Pioneering Bitcoin (BTC) miner Core Scientific was on the verge of bankruptcy, while the company’s shareholders sought legal protection to have no assets.
In a report by Bloomberg Law, the shareholders of Core Scientific mining firm to avoid possible bankruptcy. They are said to be seeking legal action. The Austin-based firm estimates that Bitcoin’s global hash rate is approximately from 10% was responsible, but was dragged to the brink of bankruptcy due to market conditions that had been in a downward trend for about a year and increasing electricity costs.
It has been understood that Core Scientific, which recently shared its company financial reports with the public, is on the verge of bankruptcy. October 26 as of 24 Bitcoins and about $26.6 million in cash In order to overcome the financial crisis, the company, which announced that it has It was noticed that he was selling a significant amount of cryptocurrencies. These numbers September 30 as of 1,051 Bitcoins and about $29.5 million was worth it. After this massive Bitcoin sale transaction, the company’s shares A decrease of more than 70% was recorded.
Although the company has started extensive searches to raise money and recover its financial situation, its investors and shareholders are not so positive about the situation. Against the impending bankruptcy of bond-holding investors to avoid liquidation of assets. It is stated that they have started a legal process for precautionary purposes.