Why did core scientific file for bankruptcy?

Core Scientific Inc., one of the largest miners of Bitcoin, became the latest crypto company to file for bankruptcy as the industry reckons with aplunge in digital-asset prices.

What happens if a company goes bankrupt in Chapter 11?

Chapter 11 bankruptcyallows a company to continue operating while it works out a plan to repay creditors. Core Scientific said in a statement that it intends to reach a restructuring agreement with a group of convertible bondholders and continue operating its mining and hosting business.

Why did Genesis file for bankruptcy?

LONDON, Jan 20 (Reuters) - The lending unit of U.S. crypto firm Genesis filed for U.S. bankruptcy protection on Thursday, the latest company toppled by a market rout last year that wiped about $1.3 trillion off the value of crypto tokens.

Which Crypto miners have lost 80% this year?

Shares of other crypto miners including Riot Blockchain (RIOT.O), Marathon Digital (MARA.O) and Hut 8 Mining Corp have all shed more than 80% this year. In its bankruptcy petition, Core Scientific said it has $1 billion to $10 billion in assets and liabilities, and between 1,000 and 5,000 creditors.