NYDIG Agrees to Settle Core Scientific’s $38.6M Debt

Core Scientific Inc. and the New York Digital Investment Group have reached an agreement to dissolve a $38.6 million debt owed to the latter, in exchange for thousands of crypto-mining machines.

The multi-million dollar debt stems from a loan that was extended to the bankrupt crypto-miner in 2020 to facilitate the purchase of crypto-mining equipment.

As part of the agreement, Core Scientific Inc will hand over 27,403 crypto mining rights to the New York-based crypto investment firm.

The filing made in the U.S. bankruptcy court for the southern district of Texas revealed that “the transfer of the ASICs Collateral in exchange for the full extinguishment of the NYDIG Debt will bring substantial benefits,” for the bankrupt crypto miner.

The crypto miner believes that this agreement is in their best interest since the mining rigs that are to be handed over are not a part of their future business plans.

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