Greenidge Technology is reshuffling its management roster. Jeffrey Kirt left his position atop the Bitcoin mining firm, with two executives from forestry merchandise firm Millar Western changing him.
Kirt, the loss-making miner’s chief govt since March of final yr, left the corporate right now. He will likely be changed by David Anderson, who most lately was CEO of Millar Western. Scott MacKenzie, at present Millar Western’s vice chairman of company improvement, will likely be Greenidge’s chief technique officer. Each start their roles at Greenidge on Oct. 8.
“We have grow to be a public firm, strengthened our administration crew and workforce, considerably improved our fleet effectivity, expanded our geographic footprint and recognized a number of new alternatives for strategic development,” Kirt stated in a press release.
“I’m happy to cross the baton now to Dave and Scott, whose in depth expertise in efficiently operating and bettering commodities companies, executing capital tasks and delivering dependable, low-cost energy era will serve Greenidge properly.”
Greenidge listed on the NASDAQ change in September 2021. The corporate has not been proof against the turmoil afflicting the Bitcoin mining business. Greenidge in August stated it could pause its deliberate growth in Texas as a result of “sudden change in mining economics” to focus as a substitute on its websites in New York and South Carolina. Greenidge reported a $108 million second-quarter loss.
Earlier this month, Greenidge stated it deliberate to lift as a lot as $23 million in a inventory providing. Greenidge expects to report a third-quarter internet lack of $22 million on $29 million in income. Of that, $18 million in income is predicted to accrue from bitcoin mining, with energy era accounting for an extra $4 million. The corporate mined 866 bitcoins within the third quarter, it stated in a press release asserting its management change.