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Jeffrey Kirt has been fired as CEO. David Anderson, the current CEO of Millar Western forestry products company, will replace him on October 8. Greenidge Generation’s chief strategist officer will be Scott MacKenzie. He is CEO at Millar Western. 

According to preliminary financial results, Greenidge Generation lost $108 Million in the second quarter. It expects to lose up to $22 Million in the third quarter.

Greenidge Generation has reshuffled its leadership team.

Jeffrey Kirt resigned from his position at the top of a Bitcoin mining company. Two executives from Millar Western forestry products replaced him.

Kirt, who was the chief executive of the loss-making miner since March last year, has resigned today. David Anderson will replace him, who was most recently the CEO of Millar Western. Greenidge’s chief strategist officer will be Scott MacKenzie. He is currently Millar Western’s vice-president of corporate development. Both will begin their roles at Greenidge in October 8.

Kirt stated in a statement that “we’ve become a public company, strengthened our management team and workforce and significantly improved our fleet efficiency. We also expanded our geographical footprint and identified many new opportunities for strategic growth.”

“It is a pleasure to hand the baton to Scott and Dave, who have a wealth of experience in running profitable commodities businesses, executing capital projects, and delivering reliable, affordable power generation. This will be a great service to Greenidge.”

Greenidge was listed on NASDAQ in September 2021. The turmoil that has befallen the Bitcoin mining industry has affected the company. Greenidge announced in August that it would stop expanding in Texas because of the “sudden shift in mining economics”. Instead, it will focus on its New York and South Carolina sites. Greenidge reported a second-quarter loss of $108 million.

Greenidge stated earlier this month that it would raise up to $23 million through a stock offer. Greenidge anticipates a net loss of $22 million on revenue of $29 million for the third quarter. On that $18 million, revenue will come from bitcoin mining. Power generation accounts for $4 million. According to a statement, the company had mined 866 bitcoins during the third quarter.

The post Bitcoin Mining Firm Greenidge announces Projected Losses for Q3 first appeared on The Daily Encrypt.


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Angie Byrd