NYDIG, one of the largest crypto lenders, is repossessing 27,403 machines from bankrupt miner Core Scientific as the company seeks to extinguish a loan. The mining company received a court approval to ship those machines to NYDIG in the coming months, eliminating a $38.6m machine-backed loan. The collateral is worth about $25m at the current market price, according to a Feb. 2 filing.
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Bankrupt crypto firm sends 27,403 mining machines to lender NYDIG
Machine-backed loans became one of the most popular financing tools for miners to fund rapid expansion during the crypto-mining boom.
