Bitcoin miner Core Scientific reportedly filing for Chapter 11 bankruptcy By Cointelegraph
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© Reuters. Just days after a creditor offered to help Core Scientific avoid possible bankruptcy, reports have emerged confirming the (BTC) mining company’s fate. Core Scientific is reportedly filing for Chapter 11 bankruptcy protection in Texas owing to falling revenue and low BTC prices.
On Dec. 14, financial services platform B. Riley offered to provide Core Scientific with $72 million in non-cash financing — $40 million with zero contingencies and $32 million with conditions — to retain value for stakeholders. The decision was made after Core’s valuation fell from $4.3 billion in July 2021 to $78 million at the time of reporting.
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© Reuters. Just days after a creditor offered to help Core Scientific avoid possible bankruptcy, reports have emerged confirming the (BTC) mining company’s fate. Core Scientific is reportedly filing for Chapter 11 bankruptcy protection in Texas owing to falling revenue and low BTC prices.
On Dec. 14, financial services platform B. Riley offered to provide Core Scientific with $72 million in non-cash financing — $40 million with zero contingencies and $32 million with conditions — to retain value for stakeholders. The decision was made after Core’s valuation fell from $4.3 billion in July 2021 to $78 million at the time of reporting.
Continue Reading on Coin Telegraph
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