Greenidge Generation Holdings, a bitcoin (EXANTE: Bitcoin) mining company, has signed a $74 million agreement with its creditor NYDIG, the company said in a press release.
Subscribe to our Telegram channel to get daily short digests about events that shape the crypto world
Under the agreement, NYDIG would purchase miners with approximately 2.8 EH/s of mining capacity. Greenidge says that NYDIG would agree to a reduction of approximately $57 to $68 million of debt in exchange for the purchased mining rigs.
In addition to the deal with NYDIG, Greenidge is also considering various alternatives in connection with its wholly owned subsidiary, Support.com, including the disposition of assets and other transactions as the company is still seeking fresh equity capital.
In October, NYDIG laid off 110 employees to focus more on "more-promising businesses." The number reportedly represents a third of NYDIG's workforce.
The reason behind the layoffs remains unclear, but the move came shortly after NYDIG's CEO, Robert Gutmann, and President, Yan Zhao, had left their roles.
Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange