Public Miner Capitulation Takes Shape With Core Scientific On The Ropes
Miner capitulation is here. Core Scientific talks about potential bankruptcy, highlighting that cash resources will be depleted by the end of the year. The below is an excerpt from a recent edition of Bitcoin Magazine Pro, Bitcoin Magazine's premium markets newsletter. To be among the first to receive these insights and other on-chain bitcoin market analysis straight to your inbox, subscribe now.Core Scientific CapitulationWe’ve been highlighting the case for more public miner capitulation over the last few months. News shows that Core Scientific, the largest publicly traded mining....
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The largest publicly traded Bitcoin miner in the U.S. by hash rate and mining fleet, Core Scientific (CORZ), issued a bankruptcy warning in a filing with the SEC on Oct. 26. Shortly thereafter, the stock took a nosedive. The stock plummeted from $1.02 to $0.22. While the CORZ stock was trading at $10.43 at the beginning of the year, it is now down 97% year-to-date. Notably, the Bitcoin price was unimpressed by the news. As NewsBTC reported, a Bitcoin miner capitulation is currently the biggest intra-market risk. Therefore, it is questionable whether the risk of a capitulation event is now....
Core Scientific, a major blockchain hosting and digital asset mining company, is going public through a merger with Power & Digital Infrastructure Acquisition Corp. The deal values the combined company at approximately $4.3 billion. Core Scientific to List on Nasdaq Core Scientific Holding Co., one of the largest blockchain hosting and digital asset mining companies in North America, announced Wednesday its plan to go public on Nasdaq via a special purpose acquisition company (SPAC). The crypto firm has entered into “a definitive merger agreement” with Power & Digital....
A major North American blockchain hosting provider announced its expansion by ordering over 58,000 additional S19 Series Antminers, as part of an agreement arranged with the Chinese mining hardware manufacturer. US Contract Miner Core Scientific Arranges Purchase of Over 58,000 Bitmain S19 Antminers According to the announcement, Bitmain’s deal expects to facilitate Core Scientific customers’ purchases through September 2021. The purchase agreement will bring total purchases to 76,024 next-generation bitcoin (BTC) miners, the S19 and S19 Pro Antminers for the past 16 months,....
Bitcoin miner Core Scientific announced it would be releasing daily production numbers of self-mined BTC and called for further industry transparency.
One of the largest publicly listed bitcoin miners, Core Scientific, has shaken investors with a recent filing with the U.S. Securities and Exchange Commission that raises the possibility the company may apply for bankruptcy protection. The filing notes that Core Scientific will be unable to pay down debt payments due for Oct. and early Nov. 2022. SEC Filing Shakes Core Scientific Investors, CORZ Slides 97% in 12 Months Bitcoin miners are having issues after the price of bitcoin (BTC) has slid roughly 70% against the U.S. dollar since Nov. 10, 2021. Moreover, the network’s mining....