Core Scientific’s woes reflect the depressed state of the bitcoin mining industry, with firms facing the squeeze of a bitcoin bear market and higher energy costs. Most recently, bitcoin miner Argo Blockchain (ARBK), said a deal to raise 24 million British pounds (US$27 million) from a strategic investor had fallen through, sending that company’s shares tumbling. Just prior to that, mining data center operator Compute North, filed for bankruptcy, owing as much as $500 million to at least 200 creditors.
Source: https://www.coindesk.com/business/2022/11/01/bondholders-of-troubled-bitcoin-miner-core-scientific-said-to-be-working-with-lawyers-bloomberg-says/?utm_medium=referral&utm_source=rss&utm_campaign=headlines