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Core Scientific Declares Bankruptcy as Crypto Winter Lingers

  • High electricity costs, low Bitcoin prices weighed on firm
  • Bitcoin miner’s bankruptcy is latest in digital asset space
Bloomberg business news
Finding a Bright Spot in Crypto Bankruptcies
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Core Scientific Inc., one of the largest miners of Bitcoin, became the latest crypto company to file for bankruptcy as the industry reckons with a plunge in digital-asset prices. 

The Austin, Texas-based company listed $1.4 billion of assets against $1.33 billion of liabilities in its Chapter 11 petition, which was filed in the Southern District of Texas. The company’s shares, already down 98% this year to trade at a fraction of a dollar, lost a further 40% on Wednesday morning.