Core Scientific, a major publicly traded crypto mining company in the United States, has filed for Chapter 11 bankruptcy protection in Texas.
The development comes on the back of a prolonged crypto winter and weak bitcoin price action, exacerbated by the FTX bankruptcy.
Core Scientific had exposure to Celsius
The market capitalization of Core Scientific was close $73.6 million at the time of press. Its 52-week change is showing a decline of 98%. However, trailing twelve months operating cash flow is positive at $198.94 million, according to Yahoo Finance. Despite having good cash flow, the funds are not sufficient to pay off the financing debt commitments.
Lease arrangements for its mining equipment account for the majority of this deb…
Read the full article at: https://cryptosaurus.tech/bitcoin-mining-company-core-scientific-succumbs-to-crypto-winter-files-for-bankruptcy/