Chapter 11 bankruptcy alert: bitcoin miner Core Scientific joins the long list of 2022 bear market casualties.
) mining company — avoid possible bankruptcy, reports emerged confirming the business’ inevitable fate. Core Scientific reportedly filed for Chapter 11 bankruptcy protection in Texas owing to falling revenue and BTC prices.
As a direct result of an extended bear market, Core Scientific had to sell 9,618 BTC in April to stay operational. A CNBCciting a person familiar with the company’s finances said that the Bitcoin mining company would file for Chapter 11 bankruptcy on Dec. 21, 2022. The report also suggests that Core Scientific will continue its mining operations and has no plans to liquidate. While creditors offered a lending hand, the company’s stocks momentarily surged nearly 200%, which has since seen a steady decline.On Oct. 26, a Core Scientific filing with the United States Securities and Exchange Commission indicated financial distress.
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