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Greenidge Q4 Revenue Rises Even as the Number of Coins Mined Falls
The number of mined bitcoins fell 16% from the previous quarter while hashrate rose 17%.
Автор Aoyon Ashraf
Bitcoin miner Greenidge Generation said fourth-quarter preliminary revenue rose 23% from the third quarter even as the number of bitcoins produced fell 16%.
- Greenidge said in a statement that fourth-quarter revenue rose to about $44 million compared with the third quarter’s $35.8 million.
- The Dresden, New York-based miner also said its hashrate climbed 17% to 1.4 exahash per second (EH/s) as of Dec. 31, 2021.
- While Greenidge mined about 609 bitcoins in the quarter, a drop of 16%, the price of bitcoin touched a record high near $69,000 during the period.
- Fourth-quarter adjusted earnings before interest, tax, depreciation and amortization is expected to be $18 million to $20 million, the company said. That’s lower than the third quarter’s $21.2 million.
- The miner said it had $85 million in cash and short-term investments, of which only $2 million was in cryptocurrency holdings, implying it potentially monetized most of the coins it mined, a practice that was mentioned in its recent prospectus filing.
- Greenidge has been recently in the middle of energy debate, as Senator Elizabeth Warren questioned its energy consumption and the environmental effect of its operations.
- The stock has fallen about 27% this year, sliding along with other crypto miners as bitcoin prices experienced a sharp sell-off from November’s highs. Greenidge shares are down about 6% on early trading on Wednesday.
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Exchange Review - March 2025
CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
What to know:
Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
- Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
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