Shock Move from the World’s Largest Bitcoin Miner from the USA!

The bear market in 2022 cryptocurrencies It also affected their companies badly.

Bitcoin (BTC) and as the prices of cryptos fell, miners were crushed by rising costs in the face of falling prices.

Core Scientific, one of the miners who have been struggling to survive for about a year and selling the Bitcoins they have produced for a long time, announced that they went bankrupt in the face of the challenging conditions of the market.

World’s largest publicly traded US-based Bitcoin miner Core Scientific, filed for Chapter 11 bankruptcy in Texas today.

As it will be remembered, Bitcoin miner Core Scientific stated about a month ago that it was experiencing a slowdown in its operations and cash shortages due to market conditions.

According to CNBC’s report, a person who said he was familiar with the bankruptcy filing BTC Miner said Core Scientific is still generating positive cash flow, but not enough to pay off its debt on leased equipment.

Accordingly, Core Scientific plans not to go into liquidation and continue mining while repaying debtors.

Core also stated that he would like to make deals with top securities bond holders who hold the majority of the company’s debt, and continue to operate as normal after they do.

B Riley Financial, one of Core Scientific’s largest creditors, offered a $72 million financing package last week to avoid possible bankruptcy.

Core Scientific, which currently operates in North Dakota, North Carolina, Georgia and Kentucky, mainly bitcoin was mining.

Core’s market cap had dropped from $4.3 billion in July 2021, when the company went public through SPAC, to $78 million. Core Scientific stock also dropped 99% on NASDAQ: CORZ.