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Possible bankruptcy causes shares of one of the world’s largest bitcoin miners to plummet

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Core Scientific, one of the world’s leading Bitcoin mining companies, may go bankrupt. This possibility emerges from a company filing with the U.S. Securities and Exchange Commission, the SEC.

The document, dated Thursday, Oct. 26, states the following. the statement That it is possible for the company to file for bankruptcy. This would be done if the company is unable to improve its financial situation. The same statement states. the company will not pay its debts at the end of October and the beginning of November.

Similarly, Core Scientific argued that it could seek other financing alternatives. Ultimately, however, one option would be to “seek relief under bankruptcy or insolvency laws” in an attempt to reach payment arrangements.

In the event of bankruptcy or insolvency proceedings, or restructuring of our capital structure, holders of the Company’s common stock could suffer a total loss of their investment.

Core Scientific in its SEC filing..

Naturally, the release of this information set off alarm bells among investors. And this was reflected in a sharp drop in the company’s stock. mining.

Core Scientific shares fell more than 75 percent last Thursday. Source: Nasdaq.

As reflected in the public information on NasdaqCore Scientific (CORZ) shares plummeted more than 75 percent on Thursday, Oct. 27. After starting the day above $1.01 apiece, at the time of writing CORZ is changing hands at a price below $0.25.

Bear market hits miners

As we reported on CryptoNews, bitcoin miners’ profits have been at remarkably low levels. low In recent months, due to the persistent bear market and increased competition, with more machines connecting to the network.

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Core Scientific is the publicly traded bitcoin mining company that has accumulated the most BTC. Currently, have approximately 8,500 registered BTCaccording to CoinGlass data.

Despite being one of the largest Bitcoin mining companies in the world, the main cryptocurrency in the market has not reacted. At the time of writing, BTC is hovering above $20,500, a level that resumed after a new surge between Tuesday and Wednesday.

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