Neutrinos with magnetic moment experience chirality flips while scattering off charged particles. It is known that if neutrino is a Dirac fermion, then such chirality flips lead to the production of sterile right-handed neutrinos inside the core of a star during the stellar collapse, which may facilitate the supernova explosion and modify the supernova neutrino signal. In the present paper we reexamine the production of right-handed neutrinos during the collapse using a dynamical model of the collapse. We refine the estimates of the values of the Dirac magnetic moment which are necessary to substantially alter the supernova dynamics and neutrno signal. It is argued in particular that Super-Kamiokande will be sensitive at least to μν Dirac = 10-13μB in case of a galactic supernova explosion. Also we briefly discuss the case of Majorana neutrino magnetic moment. It is pointed out that in the inner supernova core spin flips may quickly equilibrate electron neutrinos with nonelectron antineutrinos if μν Majorana ≳ 10-12μB. This may lead to various consequences for supernova physics.