Bitcoin (BTC) miner Greenidge Generation has entered into a $74 million debt restructuring agreement with crypto lender NYDIG, according to a Dec. 20 SEC filing.

The restructuring — which is expected to improve Greenidge’s future liquidity and balance sheet — is based on a non-binding term sheet that was entered into on Dec. 19.

In exchange for a substantial number of its miners, transfer credits and coupons that have accrued to Greenidge under its non-fixed price purchase contracts with Bitmain Technologies.

According to the filing, the lender would acquire 2.8 EH/s per second of mining equipment that Greenidge would host. The deal would eliminate approximately $57 to $68 million of its debt.

(by Oluwapelumi Adejumo and Josh O'Sullivan)