Greenidge Completes Expansion Of South Carolina Mining Facility To 44 MW; Expects To Eliminate Remaining $22M Of Secured Debt By Selling South Carolina Mining Site To NYDIG
Portfolio Pulse from Happy Mohamed
Greenidge Generation has completed the expansion of its South Carolina mining facility to 44 MW. The company plans to eliminate its remaining $22M of secured debt by selling the mining site to NYDIG. Greenidge expects to receive $4.9M in cash, less certain costs, with the potential to earn up to $2.6M in additional cash in bonus payments. The current hosting agreement has been amended for Greenidge to host additional NYDIG miners with the additional 26 MW of capacity until the sale closes.
August 14, 2023 | 7:07 pm
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Greenidge's expansion of its mining facility and planned sale to NYDIG could help the company eliminate its remaining secured debt, potentially boosting its financial health.
The completion of the expansion and the planned sale of the mining site to NYDIG could help Greenidge eliminate its remaining secured debt. This could improve the company's financial health and make it more attractive to investors, potentially leading to a short-term increase in its stock price.
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