TechFlow News — Bitcoin miner Greenidge Generation has signed a non-binding term sheet with its lender NYDIG to restructure approximately $74 million in debt.
Under the agreement, NYDIG will acquire Greenidge’s bitcoin mining equipment with a total hashing power of 2.8 EH/s, and in return agree to reduce Greenidge’s debt by approximately $57 million to $68 million. Greenidge will retain ownership of mining equipment with a hashing power of 1.2 EH/s.
Greenidge’s financial condition remains uncertain, and substantial doubt exists regarding its ability to continue as a going concern. The company had an average monthly cash burn rate of approximately $8 million during October and November 2022, with around $5.5 million per month related to principal and interest payments to NYDIG. Additionally, the company expects a similar level of cash consumption in December 2022 and intends to make comparable payments to NYDIG.Source link
