Biggest Bitcoin Mining Firm Core Scientific Files for Bankruptcy Protection

Core Scientific, a US cryptocurrency mining company, has filed for Chapter 11 bankruptcy protection in Texas due to falling cryptocurrency prices and rising energy costs. Despite the financial struggles, the company plans to continue mining while working to repay debtholders and reach a deal with senior security noteholders, who hold the majority of the company's debt. While still generating positive cashflow, it has not been enough to repay financing debt on leased equipment.


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