Core Scientific may consider bankruptcy following uncertain financial condition: Report By Cointelegraph
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Core Scientific may consider bankruptcy following uncertain financial condition: Reportmining firm Core Scientific is reportedly considering a potential bankruptcy amid a group of its convertible bondholders consulting restructuring lawyers.
According to a Nov. 1 report from Bloomberg Law, the Core Scientific bondholders worked with legal firm Paul Hastings following a United States Securities and Exchange Commission filing suggesting financial distress. The Oct. 26 filing indicated that the mining company was unable to meet its financial obligations in late October and early November, citing the low price of Bitcoin (BTC), rising costs of electricity, an increase in the global BTC hash rate and legal issues with crypto lending firm Celsius.
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Core Scientific may consider bankruptcy following uncertain financial condition: Reportmining firm Core Scientific is reportedly considering a potential bankruptcy amid a group of its convertible bondholders consulting restructuring lawyers.
According to a Nov. 1 report from Bloomberg Law, the Core Scientific bondholders worked with legal firm Paul Hastings following a United States Securities and Exchange Commission filing suggesting financial distress. The Oct. 26 filing indicated that the mining company was unable to meet its financial obligations in late October and early November, citing the low price of Bitcoin (BTC), rising costs of electricity, an increase in the global BTC hash rate and legal issues with crypto lending firm Celsius.
Continue Reading on Coin Telegraph
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