Bitcoin Mining Firm Core Scientific Files For Chapter 11 Bankruptcy

Last updated: 2022/12/21 at 8:16 AM

By Mridul Srivastava 1 month ago

1 Min Read

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.

JUST IN: #Bitcoin mining giant Core Scientific $CORZ to file for bankruptcy.
— Watcher.Guru (@WatcherGuru) December 21, 2022

JUST IN – Worlds largest #Bitcoin miner Core Scientific stock is down over 70% today. pic.twitter.com/t6MhyH3DWG
— Bitcoin Magazine (@BitcoinMagazine) October 27, 2022

TAGGED: Bankruptcy, Bitcoin, Bitcoin Mining, BTC, Core Scientific

Mridul Srivastava December 21, 2022

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By Mridul Srivastava

Mridul is an MBA pursuing a content writing career. He is a dedicated, detail-oriented freelance writer with over 2 years of experience and knowledge in the fields of Web3, blockchain, cryptocurrency, and NFTs. He is skilled in producing long and short content per the guidelines and client requirements for maximum search engine optimization.