As crypto firms continue to account for the effect of the May crypto crash, Stronghold in its case is planning to sell off its mining machines as part of strategies to ease debt burden.
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Stronghold to Return 26,200 Mining Machines to Clear Debt
In the release of its quarterly earnings on Tuesday, Stronghold disclosed plans to sell off mining machines, a move that saw Stronghold stock drop by 18%.
According to the report, the Bitcoin mining firm has reached an agreement with the lender New York Digital Investment Group (NYDIG) and another participating broker to return some 26,200 mining machines to clear the Stronghold $67.4 million debt.
In a statement by Stronghold, it said the debt restructuring, as well as refinancing agreements, were essential “for the Company to be able to continue as a going concern for at least the next 12 months.”
Stronghold has also received a commitment on Tuesday from lender WhiteHawk Capital to expand and restructure its current equipment and financing, a commitment that will grant the Bitcoin miner up to $20 million in additional borrowing capacity.
Those agreements together with the restructuring of the convertible notes will, however, reduce the mining firm’s debt by $79 million, which is equivalent to 55% of Stronghold’s current debt, leaving the firm with $64 million outstanding debt.
According to the recent report by Stronghold, it recorded $29.2 million in revenue for the 2022 section and quarter, a net loss of $40.2 million compared to that of 2021 Q2, when it recorded a net loss of $3.2 million.
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