Major Bitcoin Miner Core Scientific Agrees to Move Forward with Bankruptcy Reorganization Plan
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Core Scientific, a major Bitcoin mining company, reached an agreement to move forward with its bankruptcy reorganization plan after filing for Chapter 11 in December.
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The company expects to emerge from bankruptcy by the end of 2022.
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Core Scientific ran into financial trouble due to the crypto bear market, high energy costs, increased mining difficulty, and debt obligations.
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The company was the first publicly listed Bitcoin miner to file for bankruptcy despite initially having a high valuation.
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Most other Bitcoin mining stocks have performed well so far in 2023, outpacing Bitcoin's price gains.