Crypto miner Core Scientific files for Chapter 11 bankruptcy

Core Scientific Inc, one of the biggest publicly traded cryptocurrency mining companies in the United States, said on Wednesday it filed for Chapter 11 bankruptcy protection, the latest in a string of failures to hit the sector.

The Austin, Texas-based miner said it would not liquidate and would continue to operate normally, as it expects to enter into a restructuring support agreement with its creditors, who represent over 50% of the holders of its convertible notes.

The filing in a Texas court comes as crypto prices have plummeted. After rapid growth in 2020 and 2021, bitcoin - the most popular digital currency by far - is down more than 60% in 2022.

https://finance.yahoo.com/news/1-crypto-miner-core-scientific-105432267.html]

I take special pleasure in this (sorry TX) because Abbott was one of the biggest cheerleaders in bringing Crypto mining companies to the state.

https://heraldsheets.com/texas-governor-greg-abbott-just-signed-a-game-changing-cryptocurrency-bill-into-law/

Now they can swallow all the investment money the state and the MAGA followers can give them. Come on MAGAs, this is a HUUUGE buying opportunity!