Cryptocurrency mining firm Core Scientific (CORZ) will hand over about 18% of the mining devices in its business to NYDIG.
Core Scientific, which went bankrupt at the end of 2022, will give NYDIG 27,403 mining devices to pay off the $38.6 million debt it received.
By the end of December 2022, Core Scientific was using a total of 153,000 mining devices. The bankruptcy court has yet to approve the settlement Core Scientific is trying to make with NYDIG.
Core Scientific borrowed $77.5 million from NYDIG in October 2020 to buy more mining devices. But the company has failed to pay this debt since the end of the third quarter.
According to the statement made by Core, the court’s approval of this agreement will provide “significant benefit” to the company. Because the company no longer uses the devices it plans to give to NYDIG for its own activities.
About 60% of the devices Core Scientific shows as collateral against its debt from NYDIG are Bitmain’s Antminer S19 model. The rest is a newer model, the Antminer S19j Pro.