{"id":19334,"date":"2023-02-03T04:29:53","date_gmt":"2023-02-03T12:29:53","guid":{"rendered":"https:\/\/coinnetworknews.com\/core-scientific-to-hand-crypto-mining-rigs-to-nydig-to-extinguish-38-6m-in-debt\/"},"modified":"2023-02-03T04:29:53","modified_gmt":"2023-02-03T12:29:53","slug":"core-scientific-to-hand-crypto-mining-rigs-to-nydig-to-extinguish-38-6m-in-debt","status":"publish","type":"post","link":"https:\/\/coinnetworknews.com\/core-scientific-to-hand-crypto-mining-rigs-to-nydig-to-extinguish-38-6m-in-debt\/","title":{"rendered":"Core Scientific to Hand Crypto Mining Rigs to NYDIG to Extinguish $38.6M in Debt"},"content":{"rendered":"<p><img decoding=\"async\" src=\"https:\/\/www.coindesk.com\/resizer\/N0goNKECFyZPpKzNxjyfSJ7X_j8=\/800x600\/cloudfront-us-east-1.images.arcpublishing.com\/coindesk\/KVVLXMVGPVDA3LA6GKWNPAO2GA.jpg\" \/><\/p>\n<div>\n<p>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.<\/p>\n<\/div>\n<p><a href=\"https:\/\/www.coindesk.com\/business\/2023\/02\/03\/core-scientific-to-hand-crypto-mining-rigs-to-nydig-to-extinguish-386m-in-debt\/?utm_medium=referral&#038;utm_source=rss&#038;utm_campaign=headlines\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":19335,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,55,56],"tags":[1808,421,13,385,1807,1803,218,1806,1359,947],"_links":{"self":[{"href":"https:\/\/coinnetworknews.com\/wp-json\/wp\/v2\/posts\/19334"}],"collection":[{"href":"https:\/\/coinnetworknews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinnetworknews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinnetworknews.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/coinnetworknews.com\/wp-json\/wp\/v2\/comments?post=19334"}],"version-history":[{"count":0,"href":"https:\/\/coinnetworknews.com\/wp-json\/wp\/v2\/posts\/19334\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinnetworknews.com\/wp-json\/wp\/v2\/media\/19335"}],"wp:attachment":[{"href":"https:\/\/coinnetworknews.com\/wp-json\/wp\/v2\/media?parent=19334"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinnetworknews.com\/wp-json\/wp\/v2\/categories?post=19334"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinnetworknews.com\/wp-json\/wp\/v2\/tags?post=19334"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}