Core falls Scientific - Bitcoin miner listed on the US stock exchange . In pre -market quotations , the company's share price drops by -23%.
Core company Scientific is one of the biggest Bitcoin miners in terms of computing power. This morning, Polish time, it filed for bankruptcy, while agreeing with some lenders on debt restructuring.
A miner responsible for 10% of the Bitcoin network's power collapses
The miner filed for bankruptcy in a Texas court. It estimates its liabilities at USD 1-10 billion. It has about 1-5 thousand. creditors, the largest being investment bank B. Riley . Core assets Scientific reach USD 1.4 billion. Górnik expects financial support from some holders of its convertible bonds to help it through the bankruptcy process.
It is worth noting that Core Scientific is responsible for 10% of the Bitcoin network ( hashrate ), has about 143 thousand. mining platforms. Certainly, the collapse of such a giant will have a negative impact on the bitcoin industry.
Core Company Scientific first warned of the risk of bankruptcy in late October. She announced that she would not repay some loan installments. In November, she repeated that she might run out of money by the end of this year.
Core quotes Scientific against the Nasdaq 100
Source: TradingView
Hard times for bitcoin miners
Core Scientific is one of several major bitcoin miners struggling to "stay afloat." Rising energy prices increase the cost of BTC mining significantly, while persistently low bitcoin prices slash revenues. Let us recall that at the end of September, the miner Compute filed for bankruptcy north .
Going forward, miner Iris Energy had to shut down about 72% of its computing power as it defaulted on its loans. Greenidge Miner Generation has announced a debt restructuring agreement with its lender NYDIG, but it still faces a cash shortage if it doesn't secure additional funding.
Core Scientific also suffered from the bankruptcy of Celsius Mining - Celsius's mining arm. Core Scientific says Celsius Mining owes him $5.2 million.
