Summary
Core Scientific, the largest publicly traded bitcoin miner, filed for Chapter 11 bankruptcy on December 21, 2022. The company operated 143,000 mining rigs and was at its peak during the 2021 bull market when bitcoin reached $60,000. However, the price of bitcoin had plummeted to around $16,000 by the time of the bankruptcy filing.
Key Points
1) Core Scientific was the largest publicly traded bitcoin miner during the peak of the 2021 bull market, with 143,000 mining rigs and a significant computing power or hash rate.
2) However, by the time Core Scientific filed for Chapter 11 on December 21, 2022, the price of bitcoin had significantly dropped to around $16,000.
3) The decline in the price of bitcoin likely impacted Core Scientific’s profitability and financial stability, leading to its decision to file for Chapter 11 bankruptcy.