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

The bear market in crypto has taken a toll on the mining trade, significantly on leveraged corporations, as excessive vitality costs coupled with a low bitcoin worth have led to consolidation and capitulation. Core borrowed about $77.5 million from NYDIG to purchase mining tools beginning October 2020, however has primarily stopped paying off the loans for the reason that finish of the third quarter.