IREN will pay NYDIG $20 million to resolve disputes arising from defaults on loans for Bitcoin mining equipment

ChainCatcher news, according to Theminermag, Nasdaq-listed Bitcoin mining company IREN stated in its annual report that it will pay $20 million to NYDIG to resolve disputes arising from defaults on Bitcoin mining equipment loans over the years.

The settlement agreement was first reached in August, involving IREN's overdue debt of $107.8 million at the end of 2022, including interest and late fees. These loans were arranged through NYDIG in 2021 to finance approximately 35,000 Antminer S19 mining machines. IREN stated that the settlement agreement ends all related lawsuits and protects its subsidiaries, executives, and shareholders from further claims, and is currently awaiting court approval for formal closure.