In response to a new filing with the U.S. Securities and Trade Fee on Dec. 20, Bitcoin (BTC) miner Greenidge said that it reached an settlement with its creditor, fintech agency NYDIG, to restructure roughly $74 million price of debt. The deal, within the type of a non-binding time period sheet, would end in a significant change to Greenidge’s present enterprise technique. Primarily, it will rework Greenidge from self-mining to internet hosting for NYDIG’s mining rigs.

Beneath the circumstances, NYDIG would buy miners with roughly 2.8 exahash per second (EH/s) of mining capability to be hosted by Greenidge, which is able to facilitate NYDIG rights to a mining website inside three months following the completion of debt restructuring and internet hosting agreements. In trade for consideration amounting to the bought miners and switch of mining infrastructure and credit to NYDIG, the agency would comply with a $57 million to $68 million debt discount for Greenidge.

Moreover, Greenidge can be collateralizing a large portion of its unencumbered property to safe the remaining steadiness of the NYDIG mortgage. The agency would retain possession of miners with a capability of 1.2 EH/s. As of October 31, 2022, Greenidge had roughly 2.5 EH/s of mining capability from roughly 24,500 miners in service.

Nevertheless, the corporate additionally wrote that “there stays uncertainty concerning Greenidge’s monetary situation and substantial doubt about its skill to proceed as a going concern.” Final month, Greenidge used roughly $8 million of its money throughout operations, of which $5.5 million went to principal and curiosity funds. As of November 30, 2022, the corporate’s money steadiness amounted to roughly $22.0 million. Greenidge additionally warned that “NYDIG and Greenidge will endeavor to enter into definitive documentation reflecting the phrases described on this launch, however there might be no assurances made that such phrases is not going to change materially nor can there be any assurances made that the transactions mentioned on this launch can be consummated.”

Final September, Cointelegraph reported that Greenidge accomplished a merger with buyer and technical assist options supplier Help.com to turn out to be a publicly listed mining agency on the NASDAQ. Since then, shares have plunged over 99%, partly on account of a mix of the continuing crypto winter, increased electrical energy costs, increased mining problem, and decrease market costs for Bitcoin mining rigs.