Monday, March 22, 2021

Support.com In Merger With Bitcoin Mining Company

Support.com, a publicly led outsourcing company led by Los Angeles resident Lance Rosenzweig, who serves as President and Chief Executive Officer, says it has merged with a bitcoin mining company, Bitcoin Miner Greenidge Generation Holdings Inc.. Acording to the company, the merger will create the first, publicly traded bitcoin mining company that owns its own power plant. Support.com trades on the Nasdaq as SPRT. Acording to the companies, Support.com will continue to provide customer and technical support solutions delivered by home-based employees, with Support.com becoming a wholly owne subsidiary of Greenidge. Greenidge says it has a 106 MW natural gas plant, currently powering 19 MW of mining capacity, with a goal of reaching 85W by the end of 2022. Support.com went public back in 2004, and was one of Southern California's earlier venture-backed IPO successes. Bitcoin mining is somewhat controversial, in that the process has a massive environmental impact due to the design of its algorithms; the process now uses more electricity than many small countries.

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