CONCENTRATIONS

6 Months Ended

Jun. 30, 2024

Risks and Uncertainties [Abstract]

CONCENTRATIONS

CONCENTRATIONS

The Company has a single hosting customer that accounted for 51% and 66% of the company’s revenue during the three months ended June 30, 2024 and 2023, respectively, as well as 49% and 56% of the company’s revenue during the six months ended June 30, 2024 and 2023, respectively.

For the Company’s self-mining operations, Greenidge considers its mining pool operators to be its customers. Greenidge has historically used a limited number of pool operators that have operated under contracts with a one-day term, which allows Greenidge the option to change pool operators at any time. Revenue from one of the Company’s pool operator customers accounted for approximately 37% and 27% of total revenue for the three months ended June 30, 2024 and 2023, respectively, and 36% and 30% for the six months ended June 30, 2024 and 2023, respectively.

The Company has one major power customer, NYISO, that accounted for 11% and 7% of its revenue for the three months ended June 30, 2024 and 2023, respectively, and 14% and 9% for the six months ended June 30, 2024 and 2023, respectively.

The Company has one natural gas vendor that accounted for approximately 27% and 21% of cost of revenue for the three months ended June 30, 2024 and 2023, respectively, and 37% and 31% for the six months ended June 30, 2024 and 2023, respectively.

The Company has one major provider of hosting services for its self-mining operation that accounted for approximately 11% and 17% of cost of revenue for the three months ended June 30, 2024 and 2023, respectively, and 18% and 9% of cost of revenue for the six months ended June 30, 2024 and 2023, respectively. During the six months ended June 30, 2024, the contract with the Company’s major provider of hosting services for its self-mining operation was terminated. As a result, the Company deployed the miners operated at the host’s site to sites they operate as part of its self-mining operations.