The post Core Scientific Files For Bankruptcy Protection, Plans To Continue BTC Mining appeared first on Coinpedia Fintech News
This year has been difficult for Core Scientific, one of the major Bitcoin mining companies in the world, as a result of the precipitous decline in the price of Bitcoin as well as the rising cost of electricity.
Following the favorable response to a financing proposal from a current creditor that was made on December 14, the business’s stock has skyrocketed about 200% in the previous four days, in the hopes that the company would be able to avoid filing for bankruptcy.
However, there was no way to prevent it from happening. As of the 21st of December, Core Scientific has submitted its bankruptcy petition under Chapter 11.
Just a week ago, the financial services platform B. Riley made an offer to the miner to provide financing in the amount of $72 million in order to prevent bankruptcy and maintain value for Core Scientific’s stakeholders.
In the offer, B
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