Bitcoin Mining Firm Core Scientific Files For Chapter 11 Bankruptcy
- Brandon Davis
- December 21, 2022
- Bitcoin, Crypto, News
- 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.