1 year ago
Bitcoin (BTC) mining steadfast Greenidge said it mislaid astir $130 cardinal during the 4th fourth of 2022 portion earning conscionable $15 million, according to a Jan. 31 statement.
The BTC miner was 1 of the respective companies that had a hard 2022 owed to the challenging marketplace conditions.
“Greenidge ended the 4th with astir $16 million of currency and just worth of crypto currency holdings, of which little than $1 million was cryptocurrency holdings, and approximately $152 million of debt, nett of indebtedness contented costs.”
Greenidge added that it sold its subsidiary, Support.com, for $2.6 cardinal connected Jan. 17.
Reduces indebtedness with NYDIG to $17 million
The steadfast said it restructured its secured indebtedness with crypto lender New York Digital Investment Group (NYDIG) to $17 million.
Greenidge said it transferred the rights of definite miners and immoderate unnamed credits and coupons to NYDIG. The transferred assets reduced its indebtedness by approximately $59 million.
The Bitcoin miner added that it could further chopped its indebtedness by $10 cardinal if it tin assistance NYDIG unafraid the rights to a mining installation wrong the adjacent 3 months.
Greenidge revealed that it entered into a five-year hosting statement with the lender, adding that the deal contains a “profit-sharing component.” The statement presumption would besides spot NYDIG wage a hosting interest that covers the outgo of powerfulness and the absorption of the mining facilities.
Despite this caller restructuring, Greenidge inactive owns “10,000 miners with a capableness of astir 1.1 EH/s.”
Restructures different $11 cardinal successful debt
The struggling BTC miner further revealed that concern slope B. Riley Financial has agreed to restructure an $11 cardinal promissory note.
Greenidge said it would marque a main outgo of $1.9 million to B. Riley, and nary further payments are expected connected the notes till June. However, if the miner tin wage $6 cardinal of its indebtedness earlier June 20, B. Riley agreed to chopped its indebtedness repayment to $400,000 monthly from the existent $1.5 million.
Greenidge added that it wants to merchantability excess existent property from its South Carolina mining installation to repay portion of the promissory note.
The miner would wage an amendment interest of $1 million to B. Riley with its banal option. Besides that, the concern slope and an affiliate of Atlas Holdings volition acquisition an further $2 cardinal of Greenidge’s stock.
Speaking astir the restructured debts, Greendige’s CEO Dave Anderson said:
“The indebtedness restructuring we’ve announced contiguous importantly improves our equilibrium expanse and provides america with a wide way guardant arsenic we participate 2023… These agreements person efficaciously reduced our secured indebtedness balances with these lenders from approximately $87 million to approximately $26 million and person the beardown imaginable to let america to further trim our debt.”
The station Bitcoin miner Greenidge mislaid $130M successful 2022 Q4; restructures indebtedness with NYDIG, B. Riley appeared archetypal connected CryptoSlate.
English (US) 