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 (EH/s) of Greenidge’s mining capacity, and Greenidge further entered into a hosting deal with NYDIG for the same 2.8 EH/s.
Greenidge Generation Enters Into a Deal With NYDIG, Board Is Actively Discussing the ‘Potential for, and Timing of, a Voluntary Bankruptcy Filing’
Bitcoin miners have been hammered by financial problems in 2022 as the price of bitcoin (BTC) 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 wo
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