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Crypto Miner Greenidge Generation Reduces its Debt by $61M

Crypto Miner Greenidge Generation Reduces its Debt by $61M

Mining firm Greenidge Generation has reached agreements with B. Riley and NYDIG to restructure its loan debt, which has helped the company reduce it from $87 million to about $26 million.

As part of the deal with NYDIG, the company has transferred to the lender mining equipment with a total hash rate of 2.8 EH/s with a functioning infrastructure. This has reduced the debt from $76 million to $17 million. Besides, the company plans to reduce it by another $10 million in the future.

To do so, Greenidge must secure the rights to the creditor for a new crypto mining facility within three months.

The company has entered into a hosting and profit-sharing agreement with NYDIG. As part of it, Greenidge still has a fleet of about 10,000 Bitcoin miners with a hashrate of around 1.1 EH/s.

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