Crypto miner Greenridge Generation is on a mission to raise up to $22.8 million.

A US Securities and Exchange Commission (SEC) filing dated October 3 showed that the company is seeking to do so in a market offering.

The US-based bitcoin mining company has signed a sale agreement with B. Riley Securities for the Class A common stock offering, which will give the investment bank up to 5% of the gross proceeds of the offering.

In the filing, Greenridge wrote, “we (the company) currently plan to use the net proceeds of this offering, after deducting B. Riley’s commissions and offering expenses payable by us, for general corporate purposes, which may include, among other things, repay or refinance all or a portion of our then-current debt, and finance acquisitions, capital expenditures, and working capital.”

In March, the bitcoin mining company had secured $100 million in funding to help expand its operations in the US.

The total sum included $81.4 million as a loan from an affiliate of NYDIG and $26.5 million as a note with a cohort of B. Riley Financial, Inc.

Although Greenridge announced that its mine production increased about 18% in June, it is apparently looking to raise funds, as it reported a loss of $107.9 million in the second quarter.

According to its monthly operational update for June, Greenridge said it produced approximately 230 Bitcoins, an increase of around 18%, compared to the 195 Bitcoins it mined in May.

The miner revealed that it increased its hash rate capacity to 2.5 exahash per second (“EH/s”) from 27,500 miners in June, an increase of 1.7 EH/s from mining capacity of 20,400 mining machines in the previous month.

Greenridge stated that it has ordered an additional 200 mining machines, which are in transit as they will be installed upon arrival.

Following the company’s second-quarter losses, it announced in August that it was pausing expansion plans in Texas. He cited a “sudden shift in the mining economy” and said he would focus on his South Carolina and New York locations.

However, the New York Department of Environmental Conservation denied the bitcoin mining company’s air permit renewal in June because it did not meet the requirements of state climate laws.

In a statement, NYSDEC said Greenridge’s request was inconsistent with the climate goals outlined by the state’s Community Protection and Climate Leadership Act (CLCPA), which focuses on reducing New York’s greenhouse gas emissions by at least 85% by 2050.

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