Bitcoin mining and power generation company Greenidge is set to complete a merger with customer and technical support solutions provider Back up.com to become the latest publicly listed mining house.

Once the merger transaction is complete, Support.com Inc. volition become a wholly-owned subsidiary of Greenidge Generation Holdings Inc. The new entity's Grade A shares volition trade nether the ticker GREE.

According to a Sept. xiii announcement published past the SEC, the merger is expected to go constructive by marketplace close the post-obit mean solar day. The merger, settled equally a stock-for-stock transaction, volition come across each share in Back up.com Inc. automatically converted into the correct for its bearer to receive 0.115 Course A Greenidge shares. Greenidge CEO Jeff Kirt stated:

"This merger is an important adjacent step for Greenidge as we build upon our existing, integrated and proven platform for Bitcoin mining and generation of lower carbon affordable power."

Co-ordinate to the March 22 statement that announced the planned merger, Support.com will as well provide Greenidge with $33 million in boosted greenbacks.

"This transaction will build upon Greenidge'south successful business concern past providing them with additional cash funding and a public currency to fund their growth plans, too as important new capabilities including customer interface, security software, and privacy expertise," said Support.com's president and CEO, Lance Rosenzweig.

Upon completion of the merger, Kirt will lead the combined company as CEO. Rosenzweig will remain in his position as CEO of the existing Support.com business, which volition continue to operate in the ordinary course equally a wholly-owned subsidiary of Greenidge.

Related: Crypto miner Argo Blockchain goes 'climate positive' on greenhouse gas emissions

In July, Greenidge announced its commitment to become a 100% carbon-neutral Bitcoin mining performance by purchasing voluntary carbon offsets from a portfolio of U.s.a. greenhouse gas reduction projects.

The firm besides aims to utilize depression-carbon sources of energy at its facility in upstate New York, and outset the carbon footprint of its new South Carolina plant by sourcing electricity from zero-carbon sources.