Mining company Greenidge Generation agreed with competitor Core Scientific about hosting 6,914 bitcoin mining devices at the latter’s sites for one year.
New York-based Greenidge will also install an additional 1,500 miners owned by the firm at its facilities.
Core Scientific operates facilities in Georgia, Kentucky, North Carolina, North Dakota and Texas.
In an April 28 press release, the Greenidge Generation said they had “turned the page”.
“Cooperation with Core Scientific will significantly increase profitability”, Dave Anderson, CEO of the company, commented.
Greenidge Generation estimated the additional annual profit from the deal at $7.5 million.
In December 2022, the company entered into an agreement with lender NYDIG to sell most of the mining machines to pay off a $74 million debt.
In the document for SEC Greenidge has not ruled out filing for bankruptcy. This was partly due to environmental pressure and related scrutiny from legislators.
A month later, the company reached agreements with B. Riley and NYDIG to restructure loan debt, reducing it from $87 million to about $26 million.
In 2022, the New York City Department of Environmental Protection denied Greenidge an extension to operate the facilities. Office referred the firm’s failure to confirm that “adequate measures to reduce greenhouse gas emissions” have been taken.
Recall that in 2022, Greenidge Generation mined 2731 BTC. The firm’s revenue for the period was $90 million, with a net loss of $269.7 million.
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Mining company Greenidge Generation agreed with competitor Core Scientific about hosting 6,914 bitcoin mining devices at the latter’s sites for one year.
New York-based Greenidge will also install an additional 1,500 miners owned by the firm at its facilities.
Core Scientific operates facilities in Georgia, Kentucky, North Carolina, North Dakota and Texas.
In an April 28 press release, the Greenidge Generation said they had “turned the page”.
“Cooperation with Core Scientific will significantly increase profitability”, Dave Anderson, CEO of the company, commented.
Greenidge Generation estimated the additional annual profit from the deal at $7.5 million.
In December 2022, the company entered into an agreement with lender NYDIG to sell most of the mining machines to pay off a $74 million debt.
In the document for SEC Greenidge has not ruled out filing for bankruptcy. This was partly due to environmental pressure and related scrutiny from legislators.
A month later, the company reached agreements with B. Riley and NYDIG to restructure loan debt, reducing it from $87 million to about $26 million.
In 2022, the New York City Department of Environmental Protection denied Greenidge an extension to operate the facilities. Office referred the firm’s failure to confirm that “adequate measures to reduce greenhouse gas emissions” have been taken.
Recall that in 2022, Greenidge Generation mined 2731 BTC. The firm’s revenue for the period was $90 million, with a net loss of $269.7 million.
Found a mistake in the text? Select it and press CTRL+ENTER
Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!