Texas-based Bitcoin (BTC) mining firm Core Scientificannounced that he was in serious financial trouble.
The company is driven by the prolonged decline in the Bitcoin price, the rise in electricity costs, the increase in the global bitcoin network hashrate, and the crypto lending company. CelsiusHe stated that he was seriously affected by the lawsuit filed against him.
Bitcoin Mining Firm Core Scientific Remains 24 BTC
U.S. Securities and Exchange CommissionAccording to the statement made by the (SEC), Core Scientific’s cash resources will run out by the end of the year.
Celsius, which filed for Chapter 11 bankruptcy protection earlier this year, invested $54 million in Core Scientific in July 2021 as part of a more than $200 million investment in Bitcoin mining. However, Core Scientific was unable to get its due from Celsius and is dealing with litigation.
On the other hand, the Bitcoin mining company is facing a difficult process due to the decline and cost increases in the crypto market. such that Core Scientific, currently unable to pay for equipment and financing.
On September 30, Core Scientific held 1,031 BTC and approximately $29.5 million in cash. SECAccording to the files of the company, the company currently only has 24 BTC and $26 million in cash in its funds.
