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Search resuls for: "Core Scientific"


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☆ Bitcoin lost over 60% of its value in 2022—here’s how much 6 other popular cryptocurrencies lost
  + stars: | 2022-12-23 | by ( Cheyenne Devon | ) www.cnbc.com   time to read: +2 min
In the latest blow to the crypto space, Core Scientific, one of the largest publicly traded crypto mining companies in the U.S, which primarily mints bitcoin, filed for bankruptcy on Dec. 21, citing falling crypto prices and rising energy costs. Just 8% of Americans have a positive view of cryptocurrency as of Nov. 2022, according to the CNBC All-America Economic Survey. Overall, the crypto market has lost a little over $2 trillion in 2022 and popular digital coins such as bitcoin have fallen far below their 2021 highs. Here's how much the value of seven popular cryptocurrencies changed in 2022 as of Dec. 22, per CNBC's calculations. For this reason, financial experts typically advise against investing more into crypto than you're willing to potentially lose.
☆ Bitcoin Miner Core Scientific Files for Chapter 11
  + stars: | 2022-12-21 | by ( Andrew Scurria | Will Feuer | ) www.wsj.com   time to read: 1 min
Cryptocurrency miner Core Scientific Inc. filed for chapter 11 to hand control to creditors, a further indication of the squeeze on mining companies from declines in the price of bitcoin and rising electricity costs. Shares of Core Scientific, which agreed to go public last year through a merger with a special-purpose acquisition company, declined another 15% to 18 cents a share in premarket trading on Wednesday. The company’s shares were already down 98% this year as it warned investors about increasingly-dire financial strains.
☆ Core Scientific files for bankruptcy as crypto winter bites
  + stars: | 2022-12-21 | by ( ) www.reuters.com   time to read: +3 min
Core Scientific said in a statement the bankruptcy filing was necessitated by a decline in the company's operating performance and liquidity amid the prolonged decrease in the price of bitcoin. Core Scientific said its creditors have also agreed to provide up to $56 million in debtor-in-possession financing. One of the largest creditors of Core Scientific, B. Riley Financial Inc (RILY.O), had offered $72 million last week to avoid the bitcoin miner's bankruptcy. In its bankruptcy petition, Core Scientific said it has $1 billion to $10 billion in assets and liabilities, and creditors between 1,000 and 5,000. Core Scientific went public in 2021 through a merger with a blank-check company in a deal that at the time valued the miner at $4.3 billion.
☆ Bitcoin miner Core Scientific to file for Chapter 11 bankruptcy- CNBC
  + stars: | 2022-12-21 | by ( ) www.reuters.com   time to read: +1 min
Dec 21 (Reuters) - Core Scientific Inc (CORZ.O), one of the biggest publicly traded crypto mining companies in the United States, will soon file for Chapter 11 bankruptcy protection, CNBC reported, citing one person familiar with the matter. The development comes after one of the largest creditors of Core Scientific B. Riley Financial Inc (RILY.O) had offered $72 million last week to avoid the bitcoin miner's bankruptcy. Core Scientific did not immediately respond to a Reuters' request for comment outside business hours. Bitcoin miners have been under severe pressure as their profitability dropped amid a slump in cryptocurrency prices and soaring energy rates. Core Scientific was also impacted by the litigation with Celsius Networks LLC and its affiliates.
☆ Ether dips, and Bitcoin miner Core Scientific files for bankruptcy: CNBC Crypto World
  + stars: | 2022-12-21 | by ( Tanaya Macheel | Jordan Smith | Talia Kaplan | ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEther dips, and Bitcoin miner Core Scientific files for bankruptcy: CNBC Crypto WorldCNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, Primit Parikh of Transphorm discusses his company's contributions to the complex crypto mining industry.
☆ One of the largest bitcoin miners files for bankruptcy protection as token prices fall and energy costs rise
  + stars: | 2022-12-21 | by ( Brian Evans | ) www.businessinsider.com   time to read: +2 min
Core Scientific filed for bankruptcy protection on Wednesday amid falling crypto prices and high energy costs. The Nasdaq-listed firm is one of the largest US miners of bitcoin. The company's valuation reached as high as $3 billion in April of this year. Core was further stretched thin by the fall of Celsius Network, a crypto lender which similarly filed for bankruptcy over the summer. Core Scientific provided hosting services to Celsius, and the ensuing dispute has put further financial strain on Core.
☆ Dow surges thanks to strong earnings and confident consumers
  + stars: | 2022-12-21 | by ( Paul R. La Monica | ) edition.cnn.com   time to read: +2 min
Stocks surged Wednesday as investors cheered healthy results from two of America’s leading companies and a surprisingly strong reading on consumer sentiment. The Dow was up more than 500 points, or 1.6%, after FedEx (FDX) and Dow component Nike (NKE) each reported earnings that topped analysts’ forecasts. Still, the market could at least finish 2022 on a positive note following strong gains for stocks in both October and November. The jump in sentiment on Main Street came even as more signs point to a continued slowdown in the housing market. But BlackBerry (BB), the former mobile device leader that has since morphed into a cybersecurty company, tumbled 7% to a new 52-week low following a weak outlook.
☆ Bitcoin miner Core Scientific is filing for Chapter 11 bankruptcy — but plans to keep mining
  + stars: | 2022-12-20 | by ( Mackenzie Sigalos | ) www.cnbc.com   time to read: +2 min
Core Scientific, one of the largest publicly traded crypto mining companies in the U.S., is filing for Chapter 11 bankruptcy protection in Texas early Wednesday morning, according to a person familiar with the company's finances. The move follows a year of plunging cryptocurrency prices and rising energy prices. Core Scientific mines for proof-of-work cryptocurrencies like bitcoin. The process requires expensive equipment, some technical know-how, and a lot of electricity. The company will not liquidate, but will continue to operate normally while reaching a deal with senior security noteholders, which hold the bulk of the company's debt, according to this person, who declined to be named discussing confidential company matters.
☆ Bitcoin miner Core Scientific issues bankruptcy warning and the stock is down 97% for the year
  + stars: | 2022-10-27 | by ( Mackenzie Sigalos | ) www.cnbc.com   time to read: +4 min
Core Scientific, one of the largest publicly traded crypto mining companies in the U.S., raised the possibility of bankruptcy in a statement filed with the Securities and Exchange Commission. In the event of a bankruptcy, Core says that holders of its common stock could suffer "a total loss of their investment." Core Scientific mines for proof-of-work cryptocurrencies like bitcoin . Core, which primarily mints bitcoin, has seen the price of the token drop from an all-time high above $69,000 in Nov. 2021, to around $20,500. The Austin, Texas-based miner, which has operations in North Dakota, North Carolina, Georgia, and Kentucky, says that it may "seek alternative sources of equity or debt financing."
☆ Crypto Miner Core Scientific Flags Threat From Celsius Chapter 11 Dispute
  + stars: | 2022-10-20 | by ( Soma Biswas | ) www.wsj.com   time to read: 1 min
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