Crypto miner Core Scientific files for Chapter 11 bankruptcy

[modrepub]

Core Scientific Inc, one of the biggest publicly traded cryptocurrency mining companies in the United States, said on Wednesday it filed for Chapter 11 bankruptcy protection, the latest in a string of failures to hit the sector.

The Austin, Texas-based miner said it would not liquidate and would continue to operate normally, as it expects to enter into a restructuring support agreement with its creditors, who represent over 50% of the holders of its convertible notes.

The filing in a Texas court comes as crypto prices have plummeted. After rapid growth in 2020 and 2021, bitcoin - the most popular digital currency by far - is down more than 60% in 2022.

[link:https://finance.yahoo.com/news/1-crypto-miner-core-scientific-105432267.html|]

I take special pleasure in this (sorry TX) because Abbott was one of the biggest cheerleaders in bringing Crypto mining companies to the state.

[link:https://heraldsheets.com/texas-governor-greg-abbott-just-signed-a-game-changing-cryptocurrency-bill-into-law/|

Now they can swallow all the investment money the state and the MAGA followers can give them. Come on MAGAs, this is a HUUUGE buying opportunity!

[Crowman2009]

1. Hopefully there will be less strain on the electrical grid once the cryptos go bust.