Login password mining company Core Science has reached an agreement with New York City data Investment Co., Ltd. (NYDIG) to repay $38.6 million of outstanding debt based on more than 27000 mining machines as collateral.
In a court filing, the company stated that such mining rigs would no longer be particularly important to operational plans. At this stage, the company is awaiting approval from a foreign bankruptcy court in the southern district of Texas, which undertakes judicial proceedings.
While the company acknowledged that the move would have a negative impact on its earnings, Core Science noted that the continued benefits of paying off the debt "outweigh the losses ahead". The login password discovery company feels that migration is the first step towards a more profitable and sustainable direction.
The company has also moved its operations to what it calls a "smaller but more efficient" fleet of mining drilling rigs, which are kept in warehouses rather than mining BTC (BTC). The company plans to mitigate some of the losses caused by property transfer by assembling the S19 XP mining machine, which is not yet in use.
The data encryption mining company filed for bankruptcy under Chapter 11 of the bankruptcy law on December 21. Two months ago, the company revealed in a filing with the Foreign Securities and Exchange Commission (Securities And Exchange Commission) that it was facing a financial crisis. At the time, the company indicated that rising electricity bills, rising BTC hashing rates around the world, the slump in Bitcoin and its bankruptcy in Celsius were all the main causes of its financial crisis.
On January 31st the bankruptcy court approved the mining company's plan to raise $70 million to replace its current borrowing. With this large amount of money, Core Science can get loans from B.Riley, an investment bank, and B.Riley is one of the debtors of the company.
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