Bitcoin Miner Greenidge Generation Reaches Debt Restructuring Deal With NYDIG: NYDIG Purchasing 2.8 Eh/s of Greenidge’s Bitcoin Miners, Greenidge Will Host them for NYDIG
This would eliminate $57-$68 million of debt, leaving Greenidge with approximately 1.8 EH/s of its own miners, while requiring that the mining firm also pledge the rest of its unencumbered assets to secure the remainder of the loan.
- The restructuring will involve NYDIG purchasing 2.8 exahash per second (EH/s) of Greenidge’s bitcoin miners, which Greenidge will host for NYDIG. This would eliminate $57-$68 million of debt, leaving Greenidge with approximately 1.8 EH/s of its own miners, while requiring that the mining firm also pledge the rest of its unencumbered assets to secure the remainder of the loan.
- The Company’s average monthly cash burn rate during October and November 2022 was approximately $8 million, of which approximately $5.5 million per month was associated with principal and interest payments to NYDIG.
