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You may have heard the big news about Greenidge Generation (NASDAQ:GREE), which is that it merged with tech support specialist Support.com. Of course, it's important for holders of GREE stock to consider the consequences of this potentially game-changing transaction.

However, let's not focus too much on the Support.com merger. Greenidge's primary business is, and will likely continue to be, mining for cryptocurrencies like Bitcoin (CCC:BTC-USD).

Moreover, Greenidge Generation is known for addressing a major concern among environmentalists. Specifically, the company strives to mine for cryptocurrency as cleanly as possible.

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Certainly, Greenidge should be able to generate revenues in the tech-support market. At the same time, though, Wall Street should acknowledge the company's sizable hoard of powerful crypto-mining rigs.

GREE Stock at a Glance

On Sept. 16, Greenidge Generation shares started trading on the Nasdaq Exchange. The stock plunged 30% on that first day, landing in the low $40's.

The following months didn't prove any relief for the shareholders, unfortunately. By October, GREE stock had fallen to the mid-$20's.

It's a painful lesson for folks who jump in too quickly, during a stock's hype phase. Oftentimes, it's best just to let the dust settle and then re-evaluate the market's sentiment before taking a position.

Another important consideration is that GREE stock will likely be impacted by movements in the Bitcoin price.

Therefore, if you're not enthusiastic about Bitcoin and cryptocurrency in general, then an investment in Greenidge Generation might not be right for you.

Still, at least we can say that the stock is trading at a more favorable price point now, compared to mid-September.

Furthermore, GREE stock doesn't appear to be in free-fall mode anymore, so you may have an opportune entry point now.

Miners in the Thousands

Even though the company's merger with Support.com should confer benefits in the long run, the investors can't expect Greenidge Generation to immediately show positive results from this transaction.

Therefore, it shouldn't be too shocking to learn that Greenidge's preliminary third-quarter 2021 operating results indicate a net earnings loss.

The expected net loss, Greenidge acknowledges, is driven by approximately $30 million of charges associated with the Support.com merger.

That's the initial financial impact of the transaction, so it's really just a temporary setback. The good news is that Greenidge Generation expects to report quarterly revenues in the range of $33 million to $37 million.

Plus, the company ended the third quarter with $52 million worth of cash and fair-market value of cryptocurrency holdings. So, Greenidge's balance sheet appears to be solid.

But here's where the rubber really meets the road: during the third quarter, Greenidge Generation mined a whopping 729 BTC, and had around 15,300 miners in operation with 1.2 EH/s (exahash per second) of combined capacity.

Targeting $78

That's a whole lot of hash power. How much shareholder value will it provide, though?

B. Riley analyst Lucas Pipes seems to believe that Greenidge Generation's massive mining capacity could help the shareholders double their investment, or even more. Lucas and his colleagues at B. Riley assigned a $78 price target and a "buy" rating on GREE stock, suggesting plenty of upside potential from the current share price.

Again, Greenidge Generation's rapid mining output is the focus of attention. B. Riley said Greenidge may reach a hash rate of 3.1 EH/s by the end of 2022, and 6.8 EH/s by the end of 2023.

That's astounding to consider, but not unattainable.

Pipes added, "[w]e believe that Greenidge can fund this growth with cash on hand, free cash flow and borrowings." This suggests that the company will be sufficiently capitalized to pursue its ambitious crypto-mining vision.

The Takeaway

Only time will tell whether GREE stock is destined for $78 or higher.

Since there's some correlation with the Bitcoin price, you should expect volatility with the stock. So, please don't feel the need to load up on Greenidge shares. A small position could be justifiable, however. That's especially true now that the price of GREE stock has come down.

With all of that said, you might consider owning a few shares of the stock today as Greenidge Generation aggressively, but cleanly, mines for crypto.

On the date of publication, neither Louis Navellier nor the InvestorPlace Research Staff member primarily responsible for this article held (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.

Louis Navellier, who has been called "one of the most important money managers of our time," has broken the silence in this shocking "tell all" video… exposing one of the most shocking events in our country's history… and the one move every American needs to make today.

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