Bitcoin
Bitcoin’s rise could help Core Scientific, which declared bankruptcy
Bitcoin’s appreciation of more than 30% in January led Core Scientific to a new chapter in its history. After the request for judicial recovery in December 2022, the mining company is now resorting to a new alternative to resume its activities.
A $70 million loan was taken out to maintain operations pending a return to profitability. This amount was not even considered high due to the size of the debts, which are estimated at 1 billion dollars, not counting the problems with the creditors (from 1000 to 5000).
Regardless, this money will help reduce debt, only now in a more positive scenario for the crypto universe.
Core Scientific, at the height of its operations, accounted for 10% of the bitcoin network’s mining capacity, and its Nasdaq debut was valued at $4.3 billion. But by November 2022, the company had lost 90% of that amount.
