12 Best Cryptocurrency Stocks to Buy According to Wall Street

Page 10 of 11

2. Greenidge Generation Holdings Inc. (NASDAQ:GREE)

Average Upside Potential: 52.67%

Greenidge Generation Holdings Inc. (NASDAQ:GREE) is a vertically integrated cryptocurrency datacenter and power generation company. The company builds, maintains, and operates data centers focused on bitcoin mining, along with related power and electric infrastructure. It ensures the security, stability, and decentralization of the bitcoin blockchain thereby enabling cheaper, faster, and more efficient payments globally. Major revenue sources include hosting, self-mining, and wholesale power.

GREE serves as the first vertically integrated power generator and Bitcoin miner of scale in the US. The firm remains robust in Bitcoin mining, with operational excellence, institutional backing, and strategic industry partnerships. While GREE boasts a huge knowledge base related to mining hardware repair, 24/7 continuous operation, thermal/noise management, and miner optimization, it has experience in sourcing the latest generation highly efficient miners from key OEMs. Furthermore, the global footprint is vast, with the firm’s controlling shareholder owning and operating over 350 industrial facilities globally with access to low-cost power sources.

For the third quarter of 2024, Greenidge Generation Holdings Inc. (NASDAQ:GREE) reported a total revenue of $12.4 million and a net loss from continuing operations of $6.3 million. The firm posted a total bitcoin production of 793 BTC. GREE also provided an update on fleet upgrade. The firm’s miner fleet efficiency will potentially improve in the 4th quarter compared to 27.1 J/TH reported as of September 30 and 28.7 J/TH reported as of June 30, through the receipt of 1,000 upgraded miners. Almost all of the miners have been deployed as of November 7.

As one of the robust cryptocurrency datacenter and power generation firms with a diversified, attractive revenue mix with significant upside potential, Greenidge Generation Holdings Inc. (NASDAQ:GREE) ranks among the best cryptocurrency stocks to invest in.

Page 10 of 11