Bankrupt crypto miner Core Scientific would transfer its ownership of 27,403 mining machines to crypto lender NYDIG to pay off a $38.6 million loan, according to a Feb. 2 court filing.

Core Scientific said the transferred machines are “no longer necessary” for its “current operations and future business plans.” It added that the “principal of the NYDIG Debt exceeds the value the ASICs Collateral.”

Core Scientific explains decision

Core Scientific rationalized the agreement, saying the machines consisted of older models with lower hash rates than newer models.

While it conceded that the transferred assets would have an “immediate negative impact” on its revenue and EBITDA, the firm believes the loss is outweighed by the long-term …