Bloomberg notes that Core Scientific, one of the largest cryptocurrency mining players, has just filed for bankruptcy.
The company had seen its shares depreciate over the months, capping a 98% drop in a year and adding an additional 40% loss after filing for US bankruptcy.
Core Scientific is not the only one hurting, the company attributes its current situation to the falling price of Bitcoin as well as the rising price of electricity.
It says that, although it has a significant cash flow, this is not enough to cover the financial debt of around $275 million related to the investment made in infrastructure and specialized equipment to mine cryptocurrencies.
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