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

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.

Bitcoin Magazine Article

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