Aiming to stave off bankruptcy, crypto miner Greenidge Generation is aiming to restructure its debt. 

The firm said in a Tuesday (Dec. 20) press release that it is working to restructure a significant portion of its debt with NYDIG. 

“If we complete this debt restructuring, this would improve our future liquidity and would provide a significant step toward the improvement of our balance sheet,” Greenidge CEO Dave Anderson said in the release. “In addition, we believe that the contemplated terms of a concurrently executed hosting arrangement would allow us to continue participating in the future upside potential of bitcoin.” 

On Monday (Dec. 19) Greenidge entered into a nonbinding term sheet with NYDIG that would restructure its $74 million of debt remaining with NYDIG, reduce its debt by $57 million to $68 million in exchange for miners, transfer credits and coupons, and transfer its acquired mining infrastructure that has not yet been deployed, according to the press release. 

Under the nonbinding term sheet, Greenidge would also provide additional collateral to secure the remaining debt balance with NYDIG, the release said. 

Greenidge and NYDIG would also enter into a long-term hosting arrangement in which the former would provide hosting services for energy capacity and the latter would pay a hosting fee covering the costs of power and of management of the mining facilities. 

Currently, Greenidge is facing an average monthly cash burn rate of $8…