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The bitcoin mining operation Greenidge Generation Holdings Inc. has executed a restructuring deal with NYDIG, according to an announcement published on Tuesday. According to the non-binding term sheet agreement, NYDIG will obtain 2.8 exahash per second (EH/s) of Greenidge’s mining capacity, and Greenidge further entered into a hosting deal with NYDIG for the same 2.8 EH/s.

Greenidge Generation Enters Into a Deal With NYDIG, Board Is Actively Discussing the ‘Potential for, and Timing of, a Voluntary Bankruptcy Filing’

Bitcoin miners have been hammered by financial problems in 2022 as the price of bitcoin (BTC) has dropped below the cost of production, and the network’s mining difficulty is very high. Furthermore, a number of interconnected bitcoin mining operations have been dealing with loan defaults and bankruptcies that have caused a contagion within the mining industry. On Tuesday, the New York-based Greenidge Generation renegotiated a deal with NYDIG that concerns a loan worth $74 million.

Over the last six months, Greenidge (Nasdaq: GREE) shares have nosedived by 88.91% against the U.S. dollar. 35.58% has been lost during the last 30 days according to GREE/USD market data. Greenidge says it “entered a non-binding term sheet with NYDIG” and NYDIG will purchase 2.8 EH/s of the company’s mining machines. Furthermore, the New York-based mining firm says it plans to enter into a hosting agreement with NYDIG.

“Greenidge would enter into a hosting agreement with NYDIG for approximately 2.8 EH/s of mining capacity, which would result in a material change to Greenidge’s current business strategy and result in Greenidge largely operating miners owned by NYDIG, rather than operating miners owned by Greenidge,” the company detailed on Tuesday. In exchange, NYDIG has detailed its plans to reduce Greenidge’s $74 million debt. Greenidge stated:

In exchange for the purchased miners and transfer of mining infrastructure and credits to NYDIG, NYDIG would agree to a reduction of approximately $57 to $68 million of debt.

NYDIG has been a big backer when it comes to lending to bitcoin mining operations as it has lent more than $300 million to firms like Stronghold, Greenidge, Argo Blockchain, Iris Energy, and Core Scientific. The loans were secured by the firms’ application-specific integrated circuit (ASIC) mining machines.

In addition to the restructuring update on Tuesday, Greenidge also filed documentation with the U.S. Securities and Exchange Commission (SEC) that notes Greenidge execs are in active discussions about the potential for, and timing of, a voluntary bankruptcy filing.”

The bitcoin mining operation says that bankruptcy could happen if Greenidge discovers it does not have available liquidity, its remaining capital depletes and cannot fulfill debt obligations, or if Greenidge defaults on any debts or contracts.

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