{"id":71729,"date":"2022-12-20T20:27:38","date_gmt":"2022-12-20T18:27:38","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=71729"},"modified":"2025-09-08T10:46:06","modified_gmt":"2025-09-08T07:46:06","slug":"greenidge-to-sell-bitcoin-miners-to-nydig-to-repay-74-million-debt","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/greenidge-to-sell-bitcoin-miners-to-nydig-to-repay-74-million-debt\/","title":{"rendered":"Greenidge to Sell Bitcoin Miners to NYDIG to Repay $74 Million Debt"},"content":{"rendered":"

The mining company Greenidge Generation has entered into an agreement with lender NYDIG to sell most of its mining machines to repay a debt of $74 million. The deal was announced on the site \u043d\u0430 \u0441\u0430\u0439\u0442\u0435<\/a> SEC<\/span>.<\/p>\n

As a result of the deal, Greenidge will become the host for equipment owned by a third-party company with a total hashrate of 2.8 EH\/s, and will also transfer other assets \u2014 mining infrastructure, the capital of subsidiary entities and other property.<\/p>\n

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\u00abThis will improve our future liquidity and be a significant step toward strengthening the balance sheet\u00bb, said Greenidge Generation CEO Dave Anderson.<\/p>\n<\/blockquote>\n

In his words, “the thoughtfully considered terms of the agreement” will allow the company to continue participating in “unlocking the future potential of Bitcoin”.<\/p>\n

The document also states that the transfer of equipment and other assets to NYDIG will reduce the debt burden to the lender to between $57 million and $68 million.<\/p>\n

The mining company will retain devices with a total hashrate of 1.2 EH\/s.<\/p>\n

\n

\u00abThere remains uncertainty regarding Greenidge’s financial condition and serious doubts about its ability to continue operating in the foreseeable future\u00bb, the SEC site states.<\/p>\n<\/blockquote>\n

During October\u2013November 2022, the company paid NYDIG $5.5 million each month to service the loan principal and interest. Greenidge plans to make similar payments in December.<\/p>\n

In March, the mining company attracted $108 million for a threefold increase in hashrate.<\/p>\n

$81.4 million as a loan was provided by an NYDIG-affiliated firm, $26.5 million \u2014 in the form of a note issued by a B. Riley Financial-linked entity. In the first case, the company provided collateral for the ordered Antminer S19j Pro units from Bitmain<\/a>, in the second case \u2014 real estate.<\/p>\n

Greenidge Generation’s loss for the second quarter amounted to $107.9 million<\/a>.<\/p>\n

Read ForkLog’s Bitcoin news on our Telegram<\/a> \u2014 cryptocurrency news, prices and analytics.<\/p>\n","protected":false},"excerpt":{"rendered":"

Greenidge signed an agreement with NYDIG to sell miners to repay a debt of $74 million.<\/p>\n","protected":false},"author":1,"featured_media":71730,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1137,2209,1690],"class_list":["post-71729","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cryptocurrency-mining","tag-greenidge-generation","tag-nydig"],"aioseo_notices":[],"amp_enabled":true,"views":"16","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/71729","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=71729"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/71729\/revisions"}],"predecessor-version":[{"id":71731,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/71729\/revisions\/71731"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/71730"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=71729"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=71729"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=71729"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}