US bitcoin miner Core Scientific files for bankruptcy
One of the largest US-listed bitcoin miners has filed for bankruptcy as companies battle falling token prices and rising costs for the energy-intensive business of churning out cryptocurrencies.
Core Scientific filed for Chapter 11 bankruptcy protection in Texas, where it is based, on Wednesday. The company said it planned to keep operating and producing $Bitcoin(BTC.CC$ while it hammered out a restructuring deal with its lenders and creditors.
The Nasdaq-listed crypto miner is a constituent of the Russell 2000 Index, a widely held benchmark of smaller US companies, meaning its bankruptcy will hit the portfolios of many investors and deepen the woes of the crypto industry.
Its market value reached almost $3bn in April but has since fallen to less than $100mn, according to FactSet data.
Core Scientific filed for Chapter 11 bankruptcy protection in Texas, where it is based, on Wednesday. The company said it planned to keep operating and producing $Bitcoin(BTC.CC$ while it hammered out a restructuring deal with its lenders and creditors.
The Nasdaq-listed crypto miner is a constituent of the Russell 2000 Index, a widely held benchmark of smaller US companies, meaning its bankruptcy will hit the portfolios of many investors and deepen the woes of the crypto industry.
Its market value reached almost $3bn in April but has since fallen to less than $100mn, according to FactSet data.
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