Bitcoin miner SDIGital restructured its debt yet again and signed a two-year hosting deal with Foundry. $SDIG egreechee reports
Pennsylvania-based Stronghold Digital's latest debt restructuring deal will allow the postponement of principal repayments on $54.9 million of debt through June of 2024.since last summer
has struck deals with its lenders to reduce immediate debt obligations as it seeks to avoid the Chapter 11 fates of peers like Compute North and Core Scientific . This latest agreement with Whitehawk Finance on $55 million of debt releases the miner of all amortization payments until July 2024, which otherwise would have required the payment of $1.6 million per month , according to a TuesdayIn addition, the company won't have to make any payments at all until June 2023. Beginning then, Stronghold will make payments based on a monthly cash sweep calculated as 50% of the company's average daily cash balance for each month in excess of $7.
The new credit agreement also reduces Stronghold's minimum liquidity covenants until the end of 2024 and allows the miner to pay for its interest in kind for up to six months, as long as its average daily cash balance for the respective month is less than $5 million. Stronghold also signed a two-year deal with miner hosting company Foundry for 4,500 miners, totaling approximately 420 petahash/second in computing power with an average efficiency of 35 joules/terahash. The hosting fee will be the realized net cost of power at Stronghold’s Panther Creek Plant plus 10%. Foundry and CoinDesk share the same parent company, Digital Currency Group.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bitcoin miner Riot expects growth delay due to December storm damagesThe company said it expects there to be a delay in meeting the hashrate growth guidance for the first quarter.
Read more »
Robert Kiyosaki Says He Likes Bitcoin — Calls BTC 'People's Money' – Featured Bitcoin NewsRich Dad Poor Dad author Robert Kiyosaki says he likes bitcoin, calling the cryptocurrency 'people's money.' $BTC crypto
Read more »
More Than 7,000 Ordinals Inscriptions Have Already Been Included on the Bitcoin Blockchain – Bitcoin NewsThe Ordinals protocol, which came about due to a feature present in the Taproot update, already has served to bring more than 7,000 inscriptions (Bitcoin NFTs) to the blockchain.
Read more »
How Bitcoin NFTs Might Accidentally Fix Bitcoin's Security BudgetOrdinal NFTs will be at its very best a means to strengthen the bitcoin transaction fee market and at worst a spectacular fad that fades away with no wider negative consequences for Bitcoin. gckaloudis writes for The Node.
Read more »
Bitcoin Miners Hut 8, US Bitcoin Corp. Announce MergerBitcoin mining firms Hut8Mining and U.S. Bitcoin Corp. are merging to form a new company with access to 825 MW of energy. Egreechee reports
Read more »
Bitcoin Network's Block Size OutlookNew Fundstrat data shows Bitcoin's mean block size has increased since the Ordinals protocol, which allows for NFTs to be stored on Bitcoin's blockchain, started to gain traction towards the end of January. Separately, the Bitcoin Lightning Network has reached an all-time high in terms of capacity, or the amount of bitcoin locked in payment channels, according to The Block. 'All About Bitcoin' host Christine Lee breaks down the Chart of the Day.
Read more »