2022-12-22
Core Scientific a publicly traded company that does bitcoin mining business filed for bankruptcy. Core went public through SPAC. The company mines proof-of-work cryptocurrencies such as bitcoin. It located in Austin, Texas but operate cryptocurrency mining in North Dakota, Georgia, and Kentucky.
As of December 2022, Core’s market
capitalization has fallen to $18 million down from $4.3 billion market
capitalization in July 2022.
Core generates positive cashflow
but not enough to repay debt on equipment leasing. Core said in filing that,
holders of the common stock risk total loss of their investment. The company is
still in operation and it will come back if the cryptocurrency market recovers
and flourish.
Core Scientific is the largest
miner in North America.
