{"id":547336,"date":"2023-02-03T14:59:40","date_gmt":"2023-02-03T11:59:40","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/core-scientific-to-hand-over-27k-rigs-to-pay-38m-debt\/"},"modified":"2023-02-03T14:59:40","modified_gmt":"2023-02-03T11:59:40","slug":"core-scientific-to-hand-over-27k-rigs-to-pay-38m-debt","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/core-scientific-to-hand-over-27k-rigs-to-pay-38m-debt\/","title":{"rendered":"# Core Scientific to hand over 27K rigs to pay $38M debt"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a36c412d73b6\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a36c412d73b6\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/core-scientific-to-hand-over-27k-rigs-to-pay-38m-debt\/#%E2%80%9D_Core_Scientific_to_hand_over_27K_rigs_to_pay_38M_debt_%E2%80%9C\" >&#8221; Core Scientific to hand over 27K rigs to pay $38M debt &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Core_Scientific_to_hand_over_27K_rigs_to_pay_38M_debt_%E2%80%9C\"><\/span>&#8221; Core Scientific to hand over 27K rigs to pay $38M debt &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDIvOWE1ODM1N2YtMDcyNS00ZDA2LTkyMGUtODZhMjE0YjUyZTUxLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-5a4050f8>Crypto mining firm Core Scientific made a deal with the New York Digital Investment Group (NYDIG) to pay off an outstanding debt of $38.6 million by handing over more than 27,000 mining machines used as collateral.\u00a0<\/p>\n<p>In a court filing, the company <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/cases.stretto.com\/public\/X217\/12024\/PLEADINGS\/1202402032380000000001.pdf\">said<\/a>\u00a0the mining rigs were no longer essential to its operations and plans. The firm is now waiting to get the <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>roval of the United States Bankruptcy Court for the Southern District of Texas, which is in charge of the proceedings.<\/p>\n<p>While the company accepted that the move would negatively impact its revenue, Core Scientific highlighted that the long-term benefits of paying off its debt \u201coutweigh the im<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a>te loss.\u201d The crypto-mining firm believes that the transfer is the first step toward becoming more profitable and sustainable. <\/p>\n<p>The firm is also shifting its operations to what it described as a \u201csomewhat smaller, but more efficient\u201d fleet of mining rigs which were in storage and not mining Bitcoin (BTC). The company plans to mitigate some of the losses incurred by the transfer of assets by installing the S19 XP mining rigs, which are not currently in use. <\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Core Scientific files motion to sell over $6M in Bitmain coupons<\/em><\/strong><\/p>\n<p>The crypto mining company filed for Chapter 11 bankruptcy on Dec. 21. The filing happened months after the company revealed that it was going through financial distress in a filing with the Securities and Exchange Commission. At the time, the company cited increased electricity costs, an increase in the global Bitcoin hash rate, low Bitcoin prices and the Celsius bankruptcy as the reasons for its financial struggles. <\/p>\n<p>On Jan. 31, the bankruptcy court approved the mining company\u2019s plan to borrow $70 million to replace its existing loan. With this, Core Scientific can take out a loan from investment bank B. Riley which is also one of the firm\u2019s creditors.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"crypto_biz\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/core-scientific-to-hand-over-27k-rigs-to-pay-38m-debt\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Core Scientific to hand over 27K rigs to pay $38M debt &#8220; Crypto mining firm Core Scientific made a deal with the New York Digital Investment Group (NYDIG) to pay off an outstanding debt of $38.6 million by handing over more than 27,000 mining machines used as collateral.\u00a0 In a court filing, the company&#8230;<\/p>\n","protected":false},"author":1,"featured_media":547337,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2023-02\/9a58357f-0725-4d06-920e-86a214b52e51.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[75461,74989,75042,4978,117,70934],"class_list":["post-547336","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-asic","tag-bitcoin-mining","tag-mining","tag-bankruptcy","tag-business","tag-regulation"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/547336","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=547336"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/547336\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/547337"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=547336"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=547336"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=547336"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}