NEW: Struggling bitcoin miner Stronghold Digital ended a hosting deal with NorthernDataAG, saving up to $25 million in profit sharing payments over the next two years. By egreechee
and raising capital. The miner said in a presentation on Friday, that it has also lowered the principle amount of its debt burden by nearly 60% since May to $59.1 million.The termination of the deal provides Stronghold"with improved operational control of our bitcoin operations" and a"material uplift" to cash flow generation for the next two years, as well as optionality, said co-chairman and CEO Greg Beard in the statement.
Under the terms, Stronghold will also gain the right to operate about 50 megawatts worth of Northern Data's bitcoin mining containers for $1,000 per year for two years, and will retain the option to buy the containers at the end of the term for somewhere between $2 million and $6 million.In return for the termination of the deal, Stronghold has to pay Northern Data $2 million, on top of $2.5 million which it has already given to its hosting partner.
Northern Data has also had a challenging year and said it will be dropping hosting clients as self-mining has been more profitable and predictable for the company, in a Sept. 19 . The firm also slashed its year-end mining rig deployment expectation by more than half to a maximum of 42,000 and announced a"tighter investment strategy."
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