Bitcoin miner Greenidge signs $74M debt restructuring agreement with NYDIG
The deal, if executed, would essentially restructure the company into a hosting firm for Bitcoin mining rigs. According to a new filing with the U.S. Securities and Exchange Commission on Dec. 20, Bitcoin (BTC) miner Greenidge stated that it reached an agreement with its creditor, fintech firm NYDIG, to restructure approximately $74 million worth of debt. The deal, in the form of a non-binding term sheet, would result in a major change to Greenidge's current business strategy. Essentially, it would transform Greenidge from self-mining to hosting for NYDIG's mining rigs. Under the conditions, NYDIG would purchase miner s with approximately 2.8 exahash per second (EH/s) of mining capacity to be hosted by Greenidge, which will facilitate NYDIG rights to a mining site within three months following the completion of debt restructuring and hosting agree ments. In exchange for consideration amounting to the purchased miner s and transfer of mining infrastructure and credits to NY...