{"id":529856,"date":"2022-12-21T10:25:12","date_gmt":"2022-12-21T07:25:12","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-miner-core-scientific-reportedly-files-for-chapter-11-bankruptcy\/"},"modified":"2022-12-21T10:25:12","modified_gmt":"2022-12-21T07:25:12","slug":"bitcoin-miner-core-scientific-reportedly-files-for-chapter-11-bankruptcy","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-miner-core-scientific-reportedly-files-for-chapter-11-bankruptcy\/","title":{"rendered":"# Bitcoin miner Core Scientific reportedly files for Chapter 11 bankruptcy"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a326bc35bd18\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a326bc35bd18\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-miner-core-scientific-reportedly-files-for-chapter-11-bankruptcy\/#%E2%80%9D_Bitcoin_miner_Core_Scientific_reportedly_files_for_Chapter_11_bankruptcy_%E2%80%9C\" >&#8221; Bitcoin miner Core Scientific reportedly files for Chapter 11 bankruptcy &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Bitcoin_miner_Core_Scientific_reportedly_files_for_Chapter_11_bankruptcy_%E2%80%9C\"><\/span>&#8221; Bitcoin miner Core Scientific reportedly files for Chapter 11 bankruptcy &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-30a6cf80>Just days after creditors offered to help Core Scientific \u2014 a Bitcoin (BTC) mining company \u2014 avoid possible bankruptcy, reports emerged confirming the business\u2019 inevitable fate. Core Scientific reportedly filed for Chapter 11 bankruptcy protection in Texas owing to falling revenue and BTC prices.<\/p>\n<p>On Dec. 14, Financial services platform B. Riley offered to finance Core Scientific with $72 million \u2014 $42 million with zero contingencies and $32 million with conditions \u2014 to retain the value for stakeholders. The decision was made after Core\u2019s valuation fell from $4.3 billion in July 2021 to $78 million at the time of reporting.<\/p>\n<p>As a direct result of an extended bear market, Core Scientific had to sell 9,618 BTC in April to stay operational. A CNBC <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2022\/12\/20\/bitcoin-miner-core-scientific-filing-for-bankruptcy-will-keep-mining.html\">report<\/a> citing a person familiar with the company\u2019s finances said that the Bitcoin mining company would file for Chapter 11 bankruptcy on Dec. 21, 2022. <\/p>\n<p>While the company continues to generate positive cashflows, the income does not suffice the operational costs, which involve repaying the lease for its Bitcoin mining equipment.<\/p>\n<p>The report also suggests that Core Scientific will continue its mining operations and has no plans to liquidate. While creditors offered a lending hand, the company\u2019s stocks momentarily surged nearly 200%, which has since seen a steady decline.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-12\/6d65ee87-2b50-4c8f-b22e-d8e78d435d89.png\"><figcaption style=\"text-align: center;\"><em>Core Scientific\u2019s share price movement on Nasdaq. Source: TradingView<\/em><\/figcaption><\/figure>\n<p>On Oct. 26, a Core Scientific filing with the United States Securities and Exchange Commission indicated financial distress. According to the company, the primary reasons for this situation were low Bitcoin prices, increased electricity costs, an increase in the global Bitcoin hash rate and a bankruptcy filed by crypto lender Celsius which wiped out the debts owed to Core Scientific.<\/p>\n<p>Core Scientific has not yet responded to Cointelegraph&#8217;s request for comment.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Bitcoin miner Greenidge signs $74M debt restructuring agreement with NYDIG<\/em><\/strong><\/p>\n<p>Tech giant Microsoft recently restricted its cloud users from mining cryptocurrencies as a measure to increase the stability of its cloud services.<\/p>\n<p>As Cointelegraph reported, Microsoft had updated its acceptable use policy on Dec. 1 to clarify that \u201cmining cryptocurrency is prohibited without prior Microsoft <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>roval.\u201d<\/p>\n<p>The company sufficed the move by stating its intent to protect customers by reducing risks of disrupting or impairing services in the Microsoft Cloud.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bitcoin-miner-core-scientific-reportedly-files-for-chapter-11-bankruptcy\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Bitcoin miner Core Scientific reportedly files for Chapter 11 bankruptcy &#8220; Just days after creditors offered to help Core Scientific \u2014 a Bitcoin (BTC) mining company \u2014 avoid possible bankruptcy, reports emerged confirming the business\u2019 inevitable fate. Core Scientific reportedly filed for Chapter 11 bankruptcy protection in Texas owing to falling revenue and BTC&#8230;<\/p>\n","protected":false},"author":1,"featured_media":529857,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/cdn-cgi\/image\/format=auto,onerror=redirect,quality=90,width=1200\/https:\/\/s3.cointelegraph.com\/uploads\/2022-12\/4ca8f4a7-102b-4020-9415-8107d91513ec.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74989,74937,75042,4978,117,6474,67874],"class_list":["post-529856","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-mining","tag-bitcoin-price","tag-mining","tag-bankruptcy","tag-business","tag-texas","tag-united-states"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/529856","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=529856"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/529856\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/529857"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=529856"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=529856"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=529856"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}