The Greenidge Generation company has come to an agreement with one of their creditors to restructure an immense amount of debt.
The firm announced the news in a press release this week, detailing how they have been adversely affected by the decreasing price of Bitcoin. In addition, they have also found themselves unable to pay for natural gas at current rates.
As per the deal, Greenidge will have the revenue cut from around two-thirds of the value of the BTC being mined by NYDIG, reducing their total debt to approximately $59 million.
“The debt restructuring we are announcing today significantly improves our balance sheet and provides us with a clear path moving into 2023,” said Dave Anderson, Greenidge’s Chief Executive Officer in a statement.
Anderson went on to say that he is exploring the option of opening a third facility to further reduce their NYDIG debt.
Environmental activists have been protesting the growth of Bitcoin mining at Greenidge’s Seneca Lake facility, claiming that it goes against the state’s climate objectives. The company is currently appealing a ruling by the Department of Environmental Conservation to not renew its air pollution permits from last year.
