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Bitcoin miner Core Scientific on the verge of bankruptcy

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Core Scientific At present, the company is faced with important difficulties to pay its creditors. The stock of the bitcoin mining lost nearly 80% of its value on the Nasdaq yesterday.

Science Coreone of the largest bitcoin mining companies in the world, has indicated that it is unable to provide payments to your creditors scheduled for the end of October and beginning of November, reports CNBC.

U.S. digital parts miner, which owns more than 180,000 machines. representing nearly 5% of the computing power of the Bitcoin network, it has also Issued the possibility of declaring bankruptcy..

Following the announcement, the stock price of the Texan company. plummeted by 78.13% on Thursday. It trades on the Nasdaq under the ticker symbol CORZThe company’s share price has plummeted 97% this year.

According to Scientific Corewhich sold a large part of its Bitcoin reserve in July and laid off 10% of its of its employees in August, the cryptowinter y rising electricity costs. are responsible for the current situation. The company also blamed crypto-lender Celsius, which filed for bankruptcy this summer.

Bitcoin has lost more than half of its value this year. Many major players in the cryptocurrency ecosystem, including miners, have since run into trouble. Earlier this month, Compute North, a large mining infrastructure provider, also filed for bankruptcy.

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