Millions of dollars worth of electrical equipment will be transferred to the crypto miners' exclusive energy negotiator to settle a payments dispute.
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The bankrupt crypto mining firm believes that the long-term benefits outweigh the immediate loss of handing over the machines.
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The investigation was prompted by a report from Culper Research, which alleged that Core Scientific had "wildly oversold" its mining and hosting businesses.
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The investigation was prompted by a report from Culper Research, which alleged that Core Scientific had “wildly oversold” its mining and hosting businesses.
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The loan would allow Core Scientific to keep its mining and hosting operations afloat while it restructures.
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The Bitcoin miner warned its cash reserves may be depleted by the end of 2022 or sooner as it cuts back on spending, including not making loan repayments.
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