2023-1-29 09:36 |
On Jan. 28, Core Scientific (CORZ) filed a motion to sell $6.6m worth of Bitmain coupons to pay its debts.
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The Bitcoin "halving" was supposed to dramatically chop revenue of bitcoin mining companies. Instead, the simultaneous launch of Casey Rodarmor's Runes protocol has ignited a flurry activity on the oldest and largest blockchain, driving up fees.
Though subject to court approval, the two firms have agreed on a settlement in which Celsius will purchase a $45-million mining data center from Core Scientific for $14 million.
Marathon continues to pull away from the former leader, Core Scientific.
Core Scientific, a prominent Bitcoin mining company, has recently made headlines as it filed for Chapter 11 bankruptcy protection. The move comes as the crypto industry grapples with the enduring effects of the ongoing crypto winter, impacting various firms in the sector.
Core Scientific, a bankrupt Bitcoin miner, is protesting against the payment of $4.7 million in executive compensation filed by crypto lending platform Celsius Network.
The agreement is set to bring approximately $7.5 million of annual revenue according to Greenidge CEO Dave Anderson.
The crypto winter of 2022 forced many crypto-related establishments into financial stress leading to bankruptcy proceedings. Core Scientific was one of the firms affected by the 2022 market crash as it filed for Chapter 11 bankruptcy due to falling revenue and low BTC prices.
