Bitcoin miner Greenidge Generation cuts NYDIG debt 78% to US$17 million

Troubled U.S.-based Bitcoin mining firm Greenidge Generation Holdings Inc. has restructured more of its debt to investment management service provider NYDIG and investment bank B. Riley Commercial Capital, the company announced on Tuesday.

See related article: U.S. crypto miner Core Scientific files for Chapter 11 bankruptcy, continues to mine Bitcoin

Fast facts

• Nasdaq-listed Greenidge said it has reduced its debt to NYDIG by about 78% to US$17 million from US$76 million through various restructuring agreements, including selling mining machines to NYDIG.
• Greenidge also agreed to restructure another US$11 million owed to B. Riley, reducing its cash obligations to about US$9 million, according to the statement.
• As part of the restructuring agreement, B. Riley will purchase US$1 million worth of Greenidge shares.
• Greenidge’s shares on the Nasdaq closed up 3.64% at US$0.84 on Tuesday, but still well lower than the US$12.66 a year ago.
• Greenidge is one of many U.S.-based bitcoin mining firms that ran into debt problems after Bitcoin prices slumped last year and energy costs climbed, with Core Scientific and Compute North both filing for Chapter 11 bankruptcy protection from creditors.

See related article: Bitcoin mining difficulty hits new all-time high with 4.7% rise