Bitcoin miner Core Scientific, which has filed for bankruptcy, borrowed $70 million from an investment bank to continue its operations.
Bitcoin mining firm Core Scientific entered into a $70 million loan deal with B. Riley to replace a facility and cover the company’s future expenses.
Core Scientific filed a motion with the Texas court to amend its restructuring plan in December and to accept the debt.
If this debt is approved, Core Scientific will be able to settle its debt to a creditor and continue its operations as a company. “15 months” can advance further.
Core Scientific in 2022 falling cryptocurrency prices and rising electricity costs affected mining companies.
The company that filed for bankruptcy in December between one thousand and five thousand creditors; Between $1 billion and $10 billion presumed to be in debt.
Core Scientific reported the total hash rate on the Bitcoin blockchain at the time of filing this bankruptcy. was controlling 10%.