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Bitcoin Mining Firm Core Scientific Files For Chapter 11 Bankruptcy

Bitcoin Mining Firm Core Scientific Files For Chapter 11 Bankruptcy

  • 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.
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