The deal will involve NYDIG taking ownership of miners, with the aim to lessen chances of a bankruptcy.
Greenidge Generation, a bitcoin miner operating in New York, has reached a restructuring agreement for the $74.4 million debt with its lender, NYDIG.
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.
According to the released term sheet, “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. Further, the Company expects to have a similar cash burn, and similar payments to NYDIG, during December
We współpracy z: https://bitcoinmagazine.com/business/bitcoin-miner-greenidge-debt-deal-nydig
