Crypto mining firm Core Scientific has reached an agreement with the New York Digital Investment Group (NYDIG) to settle an outstanding debt of $38.6 million in exchange for crypto mining rigs. The crypto miner had borrowed more than $77 million from the New York-based investment group in October 2020 to acquire mining equipment.
According to a recent filing made with the bankruptcy court for the southern district of Texas, Core Scientific will hand over 27,403 crypto mining rigs to NYDIG to settle the debt. This deal is subject to approval from the bankruptcy judge. As of December last year, the crypto miner operated 153,000 mining rigs.
Core Scientific believes that “the transfer of the ASICs Collateral in exchange for the full extinguishment of the NYDIG Debt will bring substantial benefits.” According to the miner, losing the ASIC machines will not affect their operations since they’re not curre…
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Source: Cryptocurrency - investing.com
