it is probable that a significant reversal in the amount of revenue recognized from the contract will not occur when the uncertainty is subsequently resolved and recognizes the non-cash consideration on the same day that control is transferred, which is the same day as contract inception. Engineering Procurement and Construction Management ("EPCM") Revenue The Company has entered into contracts with customers to perform engineering procurement and construction management services for customers developing cryptocurrency mining facilities. The services defined in the contracts are generally separated into phases, being 1) engineering 2) construction and 3) procurement. While the services discussed above are capable of being distinct and separately identifiable, the Company concluded that the services provided are inputs to produce the combined output to the customer, which is the completed site buildout. Further, the services provided are significantly modified by the other services in the contract. As such, while the performance obligations may be capable of being distinct, they are not distinct in the context of the contract and therefore the promises in the contract are combined into one single performance obligation. The Company recognizes EPCM revenue over time, as performance obligations are satisfied, due to the continuous transfer of control to the customer. The Company utilizes the percentage-of-completion method, based primarily on contract cost incurred to date compared to total estimated contract cost. The percentage-of-completion method, and input method, is used as management considers it to be the best available measure of progress on these contracts. To the extent a contract is canceled, the Company assesses whether there are any remaining goods or services to be provided after cancellation. If there are any remaining goods or services to be provided, the Company follows the guidance under ASC 606 for contract modifications. If there are no remaining goods or services to be provided, the Company considers whether consideration received is refundable or nonrefundable. To the extent consideration received is refundable, the Company recognizes a refund liability, otherwise, it recognizes revenue for the consideration received. Digital assets Digital assets are comprised of bitcoin earned as noncash consideration in exchange for providing hash computations for a mining pool, which are accounted for in connection with the Company’s revenue recognition policy previously disclosed. Digital assets are included in current assets in the consolidated balance sheets due to the Company’s ability to sell it in a highly liquid marketplace and because the Company reasonably expects to liquidate its digital assets to support operations within the next twelve months. The Company adopted ASU 2023-08 during the second quarter of 2024 with an effective date of January 1, 2024. As a result of adopting ASU 2023-08, the Company measures digital assets at fair value as of each reporting period based on UTC closing prices at period-end on the active trading platform that the Company normally transacts and has determined is its principal market for bitcoin. Gains and losses resulting from remeasurements are included within Loss (gain) on digital assets in the consolidated statements of operations and comprehensive loss. Gains and losses resulting from the sale of bitcoin, measured as the difference between the cash proceeds and the carrying basis of bitcoin as determined on a first-in-first-out basis, are also included within Loss (gain) on digital assets in the consolidated statements of operations and comprehensive loss. Digital assets received by the Company as noncash consideration are included within operating activities on the consolidated statements of cash flows as substantially all of the Company’s digital asset production is sold within days of being produced. To the extent the Company holds bitcoin for more than a few days, proceeds from the sale of bitcoin are included within investing activities on the consolidated statements of cash flows. Prior to the adoption of ASU 2023-08, the Company accounted for digital assets as intangible assets with an indefinite useful life, which are not amortized but assessed for impairment annually, or more frequently, when events or changes in circumstances occur indicating that it is more likely than not that the indefinite-lived asset is impaired. The Company performed an analysis each period to identify whether events or changes in circumstances, principally decreases in the quoted prices on active exchanges, indicated that it was more likely than not that its digital assets were impaired. Digital assets were considered impaired if the carrying value was greater than the lowest intraday quoted price at any time during the period. For quoted prices, the Company used daily exchange data from its principal market. Subsequent reversal of impairment losses were not permitted. Recent Accounting Pronouncements, Not Yet Adopted In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. ASU 2023-07 expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, an amount and description of its composition of other segment items, and interim disclosures of a reportable segment’s profit or loss and assets. This guidance becomes effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024 and is required to be applied retrospectively. Early adoption is permitted. The Company is currently evaluating this guidance to determine the impact it may have on its consolidated financial statements disclosures. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosure. ASU 2023-09 mostly requires, on an annual basis, disclosure of specific categories in an entity’s effective tax rate reconciliation and income taxes paid disaggregated by jurisdiction. The incremental disclosures may be presented on a prospective or retrospective basis. The ASU is effective for fiscal years beginning after December 15, 2024 with early adoption permitted. The Company is currently evaluating the impact the adoption of this ASU will have on its consolidated financial statements and disclosures. In March 2024, the FASB issued ASU 2024-01, Compensation - Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards. ASU 2024-01 clarifies ASC 718 scope application for profits interest and similar awards by adding illustrative examples. This guidance becomes effective for annual periods beginning after December 15, 2024 and interim periods within those annual periods. Early adoption is permitted. The Company is currently evaluating this guidance to determine the impact, but does not expect it to have a material impact on its Condensed Consolidated Financial Statements and related disclosures. In March 2024, the FASB issued ASU 2024-02, Codification Improvements - Amendments to Remove References to the Concept Statements. ASU 2024-02 removes references to various Concept Statements. This ASU is effective for fiscal years beginning after December 15, 2024. Early application of the amendments in the ASU is permitted. ASU 2024-02 can be applied prospectively or retrospectively. The Company is currently evaluating this guidance to determine the impact, but does not expect it to have a material impact on its Condensed Consolidated Financial Statements and related disclosures. Recent Accounting Pronouncements, Adopted In December 2023, the FASB issued ASU No. 2023-08, Intangibles - Goodwill and Other - Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets ("ASU 2023-08"), which is intended to improve the accounting for and disclosure of crypto assets. The amendments require crypto assets meeting the criteria to be recognized at fair value with changes recognized in net income each reporting period. Upon adoption, a cumulative-effect adjustment is made to the opening balance of retained earnings as of the beginning of the annual reporting period of adoption. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2024, with early adoption permitted. The Company elected to adopt ASU 2023-08 effective January 1, 2024. As a result of adoption, the Company recorded a cumulative-effect adjustment to its Accumulated deficit balance of approximately $0.02 million as of January 1, 2024, as a result of recognizing its bitcoin held as of January 1, 2024, at fair value.

SUPPLEMENTAL BALANCE SHEET AND CASH FLOW INFORMATION - Balance Sheet Information (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Prepaid expenses:
Electric deposits	$ 273	$ 0
Prepaid insurance	655	2,818
Warrant asset	57	477
Other	768	569
Total	$ 1,753	$ 3,864
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration]	Prepaid Expense and Other Assets, Current	Prepaid Expense and Other Assets, Current
Accrued expenses:
Accrued interest	$ 1,026	$ 1,026
Other	3,703	5,090
Total	$ 4,729	$ 6,116

RELATED PARTY TRANSACTIONS	6 Months Ended
RELATED PARTY TRANSACTIONS	Jun. 30, 2024
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS Letters of Credit Atlas, our controlling shareholder and a related party, obtained a letter of credit from a financial institution in the amount of $5.0 million at June 30, 2024 and December 31, 2023, payable to the NYSDEC. This letter of credit guarantees the current value of the Company’s landfill environmental trust liability. See Note 10, "Commitments and Contingencies" for further details. Atlas also has a letter of credit from a financial institution in the amount of $3.6 million at June 30, 2024 and December 31, 2023, payable to Empire Pipeline Incorporated (“Empire”) in the event the Company should not make contracted payments for costs related to a pipeline interconnection project the Company has entered into with Empire (see Note 10, "Commitments and Contingencies"). Mississippi Expansion On April 10, 2024, the Company closed on the purchase of a parcel of land containing approximately 12 acres located in Columbus, Mississippi, including over 73,000 square feet of industrial warehouse space, from a subsidiary of Motus Pivot Inc., a portfolio company of Atlas. The purchase price was $1.45 million, of which $1.1 million was paid during the six months ended June 30, 2024 and $0.4 million paid in August 2024, which is included in related party payables in the accompanying unaudited consolidated balance sheet as of June 30, 2024. This property provides us with access to 32.5 MW of additional power capacity. The transaction closed in April 2024 and we deployed 7.5 MW of miners on the property in the second quarter of 2024. Other Affiliates of Atlas from time to time incur certain costs for the benefit of Greenidge, which are fully reimbursed by Greenidge. Greenidge did not reimburse Atlas or its affiliates for any such costs during the quarter ended June 30, 2024.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Paragraph 2
-Subparagraph (c)
-Publisher FASB
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (UNAUDITED) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
REVENUE:
Total revenue	$ 13,057,000	$ 14,710,000	$ 32,390,000	$ 29,867,000
OPERATING COSTS AND EXPENSES:
Selling, general and administrative	4,177,000	7,049,000	9,664,000	16,062,000
Depreciation	3,285,000	3,165,000	6,519,000	6,985,000
Impairment of long-lived assets	0	0	169,000	0
Loss (gain) on digital assets	11,000	0	(48,000)	0
Gain on sale of assets	(32,000)	(8,000)	(32,000)	(1,752,000)
Total operating costs and expenses	16,757,000	21,347,000	37,906,000	42,171,000
Operating loss	(3,700,000)	(6,637,000)	(5,516,000)	(12,304,000)
OTHER INCOME (EXPENSE), NET:
Interest expense, net	(1,805,000)	(3,112,000)	(3,607,000)	(6,685,000)
Change in fair value of warrant asset	0	0	(420,000)	0
Gain on sale of digital assets	0	0	0	398,000
Other expense, net	0	(4,000)	0	(4,000)
Total other expense, net	(1,805,000)	(3,116,000)	(4,027,000)	(6,291,000)
Loss from continuing operations before income taxes	(5,505,000)	(9,753,000)	(9,543,000)	(18,595,000)
Benefit from income taxes	0	0	0	0
Net loss from continuing operations	(5,505,000)	(9,753,000)	(9,543,000)	(18,595,000)
Income (loss) from discontinued operations, net of tax	(63,000)	(289,000)	31,000	382,000
Net loss	(5,568,000)	(10,042,000)	(9,512,000)	(18,213,000)
Comprehensive Loss
Net loss	(5,568,000)	(10,042,000)	(9,512,000)	(18,213,000)
Foreign currency translation adjustment	0	10,000	(3,000)	27,000
Comprehensive loss	$ (5,568,000)	$ (10,032,000)	$ (9,515,000)	$ (18,186,000)
Net (loss) income per share, basic and diluted:
Net loss per share from continuing operations, basic (in dollars per share)	$ (0.55)	$ (1.52)	$ (0.98)	$ (3.17)
Net loss per share from continuing operations, diluted (in dollars per share)	(0.55)	(1.52)	(0.98)	(3.17)
(Loss) income per share from discontinued operations, basic (in dollars per share)	(0.01)	(0.05)	0	0.07
(Loss) income per share from discontinued operations, diluted (in dollars per share)	(0.01)	(0.05)	0	0.07
Net loss per share, basic (in dollars per share)	(0.56)	(1.57)	(0.98)	(3.10)
Net loss per share, diluted (in dollars per share)	$ (0.56)	$ (1.57)	$ (0.98)	$ (3.10)
Weighted Average Number of Shares Outstanding Reconciliation [Abstract]
Basic (in shares)	9,966,000	6,399,000	9,730,000	5,874,000
Diluted (in shares)	9,966,000	6,399,000	9,730,000	5,874,000
Datacenter hosting
REVENUE:
Total revenue	$ 6,645,000	$ 9,660,000	$ 15,757,000	$ 16,604,000
OPERATING COSTS AND EXPENSES:
Cost of revenue	4,685,000	6,727,000	11,703,000	11,398,000
Cryptocurrency mining
REVENUE:
Total revenue	4,775,000	3,980,000	11,774,000	10,431,000
OPERATING COSTS AND EXPENSES:
Cost of revenue	3,234,000	2,933,000	6,905,000	6,181,000
Power and capacity
REVENUE:
Total revenue	1,487,000	1,070,000	4,524,000	2,832,000
OPERATING COSTS AND EXPENSES:
Cost of revenue	1,297,000	1,481,000	2,843,000	3,297,000
EPCM consulting services
REVENUE:
Total revenue	150,000	0	335,000	0
OPERATING COSTS AND EXPENSES:
Cost of revenue	$ 100,000	$ 0	$ 183,000	$ 0

DISCONTINUED OPERATIONS - Narrative (Details) - Discontinued Operations, Disposed of by Sale - USD ($) $ in Millions	1 Months Ended		3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jan. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Effective income tax rate from discontinued operations			0.00%	0.00%	0.00%	0.00%
Support Com
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from divestiture of business	$ 0.8	$ 2.6

INCOME TAXES	6 Months Ended
INCOME TAXES	Jun. 30, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The income tax provision for interim periods is determined using an estimate of the annual effective tax rate, adjusted for discrete items, if any, that are taken into account in the relevant period. Each quarter, the estimate of the annual effective tax rate is updated, and if the estimated effective tax rate changes, a cumulative adjustment is made. In addition, the effect of changes in enacted tax laws or rates or tax status is recognized in the interim period in which the change occurs. The effective tax rate for the three and six months ended June 30, 2024 was 0% which was lower than the statutory rate of 21% because the Company has recognized a full valuation allowance on its deferred tax assets. The Company continued to evaluate the realizability of deferred tax assets, due to continued reduced profitability, concluded that a valuation allowance should continue to be recognized for any deferred tax assets generated during the quarter. As a result, there was no net income tax benefit recorded for pretax losses of the U.S. operations in the three and six months ended June 30, 2024. The effective tax rate for the three and six months ended June 30, 2023 was 0% which was lower than the statutory rate of 21% primarily related to historical net operating loss carryforwards of the Support.com business that was acquired in 2021, due to the reduced profitability caused by the declines in the price of bitcoin and the increased power costs.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Section S99
-Paragraph 1
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

CONCENTRATIONS	6 Months Ended
CONCENTRATIONS	Jun. 30, 2024
Risks and Uncertainties [Abstract]
CONCENTRATIONS	CONCENTRATIONS The Company has a single hosting customer that accounted for 51% and 66% of the company’s revenue during the three months ended June 30, 2024 and 2023, respectively, as well as 49% and 56% of the company’s revenue during the six months ended June 30, 2024 and 2023, respectively. For the Company’s self-mining operations, Greenidge considers its mining pool operators to be its customers. Greenidge has historically used a limited number of pool operators that have operated under contracts with a one-day term, which allows Greenidge the option to change pool operators at any time. Revenue from one of the Company’s pool operator customers accounted for approximately 37% and 27% of total revenue for the three months ended June 30, 2024 and 2023, respectively, and 36% and 30% for the six months ended June 30, 2024 and 2023, respectively. The Company has one major power customer, NYISO, that accounted for 11% and 7% of its revenue for the three months ended June 30, 2024 and 2023, respectively, and 14% and 9% for the six months ended June 30, 2024 and 2023, respectively. The Company has one natural gas vendor that accounted for approximately 27% and 21% of cost of revenue for the three months ended June 30, 2024 and 2023, respectively, and 37% and 31% for the six months ended June 30, 2024 and 2023, respectively. The Company has one major provider of hosting services for its self-mining operation that accounted for approximately 11% and 17% of cost of revenue for the three months ended June 30, 2024 and 2023, respectively, and 18% and 9% of cost of revenue for the six months ended June 30, 2024 and 2023, respectively. During the six months ended June 30, 2024, the contract with the Company’s major provider of hosting services for its self-mining operation was terminated. As a result, the Company deployed the miners operated at the host’s site to sites they operate as part of its self-mining operations.

SUPPLEMENTAL BALANCE SHEET AND CASH FLOW INFORMATION (Tables)

6 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Prepaid and Accrued Expenses


$ in thousands	June 30, 2024		December 31, 2023
Prepaid expenses:
Electric deposits	$	273	$	—
Prepaid insurance	655		2,818
Warrant asset	57		477

Other	768		569
Total	$	1,753	$	3,864

Accrued expenses:
Accrued interest	$	1,026	$	1,026
Other	3,703		5,090
Total	$	4,729	$	6,116

Summary of supplemental cash flow information

Greenidge had the following noncash investing and financing activities:


	Six Months Ended June 30,
$ in thousands	2024		2023
Cumulative-effect adjustment due to the adoption of ASU 2023-08	$	22	$	—
Property and equipment purchases in accounts payable	$	2,557	$	1,860
Common stock issued for amendment fee to lender	$	—	$	1,000
Common stock issued for professional services	$	—	$	250
Exchange of assets for reduction in debt	$	—	$	49,950
Exchange of coupons for reduction in debt	$	—	$	1,152
Exchange of equipment deposits for reduction in debt	$	—	$	7,381
Accrued interest added to debt principal	$	—	$	592

The following table provides supplemental cash flow information for cash paid for interest:


	Six Months Ended June 30,
$ in thousands	2024		2023
Cash paid for interest	$	3,069	$	3,908

PROPERTY AND EQUIPMENT (Tables)

6 Months Ended

Jun. 30, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

Property and equipment, net consisted of the following at June 30, 2024 and December 31, 2023:


$ in thousands	Estimated Useful Lives	June 30, 2024		December 31, 2023
Plant infrastructure	10 years	$	1,367	$	1,367
Miners	3 years	32,069		32,195
Miner facility infrastructure	10 years	10,253		8,154
Land	N/A	9,136		7,679
Equipment	5 years	45		45


Construction in process	N/A	6,481		6,229

		59,351		55,669
Less: Accumulated depreciation		(17,093)		(10,574)
		$	42,258	$	45,095

CONCENTRATIONS (Details)	3 Months Ended		6 Months Ended
CONCENTRATIONS (Details)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Cryptocurrency mining
Concentration Risk [Line Items]
Revenue from contract with customer, term			1 day
Sales Revenue Net \| Customer Concentration Risk \| Data Center Customer One
Concentration Risk [Line Items]
Concentration risk percentage	51.00%	66.00%	49.00%	56.00%
Sales Revenue Net \| Customer Concentration Risk \| Operator Customer One
Concentration Risk [Line Items]
Concentration risk percentage	37.00%	27.00%	36.00%	30.00%
Sales Revenue Net \| Customer Concentration Risk \| One Major Customer
Concentration Risk [Line Items]
Concentration risk percentage	11.00%	7.00%	14.00%	9.00%
Cost of Goods and Service Benchmark \| Supplier Concentration Risk \| One Major Provider Of Hosting Services
Concentration Risk [Line Items]
Concentration risk percentage	11.00%	17.00%	18.00%	9.00%
Cost of Goods and Service Benchmark \| Supplier Concentration Risk \| One Major Vendor
Concentration Risk [Line Items]
Concentration risk percentage	27.00%	21.00%	37.00%	31.00%

EARNINGS PER SHARE - Basic Earnings and Diluted per Share of Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Numerator
Net loss from continuing operations	$ (5,505)	$ (9,753)	$ (9,543)	$ (18,595)
Income (loss) from discontinued operations, net of tax	(63)	(289)	31	382
Net loss, basic	(5,568)	(10,042)	(9,512)	(18,213)
Net loss, diluted	$ (5,568)	$ (10,042)	$ (9,512)	$ (18,213)
Denominator
Basic weighted average shares outstanding (in shares)	9,966,000	6,399,000	9,730,000	5,874,000
Effect of dilutive securities (in shares)	0	0	0	0
Diluted weighted average shares outstanding (in shares)	9,966,000	6,399,000	9,730,000	5,874,000
Net (loss) income per share, basic and diluted:
Net loss per share from continuing operations, basic (in dollars per share)	$ (0.55)	$ (1.52)	$ (0.98)	$ (3.17)
Net loss per share from continuing operations, diluted (in dollars per share)	(0.55)	(1.52)	(0.98)	(3.17)
(Loss) income per share from discontinued operations, basic (in dollars per share)	(0.01)	(0.05)	0	0.07
(Loss) income per share from discontinued operations, diluted (in dollars per share)	(0.01)	(0.05)	0	0.07
Net loss per share, basic (in dollars per share)	(0.56)	(1.57)	(0.98)	(3.10)
Net loss per share, diluted (in dollars per share)	$ (0.56)	$ (1.57)	$ (0.98)	$ (3.10)

DISCONTINUED OPERATIONS - Financial Results (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on asset disposal	$ 32	$ 8	$ 32	$ 1,752
Income (loss) from discontinued operations, net of tax	(63)	(289)	31	382
Support Com \| Discontinued Operations, Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenue	0	1,724	0	3,845
Cost of revenue - services and other (exclusive of depreciation and amortization)	0	(1,574)	0	(3,468)
Selling, general and administrative	(71)	(845)	8	(1,912)
Merger and other costs	0	(379)	0	(530)
Gain on asset disposal	0	762	0	4,162
Gain (loss) on assets classified as held for sale	5	0	11	(1,735)
Other income (loss), net	3	23	12	20
Income (loss) from discontinued operations, net of tax	$ (63)	$ (289)	$ 31	$ 382

COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	1 Months Ended	6 Months Ended
COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	Sep. 30, 2020 USD ($) dth	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Product Liability Contingency [Line Items]
Environmental trust liability		$ 28,616	$ 29,866
Environmental liability related to landfill, period		30 years
Annual inflation rate on environmental liability related to landfill		2.40%
Purchase commitment, energy volume required per day (in dekatherm) \| dth	15,000
Purchase commitment per month	$ 200
Purchase commitment, termination notice period	12 months
Purchase commitment period	10 years
Coal ash impoundment
Product Liability Contingency [Line Items]
Environmental liability		$ 17,300	17,300
Environmental liability, remediation period		5 years
Environmental trust liability		$ 12,900	$ 12,900

DEBT (Tables)

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Schedule of Debt

The following table provides information on the Company’s debt agreements:


$ in thousands							Balance as of:
Note	Loan Date	Maturity Date	Interest Rate		Amount Financed		June 30, 2024		December 31, 2023
Senior Unsecured Notes	October 2021/December 2021	October 2026	8.5	%	$	72,200	$	72,200	$	72,200
Total Debt							72,200		72,200
Less: Debt discount and issue costs							(2,961)		(3,490)
Total debt at book value							69,239		68,710
Less: Current portion							—		—
Long-term debt, net of current portion and deferred financing fees							$	69,239	$	68,710

Minimum Future Principal Payments on Debt

Minimum future principal payments on debt at June 30, 2024 were as follows:


$ in thousands
Remainder of 2024	$	—
2025	—
2026	72,200
2027	—
2028	—
Total	$	72,200

STOCKHOLDERS' DEFICIT - Narrative (Details) - USD ($)					3 Months Ended		6 Months Ended	22 Months Ended	26 Months Ended
STOCKHOLDERS' DEFICIT - Narrative (Details) - USD ($)	Jul. 30, 2024	Feb. 12, 2024	Oct. 03, 2022	Apr. 28, 2022	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2024	Aug. 09, 2024	Jun. 30, 2024	Aug. 14, 2024	Dec. 31, 2023	Apr. 07, 2022
Class of Stock [Line Items]
Warrants outstanding (in shares)					1,440,505		1,440,505		1,440,505		180,000
Exercise price (in dollars per share)					$ 5.47		$ 5.47		$ 5.47		$ 7.00
Common stock issuance upon exercise of prefunded warrant (in shares)							810,205
Issuance of warrants in connection with Securities Purchase Agreement						$ 4,866,000
February 2024 Pre-Funded Warrant
Class of Stock [Line Items]
Warrants outstanding (in shares)		810,205
Issuance of warrants in connection with Securities Purchase Agreement		$ 2,000,000
Common Stock Warrant
Class of Stock [Line Items]
Issuance of warrants in connection with Securities Purchase Agreement		$ 2,800,000
Equity Purchase Agreement
Class of Stock [Line Items]
Maximum aggregate consideration to be received on transaction												$ 500,000,000
Sale of stock, period				24 months
Number of shares issued in transaction				572,095	0		45,269		549,285
Net proceeds received							$ 300,000		$ 8,000,000.0
Equity Purchase Agreement \| Subsequent Event
Class of Stock [Line Items]
Maximum aggregate consideration to be received on transaction	$ 20,000,000
At The Market Issuance Sales Agreement
Class of Stock [Line Items]
Maximum aggregate consideration to be received on transaction			$ 22,800,000
Number of shares issued in transaction					0		0
Underwriter compensation, percentage of gross stock sales			3.00%
At The Market Issuance Sales Agreement \| Subsequent Event
Class of Stock [Line Items]
Number of shares issued in transaction								4,167,463
Net proceeds received								$ 20,700,000
Securities Purchase Agreement
Class of Stock [Line Items]
Number of shares issued in transaction		450,300
Net proceeds received		$ 6,000,000
Sale of stock, price (in dollars per share)		$ 4.76
Exercise price (in dollars per share)		$ 0.0001
Warrant term		5 years
Securities Purchase Agreement \| Forecast
Class of Stock [Line Items]
Exercise price (in dollars per share)										$ 5.25
Number of securities called by warrants (in shares)										1,260,505
Common Stock Purchase Agreement \| Subsequent Event
Class of Stock [Line Items]
Maximum aggregate consideration to be received on transaction	$ 20,000,000
Sale of stock, period	36 months

STOCKHOLDERS' DEFICIT (Tables)

6 Months Ended

Jun. 30, 2024

Stockholders' Equity Note [Abstract]

Schedule of Stockholders' Equity Note, Warrants or Rights

The following table summarizes the Company’s warrant activity:


	Number of warrants	Weighted Average Exercise Price
Warrants outstanding at December 31, 2023	180,000	$	7.00
Issued	2,070,710	3.20
Exercised	(810,205)	0.0001
Warrants outstanding at June 30, 2024	1,440,505	$	5.47

The following table summarizes information about warrants outstanding at June 30, 2024:


	Number of Warrants Outstanding	Number of Warrants Exercisable	Exercise Price		Expiration Date
December 2023 Warrants	180,000	180,000	$	7.00	December 11, 2024
February 2024 Warrants	1,260,505	—	$	5.25	August 14, 2029
	1,440,505	180,000

ORGANIZATION AND DESCRIPTION OF BUSINESS (Details)	May 16, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Conversion ratio	0.1

EARNINGS PER SHARE (Tables)

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Earnings Per Share, Basic and Diluted

The following table sets forth a reconciliation of the numerator and denominator used to compute basic earnings and diluted per share of common stock (In thousands, except per share data):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Numerator
Net loss from continuing operations	$	(5,505)	$	(9,753)	$	(9,543)	$	(18,595)
(Loss) Income from discontinued operations, net of tax	(63)		(289)		31		382
Net loss	$	(5,568)	$	(10,042)	$	(9,512)	$	(18,213)
Denominator
Basic weighted average shares outstanding	9,966		6,399		9,730		5,874
Effect of dilutive securities	—		—		—		—

Diluted weighted average shares outstanding	9,966		6,399		9,730		5,874

Net (loss) income per share, basic and diluted:
Net loss per share from continuing operations, basic and diluted	$	(0.55)	$	(1.52)	$	(0.98)	$	(3.17)
(Loss) income per share from discontinued operations, basic and diluted	(0.01)		(0.05)		0.00		0.07
Net loss per share, basic and diluted	$	(0.56)	$	(1.57)	$	(0.98)	$	(3.10)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following table sets forth potential shares of common stock that are not included in the diluted net loss per share calculation because to do so would be anti-dilutive for the period indicated (in thousands):


Anti-dilutive securities	June 30, 2024	June 30, 2023
Restricted stock units	149	12
Common shares issuable upon exercise of stock options	483	363
Common shares issuable upon exercise of warrants	1,441	—
Total	2,073	375

SUBSEQUENT EVENTS	6 Months Ended
SUBSEQUENT EVENTS	Jun. 30, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Subsequent events have been evaluated through August 14, 2024, the date at which the condensed consolidated financial statements were available to be issued, and the Company has concluded that no such events or transactions took place that would require disclosure herein except as stated directly below. Common Stock Purchase Agreement with B. Riley Principal Capital II, LLC On July 30, 2024, the Company entered into the Common Stock Purchase Agreement and a related registration rights agreement, each dated as of July 30, 2024, with B. Riley Principal Capital II. Upon the terms and subject to the satisfaction of the conditions set forth in the Common Stock Purchase Agreement, the Company will have the right, in its sole discretion, to sell to B. Riley Principal Capital II up to $20,000,000 of newly issued shares of the Company’s Class A common stock, subject to certain conditions and limitations contained in the Common Stock Purchase Agreement, from time to time during the 36-month term of the Purchase Agreement. Sales of Class A common stock by the Company to B. Riley Principal Capital II pursuant to the Common Stock Purchase Agreement, and the timing of any such sales, are solely at the option of the Company, and the Company is under no obligation to sell any securities to B. Riley Principal Capital II under the Common Stock Purchase Agreement.

DISCONTINUED OPERATIONS (Tables)

6 Months Ended

Jun. 30, 2024

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations

Major classes of assets and liabilities consist of the following:


$ in thousands	June 30, 2024		December 31, 2023
Assets:
Prepaid expenses and other current assets	$	30	$	47
Current assets held for sale	30		47

Other assets	456		454
Long-term assets held for sale	456		454
Loss on classification to held for sale	(486)		(501)
Assets held for sale	—		—

Liabilities:
Accounts payable	8		21
Accrued expenses	306		462
Current liabilities held for sale	$	314	$	483

Financial results from discontinued operations consist of the following:


	Three Months Ended June 30,				Six Months Ended June 30,
$ in thousands	2024		2023		2024		2023
Revenue	$	—	$	1,724	$	—	$	3,845
Cost of revenue - services and other (exclusive of depreciation and amortization)	—		(1,574)		—		(3,468)

Selling, general and administrative	(71)		(845)		8		(1,912)
Merger and other costs	—		(379)		—		(530)
Gain on asset disposal	—		762		—		4,162
Gain (loss) on assets classified as held for sale	5		—		11		(1,735)
Other income (loss), net	3		23		12		20


Income from discontinued operations, net of tax	$	(63)	$	(289)	$	31	$	382

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

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-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3A

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
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-Paragraph 1
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-Topic 205
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Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-3

+ Details

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
OPERATING ACTIVITIES FROM CONTINUING OPERATIONS:
Net loss	$ (9,512)	$ (18,213)
Income from discontinued operations	31	382
Net loss from continuing operations	(9,543)	(18,595)
Adjustments to reconcile net loss from continuing operations to net cash flow from operating activities:
Depreciation	6,519	6,985
Accrued interest added to principal	0	1,212
Change in fair value of warrant asset	420	0
Amortization of debt issuance costs	529	1,405
Impairment of long-lived assets	169	0
Gain on sale of assets	(32)	(1,752)
Gain on digital assets	(48)	0
Stock-based compensation expense	1,381	1,049
Revenues from digital assets production	(11,774)	0
Proceeds from sale of digital assets	11,141	0
Professional fees paid in common stock	0	250
Changes in operating assets and liabilities:
Accounts receivable	173	2,519
Emissions and carbon offset credits	2,040	(337)
Digital assets	0	348
Prepaids and other assets	1,690	2,689
Income tax receivable	0	(59)
Accounts payable	(1,311)	2,101
Accrued emissions	(7,040)	38
Accrued expenses	(1,387)	(3,285)
Related party payable	380	0
Other	337	2,674
Net cash flow used for operating activities from continuing operations	(6,356)	(2,758)
INVESTING ACTIVITIES FROM CONTINUING OPERATIONS:
Purchases of and deposits for property and equipment	(4,105)	(7,033)
Proceeds from sale of assets	422	592
Proceeds from sale of digital assets	89	0
Net cash flow used for investing activities from continuing operations	(3,594)	(6,441)
FINANCING ACTIVITIES FROM CONTINUING OPERATIONS:
Proceeds from issuance of common stock, net of issuance costs	1,038	11,165
Proceeds from issuance of common stock and pre-funded warrants	6,000	0
Principal payments on debt	0	(5,304)
Net cash flow provided by financing activities from continuing operations	7,038	5,861
Discontinued Operations:
Net cash flow from operating activities of discontinued operations	(141)	159
Net cash flow from investing activities of discontinued operations	0	3,325
Increase (decrease) in cash and cash equivalents from discontinued operations	(141)	3,484
CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	(3,053)	146
CASH, CASH EQUIVALENTS AND RESTRICTED CASH - beginning of year	13,312	15,217
CASH, CASH EQUIVALENTS AND RESTRICTED CASH - end of period	$ 10,259	$ 15,363

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)(Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, authorized (in shares)	20,000,000	20,000,000
Preferred stock, outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, authorized (in shares)	500,000,000	500,000,000
Common stock, issued (in shares)	10,623,987	9,131,252
Common stock, outstanding (in shares)	10,623,987	9,131,252

SUPPLEMENTAL BALANCE SHEET AND CASH FLOW INFORMATION

6 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

SUPPLEMENTAL BALANCE SHEET AND CASH FLOW INFORMATION


$ in thousands	June 30, 2024		December 31, 2023
Prepaid expenses:
Electric deposits	$	273	$	—
Prepaid insurance	655		2,818
Warrant asset	57		477

Other	768		569
Total	$	1,753	$	3,864

Accrued expenses:
Accrued interest	$	1,026	$	1,026
Other	3,703		5,090
Total	$	4,729	$	6,116

Greenidge had the following noncash investing and financing activities:


	Six Months Ended June 30,
$ in thousands	2024		2023
Cumulative-effect adjustment due to the adoption of ASU 2023-08	$	22	$	—
Property and equipment purchases in accounts payable	$	2,557	$	1,860
Common stock issued for amendment fee to lender	$	—	$	1,000
Common stock issued for professional services	$	—	$	250
Exchange of assets for reduction in debt	$	—	$	49,950
Exchange of coupons for reduction in debt	$	—	$	1,152
Exchange of equipment deposits for reduction in debt	$	—	$	7,381
Accrued interest added to debt principal	$	—	$	592

The following table provides supplemental cash flow information for cash paid for interest:


	Six Months Ended June 30,
$ in thousands	2024		2023
Cash paid for interest	$	3,069	$	3,908

STOCKHOLDERS' DEFICIT

6 Months Ended

Jun. 30, 2024

Stockholders' Equity Note [Abstract]

STOCKHOLDERS' DEFICIT

STOCKHOLDERS’ DEFICIT

Equity Purchase Agreement with B. Riley Principal Capital, LLC

On September 15, 2021, as amended on April 7, 2022, Greenidge entered into the Equity Purchase Agreement with B. Riley Principal. Pursuant to the Equity Purchase Agreement, Greenidge has the right to sell to B. Riley up to $500 million in shares of its Class A common stock, subject to certain limitations and the satisfaction of specified conditions in the Equity Purchase Agreement, from time to time over the 24-month period commencing on April 28, 2022.

In connection with the Equity Purchase Agreement, Greenidge entered into a registration rights agreement with the Investor, pursuant to which Greenidge agreed to prepare and file a registration statement registering the resale by the Investor of those shares of Greenidge’s Class A common stock to be issued under the Equity Purchase Agreement. The registration statement became effective on April 28, 2022 (the "Effective Date"), relating to the resale of 572,095 shares of Greenidge’s Class A common stock in connection with the Equity Purchase Agreement.

From the Effective Date to June 30, 2024, Greenidge issued 549,285 shares of Class A common stock to the Investor pursuant to the Equity Purchase Agreement for aggregate proceeds of $8.0 million, net of discounts, of which there were 45,269 shares issued for aggregate proceeds of $0.3 million, net of discounts, during the six months ended June 30, 2024. There were no shares issued during the three months ended June 30, 2024. The Equity Purchase Agreement automatically terminated pursuant to its terms on April 28, 2024.

On July 30, 2024, Greenidge entered into the Common Stock Purchase Agreement and related registration rights agreement with B. Riley Principal II, an affiliate of B. Riley Principal, pursuant to which Greenidge has the right to sell to B. Riley Principal II up to $20 million in shares of its Class A common stock, subject to certain limitations and the satisfaction

of specified conditions in the Common Stock Purchase Agreement, from time to time over the 36-month term of the Common Stock Purchase Agreement. See Note 16, "Subsequent Events", for further details.

At The Market Issuance Sales Agreement with B. Riley Securities

On September 19, 2022, as amended on October 3, 2022, Greenidge entered into the ATM Agreement with B. Riley and Northland, relating to shares of Greenidge’s Class A common stock. Under the ATM Agreement, B. Riley will use its commercially reasonable efforts to sell on Greenidge’s behalf the shares of Greenidge’s Class A common stock requested to be sold by Greenidge, consistent with B. Riley’s normal trading and sales practices, under the terms and subject to the conditions set forth in the ATM Agreement. Greenidge has the discretion, subject to market demand, to vary the timing, prices and number of shares sold in accordance with the ATM Agreement. B. Riley may sell the Company’s Class A common stock by any method permitted by law deemed to be an "at the market offering" as defined in Rule 415(a)(4) promulgated under the Securities Act. Greenidge pays B. Riley commissions for its services in acting as sales agent, in an amount to up to 3.0% of the gross proceeds of all Class A common stock sold through it as sales agent under the ATM Agreement. Pursuant to the registration statement filed registering shares to be sold in accordance with the terms of the ATM Agreement, Greenidge may offer and sell shares of its Class A common stock up to a maximum aggregate offering price of $22,800,000.

From October 1, 2022 through August 9, 2024, Greenidge issued 4,167,463 shares under the ATM Agreement for net proceeds of $20.7 million, of which no shares were issued for the three or six months ended June 30, 2024.

Armistice Capital Agreement

On February 12, 2024, the Company entered into a securities purchase agreement (the “SPA”) with Armistice Capital Master Fund Ltd. (“Armistice”). Pursuant to the SPA, Armistice purchased (i) 450,300 shares (the “Shares”) of the Company’s Class A common stock, and (ii) a pre-funded Class A common stock purchase warrant (the “Pre-Funded Warrant”) for 810,205 shares of the Company’s Class A common stock (the “Pre-Funded Warrant Shares”). The per share purchase price of the Shares and the Pre-Funded Warrant Shares was $4.76, resulting in aggregate gross proceeds of $6.0 million, and after giving effect to the exercise price of $0.0001 per Pre-Funded Warrant Share, the Company received net proceeds of $6.0 million. The Pre-Funded Warrant, which had an initial exercise date of February 14, 2024, was exercised in full during the six months ended June 30, 2024, which resulted in the issuance of 810,205 shares of common stock. In addition, the Company issued to Armistice a five (5) year Class A common stock purchase warrant entitling Armistice, commencing on August 14, 2024, to acquire up to 1,260,505 shares of the Company’s Class A common stock from time to time at an exercise price of $5.25 per share (the “Warrant Shares”).

The pre-funded and common stock warrants were classified as a component of permanent stockholders’ equity within additional paid-in capital and were recorded at the issuance date using a relative fair value allocation method. The Company valued the pre-funded warrant at issuance, concluding that its sale price approximated their fair value, and allocated the aggregate net proceeds from the sale proportionately to the common stock and pre-funded warrant, including approximately $2.0 million allocated to the pre-funded warrant and recorded as a component of additional paid-in capital. The Company valued the common stock warrant using the Black-Scholes-Merton option pricing model and recorded as a component of additional paid-in capital with an allocated amount of $2.8 million. By analogy to ASC 505-20-30-3, the Company would have recorded a charge to retained earnings, however, as the Company is in a deficit position it was recorded as a component of additional paid-in capital.

Warrants

The following table summarizes the Company’s warrant activity:


	Number of warrants	Weighted Average Exercise Price
Warrants outstanding at December 31, 2023	180,000	$	7.00
Issued	2,070,710	3.20
Exercised	(810,205)	0.0001
Warrants outstanding at June 30, 2024	1,440,505	$	5.47

The following table summarizes information about warrants outstanding at June 30, 2024:


	Number of Warrants Outstanding	Number of Warrants Exercisable	Exercise Price		Expiration Date
December 2023 Warrants	180,000	180,000	$	7.00	December 11, 2024
February 2024 Warrants	1,260,505	—	$	5.25	August 14, 2029
	1,440,505	180,000

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
CURRENT ASSETS:
Cash and cash equivalents, including restricted cash	$ 10,259,000	$ 13,312,000
Digital assets	961,000
Digital assets		347,000
Accounts receivable	185,000	358,000
Prepaid expenses and current other assets	1,753,000	3,864,000
Emissions and carbon offset credits	3,654,000	5,694,000
Income tax receivable	857,000	857,000
Total current assets	17,669,000	24,432,000
LONG-TERM ASSETS:
Property and equipment, net	42,258,000	45,095,000
Other long-term assets	2,924,000	1,652,000
Total assets	62,851,000	71,179,000
CURRENT LIABILITIES:
Accounts payable	3,929,000	3,495,000
Accrued emissions expense	3,480,000	10,520,000
Accrued expenses	4,729,000	6,116,000
Short-term environmental liability	1,613,000	363,000
Other short-term liabilities	380,000	0
Current liabilities held for sale	314,000	483,000
Total current liabilities	14,445,000	20,977,000
LONG-TERM LIABILITIES:
Long-term debt, net of deferred financing fees	69,239,000	68,710,000
Environmental liabilities	28,616,000	29,866,000
Other long-term liabilities	2,650,000	2,650,000
Total liabilities	114,950,000	122,203,000
COMMITMENTS AND CONTINGENCIES (NOTE 10)
STOCKHOLDERS' DEFICIT:
Preferred stock, par value $0.0001, 20,000,000 shares authorized, none outstanding	0	0
Common stock, par value $0.0001, 500,000,000 shares authorized, 10,623,987 and 9,131,252 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively	1,000	1,000
Additional paid-in capital	327,712,000	319,992,000
Cumulative translation adjustment	(348,000)	(345,000)
Common stock subscription receivable	0	(698,000)
Accumulated deficit	(379,464,000)	(369,974,000)
Total stockholders' deficit	(52,099,000)	(51,024,000)
Total liabilities and stockholders' deficit	$ 62,851,000	$ 71,179,000

STOCKHOLDERS' DEFICIT - Warrants (Details)	6 Months Ended
STOCKHOLDERS' DEFICIT - Warrants (Details)	Jun. 30, 2024 $ / shares shares
Number of warrants
Warrants outstanding at December 31, 2023 (in shares)	180,000
Issued (in shares)	2,070,710
Exercised	(810,205)
Warrants outstanding at June 30, 2024 (in shares)	1,440,505
Weighted Average Exercise Price
Warrants outstanding at December 31, 2023, Weighted average exercise price (in dollars per share) \| $ / shares	$ 7.00
Issued, Weighted average exercise price (in dollars per share) \| $ / shares	3.20
Exercised, Weight average exercise price (in dollars per share) \| $ / shares	0.0001
Warrants outstanding at June 30, 2024, Weighted average exercise price (in dollars per share) \| $ / shares	$ 5.47
Number of Warrants Exercisable (in shares)	180,000
December 2023 Warrants
Number of warrants
Warrants outstanding at June 30, 2024 (in shares)	180,000
Weighted Average Exercise Price
Warrants outstanding at June 30, 2024, Weighted average exercise price (in dollars per share) \| $ / shares	$ 7.00
Number of Warrants Exercisable (in shares)	180,000
February 2024 Warrants
Number of warrants
Warrants outstanding at June 30, 2024 (in shares)	1,260,505
Weighted Average Exercise Price
Warrants outstanding at June 30, 2024, Weighted average exercise price (in dollars per share) \| $ / shares	$ 5.25
Number of Warrants Exercisable (in shares)	0

DIGITAL ASSETS - Bitcoin Held (Details) $ in Thousands	Jun. 30, 2024 USD ($) bitcoin	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($) bitcoin
Goodwill and Intangible Assets Disclosure [Abstract]
Number of bitcoin held \| bitcoin	15.3		8.7
Carrying basis of bitcoin	$ 1,003		$ 347
Fair Value of bitcoin	$ 961	$ 356	$ 369

EQUITY BASED COMPENSATION - RSAs and RSUs (Details) - RSAs & RSUs	6 Months Ended
	Jun. 30, 2024 $ / shares shares
RSAs & RSUs
Unvested, beginning balance (in shares) \| shares	9,116
Grants in period (in shares) \| shares	293,386
Vested (in shares) \| shares	(152,099)
Forfeited (in shares) \| shares	(1,337)
Unvested, ending balance (in shares) \| shares	149,066
Weighted Average Grant Date Fair Value
Unvested, beginning balance (in dollars per share) \| $ / shares	$ 62.99
Granted (in dollars per share) \| $ / shares	4.08
Vested (in dollars per share) \| $ / shares	8.18
Forfeited (in dollars per share) \| $ / shares	3.74
Unvested, ending balance (in dollars per share) \| $ / shares	$ 3.47

EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

EARNINGS PER SHARE

The Company calculates basic earnings per share by dividing the net income (loss) by the weighted average number of shares of common stock outstanding for the period. The diluted earnings (loss) per share is computed by assuming the exercise, settlement, and vesting of all potential dilutive common stock equivalents outstanding for the period using the treasury stock method.

The following table sets forth a reconciliation of the numerator and denominator used to compute basic earnings and diluted per share of common stock (In thousands, except per share data):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Numerator
Net loss from continuing operations	$	(5,505)	$	(9,753)	$	(9,543)	$	(18,595)
(Loss) Income from discontinued operations, net of tax	(63)		(289)		31		382
Net loss	$	(5,568)	$	(10,042)	$	(9,512)	$	(18,213)
Denominator
Basic weighted average shares outstanding	9,966		6,399		9,730		5,874
Effect of dilutive securities	—		—		—		—

Diluted weighted average shares outstanding	9,966		6,399		9,730		5,874

Net (loss) income per share, basic and diluted:
Net loss per share from continuing operations, basic and diluted	$	(0.55)	$	(1.52)	$	(0.98)	$	(3.17)
(Loss) income per share from discontinued operations, basic and diluted	(0.01)		(0.05)		0.00		0.07
Net loss per share, basic and diluted	$	(0.56)	$	(1.57)	$	(0.98)	$	(3.10)

For the three and six months ended June 30, 2024 and 2023, because the Company was in a loss position, basic net loss per share is the same as diluted net loss per share, as the inclusion of the potential common shares would have been anti-dilutive.


Anti-dilutive securities	June 30, 2024	June 30, 2023
Restricted stock units	149	12
Common shares issuable upon exercise of stock options	483	363
Common shares issuable upon exercise of warrants	1,441	—
Total	2,073	375

DISCONTINUED OPERATIONS

6 Months Ended

Jun. 30, 2024

Discontinued Operations and Disposal Groups [Abstract]

DISCONTINUED OPERATIONS

A business is classified as held for sale when management having the authority to approve the action commits to a plan to sell or exit the business, the sale or exit is probable to occur during the next 12 months at a price or cost that is reasonable in relation to its current fair value and certain other criteria are met. A business classified as held for sale is recorded at the lower of its carrying amount or estimated fair value less cost to sell. When the carrying amount of the business exceeds its estimated fair value less cost to sell, a loss is recognized and updated each reporting period as appropriate.

The contract for Support.com’s largest customer was not renewed upon expiration on December 31, 2022. As a result of this material change in the business, management and the board of directors made the determination to consider various alternatives for Support.com, including the disposition of assets. At December 31, 2022, the Company classified the Support.com business as held for sale and discontinued operations in the condensed consolidated financial statements as a result of its strategic shift to strictly focus on its cryptocurrency datacenter and power generation operations.

In January 2023, Greenidge completed the sale of a portion of the assets of Support.com for net proceeds of approximately $2.6 million. In June 2023, the Company entered into a purchase and sale agreement with third parties in order to sell certain remaining assets and liabilities, including the transfer of remaining customer contracts, for net proceeds of approximately $0.8 million. The Company has ended all Support.com operations as of December 31, 2023; therefore, the remaining assets and liabilities of Support.com have been presented as current at June 30, 2024 and December 31, 2023. The remaining assets and liabilities consist primarily of remaining prepaid expenses and refundable deposits, payables and accrued expenses associated with the closing of operations and foreign tax liabilities.

Major classes of assets and liabilities consist of the following:


$ in thousands	June 30, 2024		December 31, 2023
Assets:
Prepaid expenses and other current assets	$	30	$	47
Current assets held for sale	30		47

Other assets	456		454
Long-term assets held for sale	456		454
Loss on classification to held for sale	(486)		(501)
Assets held for sale	—		—

Liabilities:
Accounts payable	8		21
Accrued expenses	306		462
Current liabilities held for sale	$	314	$	483

Financial results from discontinued operations consist of the following:


	Three Months Ended June 30,				Six Months Ended June 30,
$ in thousands	2024		2023		2024		2023
Revenue	$	—	$	1,724	$	—	$	3,845
Cost of revenue - services and other (exclusive of depreciation and amortization)	—		(1,574)		—		(3,468)

Selling, general and administrative	(71)		(845)		8		(1,912)
Merger and other costs	—		(379)		—		(530)
Gain on asset disposal	—		762		—		4,162
Gain (loss) on assets classified as held for sale	5		—		11		(1,735)
Other income (loss), net	3		23		12		20


Income from discontinued operations, net of tax	$	(63)	$	(289)	$	31	$	382

The Company’s effective income tax rate from discontinued operations for the three months ended June 30, 2024 and 2023 was 0% and 0%, respectively, and for the six months ended June 30, 2024 and 2023 was 0% and 0%, respectively.

FAIR VALUE

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

FAIR VALUE

The Company follows the guidance in ASC Topic 820, Fair Value Measurement. For assets and liabilities measured at fair value on a recurring and nonrecurring basis, a three-level hierarchy based upon observable and unobservable inputs is used to arrive at fair value. The Company uses valuation approaches that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. The Company determines fair value based on assumptions that market participants would use in pricing an asset or liability in the principal or most advantageous market. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels:

•Level 1 inputs: Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date.

•Level 2 inputs: Other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability.

•Level 3 inputs: Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at measurement date.

As of June 30, 2024, and December 31, 2023, the carrying amount of accounts receivable, prepaid expenses and other assets, income tax receivable, emissions and carbon offset credits, income tax receivable, accounts payable, accrued

expenses, accrued emissions expense, and other short-term liabilities approximated their fair value due to their relatively short maturities.


	As of December 31, 2023
	Level 1		Level 2		Level 3		Total
Assets:
Prepaid expenses and current other assets:
Warrant asset	$	—	$	—	$	477	$	477


	As of June 30, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Digital assets	$	961	$	—	$	—	$	961
Prepaid expenses and current other assets:
Warrant asset	$	—	$	—	$	57	$	57

Warrant Asset

The fair value of the warrant asset was estimated by utilizing a Black-Scholes-Merton option pricing model. The inputs into the Black-Scholes-Merton option pricing model included significant unobservable inputs. The following table provides quantitative information regarding the Level 3 fair value inputs:


	June 30, 2024			December 31, 2023
Stock Price	$	3.10		$	4.83
Risk-free interest rate	5.21		%	5.14		%
Volatility	67.09		%	172.64		%
Remaining term (in years)	0.50			1.00
Expected dividend yield	—		%	—		%

Assets Measured on a Nonrecurring Basis

Assets that are measured at fair value on a nonrecurring basis are remeasured when carrying value exceeds fair value. This includes the evaluation of long-lived assets. Where an indication of an impairment exists, the Company’s estimates of fair value of long-lived assets require the use of significant unobservable inputs, representative of Level 3 fair value measurements, including numerous assumptions with respect to future circumstances that might impact the long-lived assets’ operations in the future and are therefore uncertain.

The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be fully recoverable. To determine recoverability of a long-lived asset, management evaluates whether the estimated future undiscounted net cash flows, based on prevailing market conditions, from the asset are less than its carrying amount. If impairment is indicated, the long-lived asset is written down to fair value.

There were no impairment charges for the three months ended June 30, 2024 and 2023. During the six months ended June 30, 2024, the Company recognized an impairment charge of $0.2 million of property and equipment, net. There were no impairment charges for the six months ended June 30, 2023.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

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+ Details

EARNINGS PER SHARE - Antidilutive Securities (Details) - shares shares in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share amount (in shares)	2,073	375
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share amount (in shares)	149	12
Common shares issuable upon exercise of stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share amount (in shares)	483	363
Common shares issuable upon exercise of warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share amount (in shares)	1,441	0

EQUITY BASED COMPENSATION - Common Stock Options (Details) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($) $ / shares shares
Weighted Average Exercise Price Per Share
Weighted average exercise price per share, granted (in dollars per share) \| $ / shares	$ 3.00
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Additional Disclosures [Abstract]
Exercisable, weighted average remaining contractual life as of end of period	7 years 11 months 8 days
Outstanding, aggregate intrinsic value as of end of period \| $	$ 0
Common shares issuable upon exercise of stock options
Options
Outstanding, beginning balance (in shares) \| shares	458,982
Granted (in shares) \| shares	25,000
Forfeited (in shares) \| shares	(266)
Expired (in shares) \| shares	(824)
Outstanding, ending balance (in shares) \| shares	482,892
Weighted Average Exercise Price Per Share
Weighted average exercise price per share, beginning balance (in dollars per share) \| $ / shares	$ 16.59
Weighted average exercise price per share, forfeited (in dollars per share) \| $ / shares	62.50
Weighted average exercise price per share, expired (in dollars per share) \| $ / shares	64.01
Weighted average exercise price per share, ending balance (in dollars per share) \| $ / shares	$ 15.79
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Additional Disclosures [Abstract]
Exercisable as of end of period (in shares) \| shares	233,506
Exercisable, weighted average exercise price per share as of end of period (in dollars per share) \| $ / shares	$ 22.95
Outstanding, weighted average remaining contractual life as of end of period	8 years 5 months 4 days
Exercisable, aggregate intrinsic value, as of end of period \| $	$ 0

ORGANIZATION AND DESCRIPTION OF BUSINESS	6 Months Ended
ORGANIZATION AND DESCRIPTION OF BUSINESS	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND DESCRIPTION OF BUSINESS	ORGANIZATION AND DESCRIPTION OF BUSINESS Greenidge Generation Holdings Inc. and its subsidiaries (collectively, "Greenidge" or the "Company") owns and operates a vertically integrated cryptocurrency datacenter and power generation company. The Company owns and operates facilities in the Town of Torrey, New York (the "New York Facility") and the Town of Columbia, Mississippi (the "Mississippi Facility"), operates a facility under a lease in the Town of Underwood, North Dakota (the "North Dakota Facility") and owned and operated a facility in Spartanburg, South Carolina (the "South Carolina Facility"). The Company generates revenue in U.S. dollars by providing hosting, power and technical support services to third-party owned bitcoin mining equipment and generates revenue in the form of bitcoin by earning bitcoin as rewards and transaction fees for supporting the global bitcoin network with application-specific integrated circuit computers ("ASICs" or "miners") owned by the Company, which may be operated at the Company's sites or at third-party hosting sites through short-term hosting agreements. The earned bitcoin are then exchanged for U.S. dollars. The Company also owns and operates a 106 megawatt ("MW") power facility that is connected to the New York Independent System Operator ("NYISO") power grid. In addition to the electricity used "behind the meter" by the New York datacenter, the Company sells electricity to the NYISO at all times when its power plant is running and increases or decreases the amount of electricity sold based on prevailing prices in the wholesale electricity market and demand for electricity. Effective May 16, 2023, the Company effected a 1-for-10 reverse stock split of its outstanding shares of common stock. The par value remains unchanged. Unless specifically provided otherwise herein, all share and per share amounts as well as common stock and additional paid-in capital have been retroactively adjusted to reflect the reverse stock split. See Note 9, "Stockholders' Deficit", for further details.

DIGITAL ASSETS (Tables)

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Bitcoin Held

The following table presents our bitcoin holdings as of June 30, 2024 and December 31, 2023 (in thousands, except bitcoin held):


Digital assets holdings	June 30, 2024		December 31, 2023
Number of bitcoin held	15.3		8.7
Carrying basis of bitcoin	$	1,003	$	347
Fair Value of bitcoin	$	961	$	369

Digital Assets Rollforward

The following table represents a reconciliation of the fair values of our digital assets (in thousands):


Digital assets:	Three Months Ended June 30, 2024		Six Months Ended June 30, 2024
Beginning balance at fair value	$	356	$	369
Additions	4,775		11,774
Dispositions	(4,159)		(11,230)
Gain (loss) on digital assets	(11)		48
Ending balance	$	961	$	961

SUBSEQUENT EVENTS (Details) - USD ($)	Jul. 30, 2024	Apr. 28, 2022	Jun. 30, 2024	Dec. 31, 2023	Apr. 07, 2022
Subsequent Event [Line Items]
Common stock, par value (in dollars per share)			$ 0.0001	$ 0.0001
Equity Purchase Agreement
Subsequent Event [Line Items]
Maximum aggregate consideration to be received on transaction					$ 500,000,000
Sale of stock, period		24 months
Subsequent Event \| Equity Purchase Agreement
Subsequent Event [Line Items]
Maximum aggregate consideration to be received on transaction	$ 20,000,000
Subsequent Event \| Common Stock Purchase Agreement
Subsequent Event [Line Items]
Maximum aggregate consideration to be received on transaction	$ 20,000,000
Sale of stock, period	36 months

FAIR VALUE - Fair Value Hierarchy (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023
Assets:
Warrant asset	$ 57		$ 477
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration]	Prepaid Expense and Other Assets, Current		Prepaid Expense and Other Assets, Current
Digital assets	$ 961	$ 356	$ 369
Level 1
Assets:
Warrant asset	0		0
Digital assets	961
Level 2
Assets:
Warrant asset	0		0
Digital assets	0
Level 3
Assets:
Warrant asset	57		$ 477
Digital assets	$ 0

- Definition

Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset.

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+ Details

DIGITAL ASSETS

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

DIGITAL ASSETS

The following table presents our bitcoin holdings as of June 30, 2024 and December 31, 2023 (in thousands, except bitcoin held):


Digital assets holdings	June 30, 2024		December 31, 2023
Number of bitcoin held	15.3		8.7
Carrying basis of bitcoin	$	1,003	$	347
Fair Value of bitcoin	$	961	$	369

DIGITAL ASSETS - Digital Assets Rollforward (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Crypto Asset [Roll Forward]
Beginning balance at fair value	$ 356		$ 369
Additions	4,775		11,774
Dispositions	(4,159)		(11,230)
Gain (loss) on digital assets	(11)	$ 0	48	$ 0
Ending balance	$ 961		$ 961

PROPERTY AND EQUIPMENT - Property and Equipment, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 59,351	$ 55,669
Less: Accumulated depreciation	(17,093)	(10,574)
Property and equipment, net	$ 42,258	45,095
Plant infrastructure
Property, Plant and Equipment [Line Items]
Estimated useful lives	10 years
Property and equipment, gross	$ 1,367	1,367
Miners
Property, Plant and Equipment [Line Items]
Estimated useful lives	3 years
Property and equipment, gross	$ 32,069	32,195
Miner facility infrastructure
Property, Plant and Equipment [Line Items]
Estimated useful lives	10 years
Property and equipment, gross	$ 10,253	8,154
Land
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 9,136	7,679
Equipment
Property, Plant and Equipment [Line Items]
Estimated useful lives	5 years
Property and equipment, gross	$ 45	45
Construction in process
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 6,481	$ 6,229

DISCONTINUED OPERATIONS - Major Classes of Assets and Liabilities to be Transferred (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Liabilities:
Current liabilities held for sale	$ 314	$ 483
Support Com \| Discontinued Operations, Held-for-sale
Assets:
Prepaid expenses and other current assets	30	47
Current assets held for sale	30	47
Other assets	456	454
Long-term assets held for sale	456	454
Loss on classification to held for sale	(486)	(501)
Assets held for sale	0	0
Liabilities:
Accounts payable	8	21
Accrued expenses	306	462
Current liabilities held for sale	$ 314	$ 483

RELATED PARTY TRANSACTIONS - Narrative (Details) $ in Thousands			6 Months Ended
	Aug. 14, 2024 USD ($)	Apr. 10, 2024 USD ($) a ft²	Jun. 30, 2024 USD ($) MW	Dec. 31, 2023 USD ($)
Related Party Transaction [Line Items]
Purchase price of land		$ 1,450
Payments to acquire land			$ 1,100
Subsequent Event
Related Party Transaction [Line Items]
Payments to acquire land	$ 400
Columbus, Mississippi
Related Party Transaction [Line Items]
Area of land acquired (in acres) \| a		12
Columbus, Mississippi \| Industrial Warehouse
Related Party Transaction [Line Items]
Warehouse space acquired (in square feet) \| ft²		73,000
Power associated with acquired facility \| MW			32.5
Miners deployed to new facility \| MW			7.5
NYSDEC \| Atlas Holdings LLC
Related Party Transaction [Line Items]
Letters of credit outstanding			$ 5,000	$ 5,000
Empire Pipeline Incorporated \| Atlas Holdings LLC
Related Party Transaction [Line Items]
Letters of credit outstanding			$ 3,600	$ 3,600

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)						6 Months Ended	22 Months Ended	26 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	Jul. 30, 2024 USD ($)	Feb. 12, 2024 USD ($)	Nov. 09, 2023 USD ($) a MW	Jan. 30, 2023 USD ($)	Apr. 28, 2022	Jun. 30, 2024 USD ($) MW	Aug. 09, 2024 USD ($)	Jun. 30, 2024 USD ($) MW	Apr. 10, 2024 a ft²	Dec. 31, 2023 USD ($)	Jun. 30, 2023 USD ($)	Oct. 03, 2022 USD ($)	Apr. 07, 2022 USD ($)
Debt Instrument [Line Items]
Cash, restricted cash and cash equivalents						$ 10,259,000		$ 10,259,000		$ 13,312,000
Other current assets						7,400,000		7,400,000
Accounts payable and accrued expenses						8,700,000		8,700,000
Accrued emissions expense						3,480,000		3,480,000		10,520,000
Current liabilities held for sale						314,000		314,000		483,000
Other short-term liabilities						380,000		380,000		0
Short-term environmental liability						1,613,000		1,613,000		363,000
Working capital						3,200,000		3,200,000
Interest payments due in the next twelve months						6,100,000		6,100,000
Accumulated deficit						379,464,000		379,464,000		369,974,000
Cumulative Effect, Period of Adoption, Adjustment
Debt Instrument [Line Items]
Accumulated deficit						$ (22,000)		$ (22,000)		$ 20,000.00	$ 0
South Carolina, United States
Debt Instrument [Line Items]
Warehouse space acquired (in square feet) \| a			153
Columbus, Mississippi
Debt Instrument [Line Items]
Area of land acquired (in acres) \| a									12
Columbus, Mississippi \| Industrial Warehouse
Debt Instrument [Line Items]
Power associated with facility \| MW						32.5		32.5
Warehouse space acquired (in square feet) \| ft²									73,000
Miners deployed to new facility \| MW						7.5		7.5
NORTH DAKOTA
Debt Instrument [Line Items]
Miners deployed to new facility \| MW						7.5		7.5
Mining lease term						5 years
Discontinued Operations, Disposed of by Sale \| South Carolina Datacenter
Debt Instrument [Line Items]
Power associated with facility \| MW			44
Area of land sold (in acres) \| a			22
Consideration received from sale of land			$ 28,000,000
Cash received from disposal			4,500,000
Bonus received from disposal			1,600,000
Gain recognized on sale of facility			8,200,000
Refinanced 2021 and 2022 Master Equipment Finance Agreement \| Secured Debt
Debt Instrument [Line Items]
Remaining principal balance, interest payments				$ 2,000,000
Principal and interest payments				$ 62,700,000
Senior Notes Due January 2025 \| Senior Notes \| Discontinued Operations, Disposed of by Sale \| South Carolina Datacenter
Debt Instrument [Line Items]
Extinguishment of debt			17,700,000
Secured Promissory Note \| Discontinued Operations, Disposed of by Sale \| South Carolina Datacenter \| Secured Debt
Debt Instrument [Line Items]
Extinguishment of debt			$ 4,100,000
At The Market Issuance Sales Agreement
Debt Instrument [Line Items]
Maximum aggregate consideration to be received on transaction												$ 22,800,000
Securities Purchase Agreement
Debt Instrument [Line Items]
Net proceeds received		$ 6,000,000
Equity Purchase Agreement
Debt Instrument [Line Items]
Net proceeds received						$ 300,000		$ 8,000,000.0
Maximum aggregate consideration to be received on transaction													$ 500,000,000
Sale of stock, period					24 months
Subsequent Event \| At The Market Issuance Sales Agreement
Debt Instrument [Line Items]
Net proceeds received							$ 20,700,000
Subsequent Event \| Equity Purchase Agreement
Debt Instrument [Line Items]
Maximum aggregate consideration to be received on transaction	$ 20,000,000
Subsequent Event \| Common Stock Purchase Agreement
Debt Instrument [Line Items]
Maximum aggregate consideration to be received on transaction	$ 20,000,000
Sale of stock, period	36 months

EQUITY BASED COMPENSATION - Narrative (Details) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended
	Apr. 30, 2023 shares	Jun. 30, 2024 USD ($) $ / shares shares	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) $ / shares	Jun. 30, 2023 USD ($)	Oct. 31, 2022 shares	Feb. 28, 2021 shares
Disclosure Of Compensation Related Costs Sharebased Payments [Line Items]
Conversion ratio on shares removed for issuance	2
Incremental compensation cost \| $		$ 0.2		$ 0.2
Risk-free interest rate		4.67%
Expected term		8 years 5 months 15 days
Exercise price (in dollars per share) \| $ / shares		$ 13.20		$ 13.20
Annualized volatility		133.96%
Dividend rate		0.00%
Stock-based compensation expense \| $		$ 0.3	$ 0.6	$ 1.4	$ 1.0
Common Class A
Disclosure Of Compensation Related Costs Sharebased Payments [Line Items]
Number of shares registered \| shares						307,684
2021 Equity Plan
Disclosure Of Compensation Related Costs Sharebased Payments [Line Items]
Common stock reserved for issuance (in shares) \| shares	883,111						383,111
Number of additional shares authorized \| shares	500,000
Number of additional shares granted \| shares		0
RSUs \| 2021 Equity Plan
Disclosure Of Compensation Related Costs Sharebased Payments [Line Items]
Vesting period				3 years
RSAs & RSUs
Disclosure Of Compensation Related Costs Sharebased Payments [Line Items]
Unrecognized compensation cost \| $		$ 0.4		$ 0.4
Unrecognized compensation cost, period for recognition				1 year 4 months 28 days
Common shares issuable upon exercise of stock options
Disclosure Of Compensation Related Costs Sharebased Payments [Line Items]
Unrecognized compensation cost \| $		$ 1.2		$ 1.2
Unrecognized compensation cost, period for recognition				1 year 9 months 10 days
Restricted Stock \| 2021 Equity Plan
Disclosure Of Compensation Related Costs Sharebased Payments [Line Items]
Vesting period				3 years