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    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

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    PENGU token loses 20% in August amid Pudgy Party game launch

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    Base claims top 3 spot in 30-day NFT volume: DappRadar

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    floor down up to 18% in the last week (week ended August 26, 2023), volumes still robust

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    Blue chip NFTs sink double digits as ETH retreats from record highs

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    The #1 CopyTrading Exchange-Bitget Turns 5, $100 Bonus for Newcomers

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    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

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    Enhancing Security in Online Gambling with Blockchain Technology

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    Blushush by Sahil Gandhi and Ohh My Brand by Bhavik Sarkhedi Partner to Revolutionize Brand Strategy and Personal Branding

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    How to Play Treeverse: Beginner’s Guide to Gameplay, NFTs, and Tokenomics

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    Intellivix Targets Global AI Surveillance Market with ‘False Alarm Elimination’ Gen AMS

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    The Future of Gambling: How Casino Sites Are Leveraging Web3

    The most potentially profitable investment method in 2025 is through PairMiner crypto cloud mining, earning passive income daily.

    The most potentially profitable investment method in 2025 is through PairMiner crypto cloud mining, earning passive income daily.

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    GameFi Q1 2025 Report: User Growth, Chain Activity, and Revenue Trends

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    Brain-Computer Interface Market Value, Trends, and Demand Insights | Scope By 2032

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    Shib: The Metaverse – Part of the Expanding Shiba Inu Ecosystem

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    Council of Europe Highlights Metaverse’s Impact on Privacy and Democracy

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    PENGU token loses 20% in August amid Pudgy Party game launch

    Base claims top 3 spot in 30-day NFT volume: DappRadar

    Base claims top 3 spot in 30-day NFT volume: DappRadar

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    floor down up to 18% in the last week (week ended August 26, 2023), volumes still robust

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    What’s Behind the Double-Digit Declines?

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    NFT sales drop 25% to $134m, CryptoPunks plunge 59%

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    Defunct NFT lender Parallel Finance charges users $500 to withdraw assets

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    Climb the SCOR Invitational Leaderboard and Earn Bigger $SCOR Airdrops

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    Pudgy Penguins Game ‘Pudgy Party’ Launches on iOS and Android

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    Buzzy Ethereum Game Football.fun Has Soccer Fans Scoring Crypto Gains

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    Stability World AI Adds Games to Transform the Future of Web3 Gaming

    Play Solana to ship handheld gaming device in October

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    The Rise of Indian Online Casinos: Affiliates, Crypto, and Seamless Gaming?

  • Blockchain
    Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

    Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

    MetaMask Users Can Now Link Binance and OKX Accounts to Their Portfolio Dashboard

    MetaMask Users Can Now Link Binance and OKX Accounts to Their Portfolio Dashboard

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    NetMindAI Partners with Neurochain AI to Revolutionize Decentralized AI Services

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    LFG Boosts Token Launches with Community Power

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    Bitcoin Miner Bit Digital Diversifies Into AI for ‘Substantially Higher Margin’ Than Mining

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    What Is Impermanent Loss? How It Works, and How to Avoid It

    What Is an Algorithmic Stablecoin? How It Works and Why It Matters

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    What is Cloud Mining? A Beginner’s Guide

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  • Analysis
    Bitcoin Sees Historic Rise in Shark and Whale BTC Wallets, Records New High: Santiment

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    Solana, XRP and One Ethereum Rival Leading Institutional Inflows in 2023: CoinShares Data

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    The #1 CopyTrading Exchange-Bitget Turns 5, $100 Bonus for Newcomers

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Home Mining

Greenidge Generation Settles Debt and Sells SC Bitcoin Mining Site to NYDIG

November 19, 2023
in Mining
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Greenidge Generation Settles Debt and Sells SC Bitcoin Mining Site to NYDIG
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Greenidge Generation Holdings has successfully wiped out $21.8 million in secured debt and divested its South Carolina bitcoin mining facility to NYDIG. The firm detailed that the move enhances Greenidge’s financial stability and liquidity.

READ ALSO

Through pullback US Bitcoin ETFs buy 3.6 times daily issuance as inflows streak hits four days

Auto Giant Unveils Impressive 153 BTC Haul

Greenidge Generation Holdings Clears $21.8 Million Debt, Sells Mining Site to NYDIG

On Wednesday, Greenidge finalized the sale of a 22-acre mining site with 44 megawatts (MW) of capacity in Spartanburg, SC, to NYDIG. This deal marks the resolution of all outstanding secured debts Greenidge owed to the bitcoin asset management firm.

In 2023, Greenidge achieved a reduction in its financial obligations, slashing $85.3 million from its debt. This substantial repayment accounts for more than half — specifically, over 54% — of its total debt.

However, the company continues to manage $72 million in unsecured debt, due in 2026. The agreement entitles Greenidge to an approximate $6.2 million cash payout. Moreover, the company retains around 153 acres in Spartanburg, earmarked for potential expansion into data centers.

NYDIG, operating under the umbrella of Stone Ridge Holdings Group, provides a spectrum of services including bitcoin (BTC) custody, financial solutions, infrastructure, and BTC mining operations. Acquiring this facility allows NYDIG to further integrate its mining operations with enhanced infrastructure.

Over the last two years, several cryptocurrency miners incurred substantial debts to NYDIG due to loans taken out to support their mining ventures. These loans were secured during a bullish market period, characterized by high profitability.

See also  Report: Belarus Eyes Cryptocurrency Mining to Harness Nuclear Surplus

Nonetheless, the transition to a bear market posed challenges for some of these miners in repaying their debts. Companies including Core Scientific and Iris Energy are among those that held rig-backed loans from the firm.

What do you think about Greenidge clearing its debts? Share your thoughts and opinions about this subject in the comments section below.

Tags: BitcoinDebtgenerationGreenidgeMiningNYDIGsellsSettlessite

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