Greenidge miner successfully negotiated a restructuring of liabilities

Greenidge negotiated a $74 million restructuring of liabilities related to the development of its corporate mining infrastructure.
Mining company Greenidge, which is actively expanding its bitcoin mining operations, was able to has reached an agreement to restructure its liabilities in the amount of $74 million, which arose as a result of investments in mining equipment.
Negotiations with the lender, fintech company NYDIG, were successful. NYDIG will become the owner of the mining equipment that Greenidge purchased on credit from various vendors, with the equipment continuing to reside and operate at Greenidge’s sites for three months, after which its continued location will be determined.
By doing so, NYDIG, by making a de facto investment in 2.8 Eh/s of mining equipment, demonstrates its confidence that such an investment is currently promising.
It’s worth noting that mining companies in the U.S. are now successfully conduct negotiations with creditors and investors, as a result of which they continue their activities despite the ongoing bearish phase of the bitcoin market. That said, the breakeven point for bitcoin mining is currently significantly lower than the value of the No. 1 cryptocurrency on the market.

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