Greenidge Generation Holdings Inc. (NASDAQ:GREE) Q2 2022 Earnings Conference Call August 15, 2022 5:00 PM ET

Company Participants

Tom Champion - VP of Investor Relations and Business Development

Jeff Kirt - Chief Executive Officer

Bob Loughran - Chief Financial Officer

Terence Burke - General Counsel

Operator

Good afternoon. I'm Tom Champion from Greenidg Generation Investor Relations, and thank you for joining us. Today, the company issued a press release announcing our second quarter 2022 financial results. A copy of the press release is available on Greenidg Generation’s Web site at ir.greenidg.com.

With me today are Jeff Kirt, Chief Executive Officer; Bob Loughran, Chief Financial Officer; Terence Burke, General Counsel. Jeff will begin by providing a business update and Bob will then discuss our financial results for the quarter. Jeff will then provide closing remarks.

Please note that this call will include forward-looking statements that involve risks and uncertainties. Factors that could cause actual results to differ materially from management's current expectations are set forth in the company's earnings release dated August 15, 2022 and in our SEC filings, including the company's most recent reports on forms 10-K and 10-Q. We encourage you to review the safe harbor statements contained in today's press release. Copies of our SEC filings maybe obtained by visiting our Web site or the SEC's Web site at sec.gov.

It is now my pleasure to introduce Jeff Kirt, Chief Executive Officer. Jeff?

Jeff Kirt

Thank you, Tom. And for those of you who have not met Tom, he joined us recently to head up our Investor Relations effort, as well as business development. Tom or Champ, as the name by which many of you know him, has several decades of experience on Wall Street on both the sell side and the buy side, and I hope you all have the opportunity to connect with him in the near future. I'd like to begin on Slide 5 with some opening remarks regarding the quarter. First of all, the team once again delivered strong operational performance in terms of bitcoin production and planned uptime, which we'll talk about in more detail. Clearly, we were in a challenging earnings environment for our industry, driven by price volatility in both bitcoin and in energy markets. Mining economics have changed significantly this year compared to the previous year or 18 months before the second quarter began. And as a result, we've pivoted our strategy for the time being to focus on liquidity in order to weather the storm versus a strategy of more aggressive growth. Therefore, we decided to concentrate our operations at our existing sites in South Carolina and New York where we have infrastructure in place and equipment on hand.