The bitcoin mining operation Greenidge Generation Holdings Inc. has executed a restructuring deal with NYDIG.
The bitcoin mining operation Greenidge Generation Holdings Inc. has executed a restructuring deal with NYDIG, according to an announcement published on Tuesday. According to the non-binding term sheet agreement, NYDIG will obtain 2.8 exahash per second of Greenidge’s mining capacity, and Greenidge further entered into a hosting deal with NYDIG for the same 2.8 EH/s.
Bitcoin miners have been hammered by financial problems in 2022 as the price of bitcoin has dropped below the cost of production, and the network’s mining difficulty is very high. Furthermore, a number of interconnected bitcoin mining operations have been dealing with loan defaults and bankruptcies that have caused a contagion within the mining industry. On Tuesday, the New York-based Greenidge Generation renegotiated a deal with NYDIG that concerns a loan worth $74 million.
“Greenidge would enter into a hosting agreement with NYDIG for approximately 2.8 EH/s of mining capacity, which would result in a material change to Greenidge’s current business strategy and result in Greenidge largely operating miners owned by NYDIG, rather than operating miners owned by Greenidge,” the company detailed on Tuesday. In exchange, NYDIG has detailed its plans to reduce Greenidge’s $74 million debt.
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