Bitcoin mining company Core Scientific has filed for bankruptcy.
Reuters reported that today Core Scientific filed for Chapter 11 bankruptcy.
Core Scientific is listed on the Nasdaq stock exchange under the symbol CORZ.O, and is one of the largest US cryptocurrency mining companies. In pre-market today, the stock lost 25%, but it had already lost 98% since January.
There have been two big collapses, one between late April and late June, coinciding with the collapse of the crypto markets due to the implosion of the Terra/Luna ecosystem and its aftermath, and another between late August and late October culminating in the -68% on 27 October.
So it is not strange that today the stock loses “only” 25% after the news of the bankruptcy, because it had already lost almost all of its value in the previous months. Moreover, in theory Chapter 11 allows companies to restructure, so there is a vague possibility that the company will sooner or later return to business.
Core Scientifi
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