Core Scientific bankruptcy: BTC miner gets $37.4 million reprieve

Core Scientific bankruptcy: BTC miner gets $37.4 million reprieve

1,2,3 … clear! – Heart massage continues for bitcoin miner Core Scientific. Scorched by the drop in the price of the king of cryptocurrencies and the increase in the price of energy, the bitcoin (BTC) mining company is in embarrassment for some time, despite the positive figures.

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$37.4 million to save BTC’s miange

Sick, the Bitcoin mining giant has filed for this week by confirming that it is able to continue to reimburse its users. The carrots are therefore not cooked for the company which is granted a reprieve from $37.4 million. Funded in the midst of liquidity problems, this small extension should allow the company to keep its business afloat.

This request thus confirms the statements from the BTC miner who had confirmed, as early as December 21, that the bankruptcy process should be a formality to put an effective restructuring of the company in place:

“To implement the global restructuring transaction contemplated by the Restructuring Support Agreement, on December 21, 2022, the Company filed Voluntary Petitions for Reorganization under Chapter 11 of the United States Bankruptcy Code with the United States Court. of bankruptcies in the Southern District of Texas. The company plans to move quickly through the restructuring process. »

Core Scientific press release

Core Scientific is not not at his first push. Indeed, the cryptocurrency mining company had already been able to benefit from aid from $72 million to keep your head above water. Will that be enough?

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