Dear GREE Stock Fans, Mark Your Calendars for June 30

Today, one of the more impressive movers in the market is Greenidge Generation Holdings (NASDAQ:GREE). At the time of this writing, GREE stock has surged more than 30%. Accordingly, investors appear to be paying closer attention to the crypto miner, for a number of reasons.

Concept art of crypto mining with little figuring and a Bitcoin (BTC) token.
Source: Shutterstock

Most notably, Greenidge recently reported earnings, which appear to have inspired investor confidence in the New York-based Bitcoin (BTC-USD) mining and power generation company. After all, crypto is on yet another nice run.

What’s more, the crypto mining sector has been a hot topic lately. Much of this discussion centers on just how energy-intensive BTC mining can be. There’s also the question of regulatory uncertainty. That has been a continued headwind for crypto and crypto-related plays. Accordingly, it’s also an issue many investors are keeping on their radar.

By solving complex problems to validate and secure BTC’s blockchain, miners like Greenidge serve an important role for Bitcoin. As such, GREE stock and its peers are high-profile names on many investors’ watch lists.

So, let’s dive into the upcoming June 30 catalyst that investors should be watching for this stock next.

What to Watch with GREE Stock

What’s going on with GREE stock this summer? Well, June 30 happens to be the day that the New York Department of Environmental Conservation (DEC) will vote on whether to renew an “air permit” held by the company. Essentially, this permit allows Greenidge to operate its Bitcoin mining facility.

The company’s power generation facility requires the permit to operate, which has come alongside various requirements. Specifically, the permit requires “additional greenhouse gas mitigation measures” to comply with the Climate Leadership and Community Protection Act. While Greenidge has proposed such measures for its facility, the regulator appears to be taking its time to digest what has been — and should be — done.

Right now, there’s significant debate as to whether the DEC will ultimately renew Greenidge’s permit or not. For GREE investors, this is an important decision. Moving forward, more volatility can be expected as June 30 draws closer.

On the date of publication, Chris MacDonald did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Chris MacDonald’s love for investing led him to pursue an MBA in Finance and take on a number of management roles in corporate finance and venture capital over the past 15 years. His experience as a financial analyst in the past, coupled with his fervor for finding undervalued growth opportunities, contribute to his conservative, long-term investing perspective.


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