Bitcoin ( BTC) mining company Core Scientific, Texasin Chapter 11file for bankruptcy protection.
Bitcoin mining companies are on the verge of bankruptcy due to the difficult processes brought by the crypto market. in the past months Compute Northcourt in Texas Chapter 11 had filed for bankruptcy. This event, which is very popular on the agenda, bitcoin raised concerns about the direction of mining companies. A fairly large mining company. Compute North mentioned the difficult market conditions. Another bitcoinminer Core Scientific, today Chapter 11will file for bankruptcy.
Bitcoin Miner Core Scientific Wants to Continue Operations
CNBCAccording to the information conveyed by bitcoinminer Core Scientific will file for bankruptcy. in the past weeks B Riley Financialworked hard to ensure that the largest publicly traded mining company did not go bankrupt. B Riley, 72 milliondonated a dollar.
a public company Core Scientific generated a very positive cash flow. However, the company had a hard time paying the debts of the equipment it rented. Cash flow was not effective against debt burden.
Also, according to reports Core Scientific chose not to go into liquidation. The company will look for a way to reach an agreement with the most important of the institutions it borrows from. If the company can reach a common point with its debtors, it will be able to continue its operations from where it left off.