Greenidge Generation Holdings is a small bitcoin mining and power generation company centered on a 106 MW natural gas power plant in Torrey, New York. The plant was converted from coal in 2017 and repurposed to power bitcoin mining starting in 2020. Greenidge runs roughly 23,900 mining rigs with a combined hashrate capacity of approximately 2.7 EH/s. Revenue comes from three activities: hosting bitcoin mining equipment owned by third parties (primarily under a five-year agreement with NYDIG), operating its own mining fleet, and selling excess power into the New York wholesale electricity market via NYISO. Power and capacity sales accounted for roughly 38% of revenue in FY25. Greenidge's core advantage is owning its power generation behind-the-meter, allowing it to avoid transmission charges and dynamically shift between mining and power sales depending on electricity prices. Key profitability drivers include bitcoin prices, natural gas costs, NYISO wholesale power prices, global network mining difficulty, and bitcoin halving cycles. Greenidge is attempting to reposition toward AI and high-performance computing datacenter development, betting that its power assets and grid interconnection rights are scarce resources in a market constrained by power access. The company has sold its Mississippi facility and a South Carolina site to improve liquidity and reduce debt, and remains in a financially stressed position, actively retiring Senior Notes through stock issuances and asset sale proceeds.