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Bitcoin miner Greenidge enters non-binding debt restructuring deal with NYDIG – Bitcoin Mining News

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Greenidge Generation Holdings Inc. has carried out the bitcoin mining operation. restructuring deal with NYDIG, according to an announcement made Tuesday. According to the non-binding term sheet agreement, NYDIG will receive 2.8 exahashes per second (EH/s) of Greenidge’s mining capacity, and Greenidge has also entered into a hosting deal with NYDIG for the same 2.8 EH/s.

Jill Greenidge Enters Deal With NYDIG, Board Actively Discusses “Possibility And Timing To File For Voluntary Bankruptcy”

Bitcoin miners have been hurt by financial troubles in 2022 as is the price of bitcoin (BTC) to less than the production cost, and the network mining difficulty is very high. Furthermore, a number of interconnected bitcoin mining operations have been dealing with loan defaults and bankruptcies which has caused contagion within the mining industry. On Tuesday, New York-based Greenidge Generation renegotiated a deal with NYDIG related to a $74 million loan.

Over the past six months, Greenidge (NASDAQ: he ranShares fell 88.91% against the US dollar. It lost 35.58% over the past 30 days according to GREE/USD market data. Greenidge says it has “entered into a non-binding sheet of terms with NYDIG” and will buy NYDIG 2.8 EH/s of the company’s miners. Moreover, the New York-based miner says it plans to enter into a hosting agreement with NYDIG.

“Greenidge will enter into a hosting agreement with NYDIG for approximately 2.8 EH/s of mining capacity, which will fundamentally change Greenidge’s current business strategy and result in Greenidge operating miners largely owned by NYDIG, rather than operating miners owned by Greenidge, the company detailed Tuesday.In contrast, NYDIG detailed its plans to reduce Greenidge’s $74 million debt.Greenidge stated:

In exchange for purchasing the miners and transferring the mining infrastructure and credits to NYDIG, NYDIG will agree to reduce approximately $57 to $68 million in debt.

NYDIG has been very supportive when it comes to lending to bitcoin mining operations as it has loaned more than $300 million to companies like Stronghold, Greenidge, Argo Blockchain, Iris Energy, and Core Scientific. The loans were secured by the companies Application Specific Integrated Circuit (ASIC) miners.

In addition to Tuesday’s restructuring update, Greenidge also provided documentation With the US Securities and Exchange Commission (SEC) indicating that Greenidge executives are in active discussions about the possibility and timing of filing for voluntary bankruptcy.”

The bitcoin mining operation says bankruptcy could occur if Greenidge finds it has no available cash, its remaining capital dries up and it cannot meet debt obligations, or if Greenidge defaults on any debts or contracts.

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(NASDAQ: GRE)And the Argo BlockchainAnd the ASIC minersAnd the bankruptcyAnd the Bitcoin GreenedgeAnd the Bitcoin miningAnd the scientific basicAnd the religionAnd the GreenidgeAnd the Greenedge BitcoinAnd the Iris EnergyAnd the loansAnd the Bitcoin miner in New YorkAnd the New York minerAnd the NidigAnd the NYDIG loanAnd the Debt repaymentAnd the Restructuring updateAnd the SECAnd the strongholdAnd the US Securities and Exchange Commission (SEC)

What do you think of Greenidge’s restructuring deal with NYDIG? Tell us what you think about it in the comments section below.

Jimmy Redman

Jamie Redman is Head of News at Bitcoin.com News and a financial and technology journalist based in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about disruptive protocols emerging today.




Image credits: shutterstock, pixabay, wikicommons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services or companies. Bitcoin.com It does not provide investment, tax, legal or accounting advice. Neither the Company nor the author shall be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.



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New research suggests that baby boomers make better crypto investors

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As a millennial, this is hard to say, but baby boomers do the coding better. They’re taking research methods used in traditional markets and applying them to crypto projects, according to a new report from Bybit and consumer research firm Toluna.

The report says that 34% of Boomers spend “a few days” doing due diligence on a project before investing – 50% more than other generations. Even more troubling, “64% of North American investors spend less than two hours or not at all on DYOR.”

Boomers are also likely to focus their research on technical factors such as tokens, revenue, and the competitive landscape. Contrast this with their younger compatriots, who are more likely to appreciate reputation items like a charismatic founder and “website aesthetics.”

This goes to show that being a digital and hands-on native is not as much of an advantage as people think. It actually pales in comparison to some of the Warren Buffet-style skills that older investors have honed over the years.

Related: 5 tips for investing during a global recession

Baby boomers are probably more likely to retire and therefore have more free time than younger generations. It’s hard to say, but it seems the best way forward for young people is to be humble and learn from their elders.

Although crypto has many distinct characteristics that set it apart from other capital markets, it still has enough in common to allow for a decent crossover in analytical skills. After all, the price of digital assets is highly dependent on the balance of supply and demand in the market, just like the traditional markets.

Digging in Technologies This can prevent the kind of bad decision making that led to big losses in 2022. Several times I felt good about buying a token based on the project white paper and the solid narrative that drove it, but I found, upon further research, that there is a lot of capital involved. The investment unleashes imports so that selling pressure will influence prices for years to come.

Newborns who are used to analyzing company numbers and calculating price-to-earnings and price-earnings-to-growth ratios can apply these skills to data from CoinGecko or CoinMarketCap. Young generations need to know why “circulating supply” vs. “maximum supply” important and why size is critical.

In fact, cryptocurrency projects that are similar to traditional value investments have held up relatively well in the bear market. Investors are becoming more aware of the difference between protocols that issue tokens as a glorious way to raise funds and those that generate revenue and share it with their holders. So-called “real-yield” crypto projects are not unlike dividend-paying companies — something boom investors may be familiar with and possibly drive some of their investment decisions.

This is not to ignore the importance of narrative and community in modern investing and cryptocurrency in particular. For example, perennial decentralized trading platforms such as GMX, Gains, and ApeX Pro benefited from the pro-decentralization sentiment after the FTX bankruptcy.

Researching this aspect requires a good knowledge of social media, especially Twitter, which is one of the main ways to reach crypto analysts, founders, and downstreamers. Investors use these tools to find the narrative, assess where the narrative is in its life cycle, and gauge overall market sentiment.

Related: Five reasons why 2023 will be a tough year for global markets

But Millennials and Generation Z don’t really have an edge when it comes to using social media to assess trends because it’s not that new anymore. it’s a Web 2Everyone already knows how to use social media. In fact, young adults are turning their familiarity with social media into a disadvantage by overestimating it as a research tool, while baby boomers are more likely to stick to the facts.

Traditional investing due diligence continues to distinguish men from boys, just as it has throughout history. As long as that happens, baby boomers will outpace the younger generations because they do more research and tend to be more patient when it comes to investing, resulting in higher returns than the younger generations, who may jump into investing without fully understanding what they are getting into. If you are looking for someone who is reliable and knowledgeable about due diligence, look no further than your parents or grandparents.

Nathan Thompson He is the lead technical writer at Bybit. He spent 10 years as a freelance journalist, covering mostly Southeast Asia, before turning to cryptocurrency during the COVID-19 lockdowns. He holds a Joint Honors degree in Communication and Philosophy from Cardiff University.

This article is for general information purposes and is not intended and should not be considered legal or investment advice. The views, ideas and opinions expressed herein are those of the author alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

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Bitcoin investor sentiment remains steady with BTC stalling at $16,000

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Bitcoin investor sentiment is deadlocked amid price faltering in the market. While the digital asset continues to hold the $16,000 level, investors retreat from the market, ensuring that there is no big move either up or down, and as a result, investor sentiment has not moved.

Bitcoin investors are still in fear

the Encryption of fear and greed It shows that Bitcoin investor sentiment has not moved much in the past month. He finished November with a score of 29 which put him right in the fright zone but since then he has been unable to break out of that trend.

The score in this indicator over the course of December ranged between 26-30 mostly, maintaining an almost straight line trend over the period. So far, the Fear and Greed Index is at a score of 28 which is up one point from last week’s close of 27.

Bitcoin Fear & Greed indicator

Fear & Greed Index trends in an almost straight line | Source: alternative.me

What this trend in the Fear and Greed Index shows is that bitcoin investors are not willing to take any risk. This is why the indicator could not move into the greed zone. On the flip side, selling sentiment has not been as strong as one would expect during a time like this. If investors were to sell more of their bitcoins, it would be obvious given that the index would slide further. Instead, it continues to maintain a roughly consistent point level, which means that the hold sentiment is now dominating the market.

Will BTC See A Recovery Soon?

Bitcoin is still finding it difficult to regain the momentum it lost over the past month. This reluctance on the part of investors to do anything with the tokens has led to the price of the digital asset following the same path as sentiment. BTC has now refused to break out from the $16,000 price level.

Bitcoin price chart from TradingView.com

BTC price maintains $16,000 level | Source: BTCUSD on TradingView.com

As a result, Bitcoin’s volatility dropped to all-time lows. So it is likely that the last two days of 2022 will follow the same trend. A recovery should not be expected in any way as the momentum will continue to decline as people take a break from the markets to celebrate with family.

Instead, it is important that BTC holds above $16,000 to close the year. Anything below this level would be very bearish and could lead to more declines in the market as the bears take control. But finishing above $16,000 strengthens investors’ resolve to hold on to their coins.

BTC is trading at $16,519 at the time of writing. Its price has decreased by 0.43% in the last 24 hours and 2.01% in the last 7 days.

Featured image by Finbold, chart from TradingView.com


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Valkyrie proposes to run GBTC – Bitcoin’s grayscale magazine

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Valkyrie Investments has submitted a proposal to take over the troubled GBTC Bitcoin trust.

“We understand that Grayscale has played an important role in the development and growth of the Bitcoin ecosystem with the launch of GBTC, and we respect the team and the work they put in,” said Stephen McClurg, Valkyrie co-founder and CIO. In a statement posted on the company’s website. “However, in light of recent events involving Grayscale and its family of companies, it is time for a change. Valkyrie is the best GBTC management firm to ensure that its investors are treated fairly.”

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