Core Scientific to Hand Crypto Mining Rigs to NYDIG to Extinguish $38.6M in Debt

Core Scientific to File for Bankruptcy, Continue Mining Through Process: Report

The bear market in crypto has taken a toll on the mining industry, particularly on leveraged firms, as high energy prices coupled with a low bitcoin price have led to consolidation and capitulation. Core borrowed about $77.5 million from NYDIG to buy mining equipment starting October 2020, but has essentially stopped paying off the loans since the end of the third quarter.

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