Bitcoin Miner Core Scientific Bankruptcy – Bitcoin Magazine

  • Core Scientific has officially filed for bankruptcy.
  • The filing followed a decline in the firm’s operating performance and liquidity.
  • The giant bitcoin miner said it plans to continue operating as it navigates the restructuring.

Nasdaq-listed Core Scientific filed for bankruptcy in the U.S. early Wednesday, confirming late Tuesday reports that the miner would seek Chapter 11 protection on the following day.

The company said in a statement that the decision followed “a comprehensive review of potential alternatives and exhaustive discussions with various company stakeholders.” Core Scientific added that it expects to enter into a restructuring support agreement with the Ad Hoc Noteholder Group, representing more than 50% of the holders of its convertible notes.

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