Core Scientific, one of the largest publicly traded crypto mining companies in the U.S., is filing for bankruptcy protection.
Core Scientific
The company is still generating positive cashflow, but that cash is not sufficient to repay the financing debt owed on equipment it was leasing, according to a person familiar with the company's situation. The company will not liquidate, but will continue to operate normally while reaching a deal with senior security noteholders, which hold the bulk of the company's debt, according to this person, who declined to be named discussing confidential company matters.
Core, which primarily mints bitcoin, has seen the price of the token drop from an all-time high above $69,000 in Nov.
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