CONCENTRATIONS

9 Months Ended

Sep. 30, 2024

Risks and Uncertainties [Abstract]

CONCENTRATIONS

CONCENTRATIONS

The Company has a single hosting customer that accounted for 53% and 58% of the Company’s revenue during the three months ended September 30, 2024 and 2023, respectively, as well as 50% and 57% of the Company’s revenue during the nine months ended September 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 26% and 32% of total revenue for the three months ended September 30, 2024 and 2023, respectively, and 34% and 31% for the nine months ended September 30, 2024 and 2023, respectively.

The Company has one major power customer, NYISO, that accounted for 21% and 10% of its revenue for the three months ended September 30, 2024 and 2023, respectively, and 16% and 10% for the nine months ended September 30, 2024 and 2023, respectively.

The Company has one natural gas vendor that accounted for approximately 33% and 19% of cost of revenue for the three months ended September 30, 2024 and 2023, respectively, and 36% and 26% for the nine months ended September 30, 2024 and 2023, respectively.

The Company previously had one major provider of hosting services for its self-mining operation that accounted for approximately 0% and 24% of cost of revenue for the three months ended September 30, 2024 and 2023, respectively, and 12% and 15% of cost of revenue for the nine months ended September 30, 2024 and 2023, respectively. During the nine months ended September 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.