The number of bitcoins mined in the quarter ended March 31, 2021 was approximately 212 compared with approximately 282 bitcoins in the quarter ended March 31, 2020. I do not know the data from Q2, but would expect that this info should be released before merger in Q3 via press release.
Greenidge’s mining fleet grew from an average of approximately 4,200 miners in the quarter ended March 31, 2020 to an average of approximately 7,100 miners in the quarter ended March 31, 2021. Despite this growth in the number of miners, Greenidge saw a decrease in bitcoins mined quarter over quarter.
Several factors impacted the rate at which bitcoin is mined, including an increase in overall network difficulty (a measure of how difficult it is to earn a block reward) of 57% during this period, as well as halving event which occurred in May 2020.
The halving event reduced the block reward from 12.5 bitcoin per block to 6.25 bitcoin per block, effectively reduced the total bitcoins mined across the entire bitcoin network by half. This halving event, which occurs every four years, paired with an increase in network difficulty led to a decline in the number of bitcoins mined by Greenidge for the quarter ended March 31, 2021 as compared with the previous quarter.
The number of bitcoins mined in the year ended December 31, 2020 was approximately 1,162 and is not comparable to 2019 as Greenidge had only began generating cryptocurrency mining revenue in a pilot phase launched in mid-2019 as compared to a full year of operations in 2020.
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