Crypto Miner Core Scientific May File for Bankruptcy
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Public mining company Core Scientific may finally run out of reserves in the form of cash and equivalents by the end of the year.
According to the information contained in the reporting to the SEC, the company currently has $26.6 million and 24 BTC on its balance sheet. On September 30, the reserves were $29.5 million and 1,051 BTC.
Liquidity problems arose as a result of a prolonged decline in the price of Bitcoin, the increase in electricity costs, the increase in hashrate and participation in litigation over the bankruptcy of Celsius Network.
The latter has an outstanding debt to the firm of $5.4 million. Core Scientific has noted that it is associated with unpaid equipment hosting services.
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