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