{"id":88320,"date":"2023-01-31T21:44:56","date_gmt":"2023-01-31T21:44:56","guid":{"rendered":"https:\/\/dripp.zone\/news\/index.php\/2023\/01\/31\/bitcoin-miner-greenidge-lost-130m-in-2022-q4-structures-debt-with-nydig-b-riley-crypto-news\/"},"modified":"2023-01-31T21:44:58","modified_gmt":"2023-01-31T21:44:58","slug":"bitcoin-miner-greenidge-lost-130m-in-2022-q4-structures-debt-with-nydig-b-riley-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/bitcoin-miner-greenidge-lost-130m-in-2022-q4-structures-debt-with-nydig-b-riley-crypto-news\/","title":{"rendered":"Bitcoin miner Greenidge lost $130M in 2022 Q4; structures debt with NYDIG, B. Riley\n – Crypto News"},"content":{"rendered":"

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Bitcoin (BTC<\/a>) mining firm Greenidge said it lost about $130 million during the fourth quarter of 2022 while earning just $15 million, according to a Jan. 31 statements.<\/p>\n

The BTC miner was one of several companies that had a difficult 2022 due to the challenging market conditions<\/a>,<\/p>\n

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Greenidge ended the quarter with approximately $16 million<\/span> of cash and fair value of crypto currency holdings, of which less than $1 million<\/span> was cryptocurrency holdings, and approximately $152 million<\/span> of debt, net of debt issue costs.”<\/p>\n<\/blockquote>\n

Greenidge added that it sold its subsidiary, Support.com, for $2.6 million on Jan. 17.<\/span><\/p>\n

Reduces debt with NYDIG to $17 million<\/h2>\n

The firm said it restructured<\/a> its secured debt with crypto lender New York Digital Investment Group (NYDIG) to $17 million.<\/p>\n

Greenidge said it transferred the rights of certain miners and some unnamed credits and coupons to NYDIG. The transferred assets reduced its debt by approximately $59 million.<\/span><\/p>\n

The Bitcoin miner added that it could further cut its debt by $10 million if it could help NYDIG secure the rights to a mining facility within the next three months.<\/p>\n

Greenidge revealed<\/a> that it entered into a five-year hosting agreement with the lender, adding that the deal contains a “profit-sharing component.” The agreement terms would also see NYDIG pay a hosting fee that covers the cost of power and the management of the mining facilities.<\/p>\n

Despite this new restructuring, Greenidge still owns “10,000 miners with a capacity of approximately 1.1 EH\/s.”<\/p>\n

Restructuring another $11 million in debt<\/h2>\n

The struggling BTC miner further revealed that investment bank B. Riley Financial has agreed to restructure an $11 million promissory note<\/a>,<\/p>\n

Greenidge said it would make a principal payment of $1.9 million<\/span> to B. Riley, and no further payments are expected on the notes until June. However, if the miner can pay $6 million of its debt before June 20, B. Riley agreed to cut its loan repayments to $400,000 monthly from the current $1.5 million.<\/p>\n

Greenidge added that it wants to sell excess real estate from its South Carolina mining facility to repay part of the promissory note.<\/p>\n

The miner would pay an amendment fee of $1 million to B. Riley with its stock option. Besides that, the investment bank and an affiliate of Atlas Holdings will purchase an additional $2 million of Greenidge’s stock.<\/p>\n

Speaking about the restructured debt, Greendige’s CEO Dave Anderson said:<\/p>\n

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\u201cThe debt restructuring we’ve announced today significantly improves our balance sheet and provides us with a clear path forward as we enter 2023\u2026 These agreements have effectively reduced our secured debt balances with these lenders from approximately $87 million<\/span> to approximately $26 million<\/span> and have the strong potential to allow us to further reduce our debt.”<\/p>\n<\/blockquote>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

Bitcoin (BTC) mining firm Greenidge said it lost about $130 million during the fourth quarter of 2022 while earning just $15 million, according to a Jan. 31 statements. The BTC miner was one of several companies that had a difficult 2022 due to the challenging market conditions, Greenidge ended the quarter with approximately $16 million […]<\/p>\n","protected":false},"author":2,"featured_media":88321,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-88320","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/88320","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=88320"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/88320\/revisions"}],"predecessor-version":[{"id":88322,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/88320\/revisions\/88322"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/88321"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=88320"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=88320"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=88320"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}