The struggling miner is the first publicly listed company to declare bankruptcy.
Once prominent Bitcoin miner – Core Scientific – is the latest one planning to file Chapter 11 bankruptcy protection in Texas.
Mining companies are experiencing turmoil and a lingering crisis of confidence in digital assets after the collapse of Sam Bankman-Fried’s FTX. While Bitcoin miners may not have had direct exposure to the now-collapsed crypto exchange, the subsequent turn of events and the ensuing price crash is threatening more of them with bankruptcy., Core Scientific’s market capitalization had plunged to $78 million as of the end of trading Tuesday, decreasing from a $4.
Over the past year, its stock has depreciated by more than 98%. Despite generating positive cash flow, the cash is not sufficient for the company to repay the financing debt owed on equipment it was leasing. The firm does not plan on liquidation and instead will continue to operate normally. Sources familiar with the company’s finances expect it to reach an agreement with senior security noteholders, holding the major chunk of its debt.
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