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Bitcoin miner Core Scientific reportedly filing for Chapter 11 bankruptcy

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Just days after a creditor offered to help Core Scientific avoid possible bankruptcy, reports have emerged confirming the Bitcoin mining company’s fate. Core Scientific is reportedly filing for Chapter 11 bankruptcy protection in Texas owing to falling revenue and low BTC prices.

On December 14, financial services platform B. Riley offered to provide Core Scientific with $72 million in non-cash financing — $40 million with zero contingencies and $32 million with conditions — to retain value for stakeholders.

Source:theverge.com

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