I've been worried lately, wondering if Bitfury/Cipher and GWAC were late to the party. Perhaps they missed their moment and lost momentum to the likes of MARA. But then this came today, showing that old money has awoken from its slumber. As the past is too often thrown off the bridge, here they are again, wobbling to their feet in recognition that something may be worth getting up off the couch for.
The miners all began to fall at once, couldn't figure out why. Today, too, they're all down. WTF?
So, I began digging and found this: 3/23/21: Support.com, Inc. (NASDAQ:SPRT) shares surged 231.8% to close at $7.10 on Monday after the company announced a merger agreement with Bitcoin Miner Greenidge Generation Holdings. Support.com's stock has run up 606.3% over the past 12 months. Who knew about this deal ahead of time? Three guesses and the first two don't count.
Greenidge started out in 1937 as a coal-fired plant commissioned by New York State Electric and Gas Corporation (NYSEG), until AES Corp. (AES) bought the plant in 1999. Private funds managed by Atlas Holdings LLC acquired the plant in 2014. In 2020, Greenidge launched a data center for blockchain mining.
Greenidge is a power plant, ran coal until shutting, then switching to natural gas. They see all this money going to efficient use of power and this power plant says, f-u all, you can't do what we can do. https://greenidgellc.com/company/about
Bitfury/Cipher got together and said to themselves: there's the real game. Let's play in that sandbox.