Bitcoin Mining Firm Core Scientific Files For Chapter 11 Bankruptcy

• Brandon Davis
• December 21, 2022
• Bitcoin, Crypto, News
• 0 Comments

• Core Scientific is reported to have filed for Chapter 11 bankruptcy in Texas due to declining revenue and BTC prices.

• While the firm continued to produce positive cashflows, the earnings were insufficient to cover the operating expenditures.

• Core Scientific was forced to sell 9,618 BTC in April to stay operational as a direct consequence of the ongoing bear market.

• Earlier this month, financial services platform B. Riley offered to finance Core Scientific with $72 million to retain the value for stakeholders.