Core Scientific, the largest publicly traded Bitcoin (BTC) miner in the USA, which has had a hard time for a long time, is preparing to file for bankruptcy protection.
According to CNBC’s December 20 report Core Scientificearly in the day Texas to bankruptcy court chapter 11 apply to benefit from the restructuring law. According to the information conveyed, Core Scientific is holding company debts instead of liquidation. deal with shareholders plans. The company will continue its Bitcoin mining activities throughout the bankruptcy process.
Sources say the company can continue to generate a net profit, but the mining equipment it leases unable to pay his debts stated. Also, some sources say that the company still has positive cash flow and can recover is thinking. The company issued a warning in late October that common stockholders are in bankruptcy. may lose their investment. had stated.
Core Scientific’s creditors have the option to settle. positive looking. Investment firm, one of the company’s largest creditors B. Riley, bankruptcy by the company a self-imposed situation he had suggested. creditors if it meets the necessary conditions Core Scientific’s restatement of balance sheet possible Noting that it is a Bitcoin miner, the company 72 million up to dollars additional funding had offered.
Market value since July 2021 when the company went public 4.2 billion losing your dollar 4.3 billion from dollars 78 million down to $. Since the date of public offering of company shares Over 95% decline lived.