Core Scientific files for bankruptcy citing rising energy costs and lower Bitcoin prices Cryptocurrencies
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On Oct. 26, Core Scientific submitted a filing with the Securities and Exchange Commission that showed they were in dire straits, writing that “the Company’s operating performance and liquidity have been severely impacted by the prolonged decrease in the price of bitcoin, the increase in electricity costs, the increase in the global bitcoin network hash rate and the litigation with Celsius Networks LLC and its affiliates .
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