Bitcoin (BTC) mining company Greenidge Generation has significantly reduced its debt with the investment management firm, New York Digital Investment Group (NYDIG).

On Jan. 30, Greenidge entered into several agreements associated with its secured debt with NYDIG, transferring ownership of Bitcoin mining hardware and certain credits to NYDIG. The transaction reduced the principal and accrued interest balance of debt with NYDIG from about $76 million to roughly $17 million, resulting in total aggregate debt reduction of around $59 million.

One of the agreements, the senior secured loan agreement, also enables an opportunity for a voluntary prepayment of the loan by transferring ownership of certain mining infrastructure assets. Subject to a binding agreement by NYDIG, the loan agreement can potentially reduce the principal balance of the debt to approximately $7 million.

As previously reported, Greenidge originally signed the deal in mid-December, expecting to reduce NYDIG debt by at least $57 million and up to $68 million.

(By HELEN PARTZ)