- 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.