Crypto mining firm filing bankruptcy Core Scientificto pay off debts decided to sell mining equipment.
Another industry affected by the crypto crash last year was crypto mining. Core Scientific, one of the powerful names in this industry, had to declare bankruptcy because it could not keep up with the market conditions. The company, which was trying to recover, had borrowed in order to run its operations in the previous days. Finally, the mining company announced that it has sold its mining equipment to continue its operations.
Core Scientific Discards Bitcoin Mining Equipment
core Scientific, New York Digital Investment Group ( NYDIG) used as collateral by announced that it has sold more than 27,000 mining machines.Ending its work on Bitcoin mining, the company sold its mining-related equipment. raised $38.6 million . This amount will be used to pay off debts.
The giant crypto mining company admitted that the sale of the machines will have a negative impact in the short term, but stated that debt payments will reduce this negativeness. Company, reactivate their operations.argued that this decision was taken.
core Scientific , plans to continue its work with less qualified equipment that is not used for mining. In the bankruptcy application, part of the loss S19 XP19” plans to reduce it with mining equipment.
In addition, Core Scientific filed for bankruptcy on January 31 to update its existing loan. After filing, he was borrowed by the bankruptcy court worth $70 million.
