The revenue of US cryptocurrency mining company Greenidge Generation rose to $37.7 million during the first quarter of the year, representing a 240% increase compared to the same period last year.
Between January and March, the company mined 561 BTC, generating $23.2 million.
Greenidge generated $5.9 million in revenue from electricity sales (up 187% from the previous year). The company owns a hybrid power plant in New York State, where its main mining facilities are located.
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Revenue from customer solutions provider Support.com, which the company acquired in September last year, rose to $8.5 million.
During the quarter, Greenidge incurred a net loss of $0.4 million, which the company attributed to the cost of expanding the business.
At the end of the period, the company had $98 million in cash reserves, including at least $2 million in cryptocurrencies.