Bitcoin miner Greenidge announced that there is “substantial doubt” about its capacity to continue as a business, saying that its Board of Directors has actively discussed the possibility of voluntary bankruptcy. 

“There remains uncertainty regarding Greenidge’s financial condition and substantial doubt about its ability to continue as a going concern,” the statement read.

The company claims that its average monthly cash burn rate during October and November 2022 was $8 million, and approximately $5.5 million of this sum was associated with principal and interest payments to NYDIG every month. 

In hopes of shoring up finances, Greenidge has also agreed to new repayment terms that will see its debts reduced by approximately “$57 million to $68 million,” out of its total debt of $74 million with NYDIG. 

The new deal with its primary lender NYDIG will see the miner transfer a great deal of its mining-related assets, including mining machines and their supporting infrastructure, totaling roughly 2.8 EH/s of mining capacity.