Troubled miner returns 26,000 rigs to eliminate debt

2022.08.18 03:22

Troubled miner returns 26,000 rigs to eliminate debt

The United States-based Bitcoin mining company, Stronghold Digital Mining (SDIG), announced on Tuesday new moves to elevate outstanding debt and restructure its financial operations.

In an agreement with lender New York Digital Investment Group (NYDIG), the company plans to release 26,000 of its mining rigs, 18,700 of which are currently running. The sell-off will create more liquidity and clear $67.4 million in debt held by Stronghold. Before the agreement, the company had $47 million in liquidity as of Aug. 12.

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