Greenidge Generation Holdings (NASDAQ:GREE) has suspended its plans to develop certain additional sites in the ERCOT market as its Q2 results highlighted a challenging environment for cryptocurrency mining. In turn, the eco-friendly bitcoin (BTC-USD) miner intends to "concentrate our operations at our two existing sites in South Carolina and New York for the time being," said CEO Jeff Kirt. "We now expect to have at least 3.6 EH/s of mining capacity by the first quarter of 2023 and expect to maintain our first quarter 2023 level of mining capacity until we determine that market conditions are attractive for additional growth."EPS of -$2.61 at the end of June may not be comparable to the consensus of -$0.12. That compares with $0.12 at June 30, 2021. Revenue of $31.3M fell short of the average analyst estimate of $34.0M but climbed from $16.2M a year before, helped by crypto datacenter sales. Adjusted EBITDA was $2.9M in Q2, down from $8.1M in Q2 of last year. The company produced 621 bitcoins (BTC-USD) during the second quarter, compared with 315 in Q2 2021. It had approximately 27.5K miners with ~2.5 exahash per second of combined capacity as of June 30. Earlier, Greenidge Generation GAAP EPS of -$2.61, revenue of $31.3M.
