{"id":73395,"date":"2023-02-01T13:10:32","date_gmt":"2023-02-01T11:10:32","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=73395"},"modified":"2025-09-09T13:55:49","modified_gmt":"2025-09-09T10:55:49","slug":"greenidge-generation-cuts-debt-by-61-million","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/greenidge-generation-cuts-debt-by-61-million\/","title":{"rendered":"Greenidge Generation cuts debt by $61 million"},"content":{"rendered":"<p>The mining company Greenidge Generation has reached agreements with B. Riley and <span data-descr=\\\"New York Digital Investment Group\\\" class=\\\"old_tooltip\\\">NYDIG<\/span> on debt restructuring, reducing it from about $87 million to around $26 million.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<blockquote class=\\\"twitter-tweet\\\" data-lang=\\\"en\\\">\n<p lang=\\\"en\\\" dir=\\\"ltr\\\">Greenidge Generation Restructures and Significantly Reduces Secured Debt <a href=\\\"https:\/\/twitter.com\/search?q=%24GREE&#038;src=ctag&#038;ref_src=twsrc%5Etfw\\\">$GREE<\/a><a href=\\\"https:\/\/t.co\/GNPtKKCtLm\\\">https:\/\/t.co\/GNPtKKCtLm<\/a><\/p>\n<p>\u2014 Greenidge Generation Holdings Inc (@Greenidge_GREE) <a href=\\\"https:\/\/twitter.com\/Greenidge_GREE\/status\/1620439441801101313?ref_src=twsrc%5Etfw\\\">January 31, 2023<\/a><\/p><\/blockquote>\n<p> <script async src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script>\\n\\n\\n\\n<\/p>\n<p>As part of the deal with NYDIG, the firm <a href=\"https:\/\/forklog.com\/en\/news\/greenidge-to-sell-bitcoin-miners-to-nydig-to-repay-74-million-debt\">transferred mining equipment<\/a> to the creditor, with a total hashrate of 2.8 EH\/s and the existing infrastructure. This reduced the debt from about $76 million to about $17 million, with prospects for a further $10 million reduction. For the latter, Greenidge must grant the creditor rights to a new mining facility within three months.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<p>The company entered into a hosting and profit-sharing agreement with NYDIG. Greenidge retains a fleet of ~10 000 Bitcoin miners with a hashrate of around 1.1 EH\/s.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<p>The company reduced its obligations to B. Riley from $11 million to $9 million. The investment bank agreed to purchase Greenidge shares for $1 million at a price of $0.75 per share \u2014 below the <a href=\\\"https:\/\/www.nasdaq.com\/market-activity\/stocks\/gree\\\">\u0440\u044b\u043d\u043a\u0430<\/a>. Atlas Holdings will purchase another $1 million of Greenidge&#8217;s shares, with B. Riley acting as broker in the deal.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<p>To generate additional liquidity, Greenidge is actively selling excess real estate at its <a href=\"https:\/\/forklog.com\/en\/news\/greenidge-generation-to-invest-264-million-in-new-bitcoin-mining-venture\">facility in South Carolina<\/a>. The company expects the proceeds to help retire another $6-$7 million of debt with the bank.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p>\\&#8221;We value the strong partnership with our lenders, NYDIG and B. Riley, who have worked with us to offer mutually beneficial solutions,\\&#8221; said Greenidge CEO Dave Anderson.<\/p>\n<\/blockquote>\n<p>\\n\\n\\n\\n<\/p>\n<p>As ForkLog reported in <a href=\"https:\/\/forklog.com\/en\/news\/survival-game-what-happened-to-the-mining-industry-in-2022\">an exclusive piece<\/a>, the mining industry survived in 2022 amid the crypto winter.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The mining company Greenidge Generation reached agreements with B. Riley and NYDIG on debt restructuring, reducing it from about $87 million to around $26 million.<\/p>\n","protected":false},"author":1,"featured_media":73396,"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":[1137,2209,1097],"class_list":["post-73395","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cryptocurrency-mining","tag-greenidge-generation","tag-lending"],"aioseo_notices":[],"amp_enabled":true,"views":"14","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/73395","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=73395"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/73395\/revisions"}],"predecessor-version":[{"id":73397,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/73395\/revisions\/73397"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/73396"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=73395"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=73395"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=73395"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}