US-based crypto miner Core Scientific files for Chapter 11 bankruptcy in Texas, estimating its liabilities and assets at $1B-$10B and creditors at 1,000-5,000

The publicly traded miner expects support from some of the holders of its convertible notes in a restructuring deal.

CoinDesk 2022-12-21

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@kenziesigalos MacKenzie Sigalos on x
Core Scientific - one of the largest publicly traded #bitcoin mining companies in the US - will file for Ch11 bankruptcy protection in TX early Wed, per person familiar w/ company plans. But it plans to keep mining while it restructures its balance sheet: https://www.cnbc.com/...
@zackvoell Zack Voell on x
This man will put Jim Cramer out of a job. https://twitter.com/...
@wietsewind @wietsewind on x
When a “be your own bank” mining facility needs bankruptcy protection, with an investment bank as their largest creditor. Bit ironic. https://www.coindesk.com/...
@smindcrypto @smindcrypto on x
This is what i was talking about. Valuations falling due to poor market conditions- any project can collapse. https://twitter.com/...
@simondixontwitt Simon Dixon on x
The last research I did on Core Scientific to measure impact on #Celsius #BlockFi Chapter 11 https://twitter.com/...
@pledditor @pledditor on x
Bitcoin miner Core Scientific files for chapter 11 bankruptcy Looks like they lent out a bunch of bitcoin to Celsius, who never paid them back https://www.cnbc.com/... https://twitter.com/...
@culperresearch @culperresearch on x
After just 11 short months as a public company, CNBC is now reporting that Core Scientific $CORZ will file for Chapter 11 bankruptcy protection tomorrow. ngmi https://www.cnbc.com/... https://twitter.com/...
@carnage4life @carnage4life on x
Bitcoin miner Core Scientific has seen its stock price crash from $4.3 billion to $78 million (-98%) and is filing for bankruptcy. This is as bad as Bird's $2.3B to $44M crash. Both were SPACs. A lot of bad businesses are going to fail over the next year. https://www.cnbc.com/...
@trengriffin Tren Griffin on x
What's wrong with this definition of free cash flow? “The company is still generating positive cashflow, but that cash is not sufficient to repay the financing debt owed on equipment it was leasing” Is this an example of a “community adjustment”? https://www.cnbc.com/....

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US-based crypto miner Core Scientific files for Chapter 11 bankruptcy in Texas, estimating its liabilities and assets at $1B-$10B and creditors at 1,000-5,000

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