Bloomberg Law
Dec. 20, 2022, 3:32 PM

Bitcoin Miner Greenidge Warns of Bankruptcy, Debt Restructuring

David Pan
David Pan
Bloomberg News

Greenidge Generation Holdings Inc.,once one of the largest public Bitcoin miners in the US, warned that it may seek bankruptcy protection while entering into debt restructuring talks with lender New York Digital Investment Group.

The firm, probably best known for a long-running dispute with environmentalists over the impact of its operations on New York’s Seneca Lake, is the latest miner to teeter on the edge of bankruptcy in the wake of the plunge in the value of the largest cryptocurrency.

Greenidge has entered into a “non-binding term sheet” to restructure about $74 million debt with NYDIG, according to ...