In order to continue operating, Core Scientific had to liquidate 9,618 BTC in April as a direct consequence of a protracted bear market. Now, the giant Bitcoin miner Core Scientific has filed for bankruptcy.
Update (0925ET): Core Scientific, a Nasdaq-listed company, filed for bankruptcy in the United States early Wednesday, corroborating late Tuesday rumors that the miner might pursue Chapter 11 protection the following day.
According to the company, the decision was made after "a comprehensive review of potential alternatives and exhaustive discussions with various company stakeholders."
Core Scientific also stated that it expects to embark into a restructuring assistance agreement with the Ad Hoc Noteholder Group, which represents more than 50% of its convertible note holders.
"The filing of these cases was necessitated by a decline in the Company's operating performance and liquidity suffering from the prolonged decrease in the price of bitcoin, the increase in elec...