- The corporation was able to negotiate a reduction of $61M in corporate debt in January.
- The firm had been contemplating filing for bankruptcy before then.
Greenidge, a Bitcoin miner based out of New York, has stated that it is emerging from recent difficulties and expanding operations via a collaboration with Core Scientific.
The company announced the agreement with Core Scientific on Thursday. With 6,914 mining machines belonging to Greenidge being hosted by the company. The mining operations of Core Scientific are located in Dalton, Georgia, and Calvert City, Kentucky. Greenidge has announced that it would add 1,500 company-owned miners to its current infrastructure.
Striving to Avoid Bankruptcy
The mining company reported “substantial doubt” about its viability as a company as late as last December. The corporation was able to negotiate a reduction of $61 million in corporate debt with NYDIG and B. Riley by January.
The firm had been contemplating filing for bankruptcy before then. As a result of activists’ and lawmakers’ criticism of the miner’s environmental policies, Greenidge has become a divisive corporation.
Greenidge had its air permit renewed by the New York in December of last year, but the agency ultimately decided not to approve the renewal for reasons including the company’s inability to provide evidence of “adequate GreenHouse Gas (GHG) mitigation measures.”
The miner claims to have turned the page with its declaration on Thursday. Greenidge CEO Dave Anderson said in a press statement that the company’s new agreement with Core Scientific “will significantly improve our profitability as we move forward.”
Bitcoin mining, which uses specialized hardware to solve complex mathematical puzzles in order to validate blockchain transactions, has been severely impacted by the crypto market downturn, especially the last year.