nydig
Bitcoin miner Greenidge signs $74M debt restructuring agreement with NYDIG
According to a Dec. 20 filing with the United States Securities and Exchange Commission, Bitcoin (BTC) miner Greenidge has reached an agreement with its creditor, fintech firm NYDIG, to restructure approximately $74 million worth of debt. The deal, in the form of a non-binding term sheet, would result in a major change to Greenidge’s current business strategy, essentially transforming Greenidge from self-mining to hosting NYDIG’s mining rigs. Under the agreement, NYDIG would purchase miners with approximately 2.8 exahashes per second (EH/s) of mining capacity to be hosted by Greenidge, which would facilitate NYDIG’s rights to a mining site within three months following the completion of debt restructuring and hosting agreements. In exchange for consideration amounting to the purchased...
NYDIG offering allows participating companies to pay employees in Bitcoin
The New York Digital Investment Group, or NYDIG, has launched a benefit program allowing employees of participating companies to convert a portion of their paychecks into Bitcoin. In a Tuesday announcement, the NYDIG said several firms involved with sports, entertainment and digital currencies would be among the first to offer the crypto payments, including Everbowl, MVB Bank, StretchZone, crypto analytics firm The TIE, crypto mining firm Iris Energy and Fertitta Entertainment — the conglomerate behind restaurant giant Landry’s and the National Basketball Association’s Houston Rockets. Company employees who participate in NYDIG’s Bitcoin Savings Plan can choose how much of their pay will be converted into Bitcoin (BTC), with no transaction or cold storage fees. NYDIG chief innovation...
