On Thursday, a bankruptcy judge in Houston, Texas, granted U.S. Bitcoin miner Core Scientific approval to obtain a $37.5 million loan from a group of creditors to fund its restructuring process.
The development comes after Core Scientific filed for voluntary Chapter 11 bankruptcy protection on December 21, citing a decline in Bitcoin prices, increasing electricity costs, and global hash rate as the main reasons for its financial troubles.
The prolonged bear market greatly impacted Core Scientific, causing its Bitcoin stash to dwindle from a September record of 1,051 BTC to just 24 BTC. (By William A. Frederick)
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