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When I last wrote about Greenidge Generation (NASDAQ:GREE) stock, the best move at the time vis-a-vis the stock seemed to have been to "wait for the dust to settle." That is, it was best to wait for its dramatic post-merger selloff to end before buying the shares. In recent days, however, the selloff seems to have stopped.

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The shares of this Bitcoin (CCC:BTC-USD) mining play, which closed yesterday at $24.37,   seem to have found their floor. The investors who bought the shares of its predecessor, Support.com, during its short-squeeze rally and found themselves underwater after the deal closed have largely sold their stock.

In hindsight, those who sold GREE stock short made the right call in the wake of the hype surrounding  Support.com. But they have, by-and-large, covered their positions. Before SPRT stock stopped trading, more than 70% of its shares were being sold short.. Today just 14.3% of the  shares of its successor, GREE stock,  are being sold short, according to Seeking Alpha.

So after the selloff of Greenidge ended, is it time to buy the shares? Yes, because it remains the best publicly-traded crypto mining play, and Bitcoin's rebound appears set to continue. The company, which is aggressively ramping up its operations, in the coming years could deliver results that are well ahead of analysts' average expectations. With all this in mind, now may be the time to buy GREE stock.

Why GREE Stock Is at or Near Its Support Level

Despite the mass exodus of Reddit traders from the shares and the covering of short positions in them, some may believe that the selloff of Greenidge  is far from over. To some extent, that's understandable, since stocks overall appear primed to move lower. As a result, it does seem premature to say that any stock has "found its floor" right now.

Nevertheless, GREE stock looks poised to find support at or near its current price. That's mostly because Bitcoin appears to be heading higher. A recent rush back into cryptocurrency is challenging bearish theories that crypto and stocks have become more correlated, and that if stocks fall, crypto will drop as well.

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Instead, as factors like rising inflation encourage investors to buy cryptocurrency and as fears of China-style regulation of crypto by the Federal Reserve ease, Bitcoin may be able to return to its all-time high of around $63,000 or even rise above that level.

That trend may enable Greenidge's 2022 results to beat analysts' average . The potential of better-than-expected results could allow the shares to overcome any  downward pressure on the stock market.

So the stock could be poised to rally.

Greenidge Is Still the Best Option Among the Crypto Miners

GREE stock is the "new kid on the block" when it comes to crypto mining stocks. Before Greenidge's merger with Support.com closed, the two main plays in this space were Marathon Digital (NASDAQ:MARA) and Riot Blockchain (NASDAQ:RIOT).

Take a look at all three companies' respective forward price-earnings ratios, based on analysts' average 2022 projections. You may at first wonder why I think Greenidge is a better buy than either Marathon or Riot, since the forward P/E ratio of GREE stock is 19.2,  while the forward P/E ratios of Marathon and Riot are just nine and 13.4, respectively.

But diving further into the details, it's clear why Greenidge has been and continues to be the best option among the crypto miners. First, the company has longstanding advantages that I have detailed in prior articles, such as ownership of its electrical power source and tax-loss carryforwards that it received from the reverse merger with Support.com. Secondly, there are signs that its growth outlook is strong.

As another InvestorPlace columnist,  Samuel O'Brient,  reported last week, B. Riley analyst Lucas Pipes recently started coverage of GREE stock with a "buy" rating, and a $78 price target.

Pipes primarily cited the company's upcoming growth as the reason for his bullishness . Predicting that Greenidge would add 18,300 miners to its operations next year, Pipes expects it to generate $226 million of EBITDA by 2023. That's more than double its current, annualized EBITDA, excluding certain items,  based on figures from Greenidge's most recent investor presentation.

The Bottom Line

In light of the uncertainty facing the market and the souring of sentiment towards Greenidge following its merger, it makes sense why some may think its shares have not yet found a floor. Yet between continued bullishness towards Bitcoin and the potential for this well-positioned miner to post strong results over the next few years, its shares may have already bottomed.

So consider hard-hit GREE stock a buy at its current levels.

On the date of publication, Thomas Niel held a long position in Bitcoin. He did not have (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.

Thomas Niel, a contributor for InvestorPlace.com, has been writing single-stock analysis for web-based publications since 2016.

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