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Just days after creditors offered to help Core Scientific — a Bitcoin (BTC) mining company — avoid possible bankruptcy, reports emerged confirming the business’ inevitable fate. Core Scientific reportedly filed for Chapter 11 bankruptcy protection in Texas owing to falling revenue and BTC prices.On Dec. 14, Financial services platform B.
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A source told CNBC that bankruptcy proceedings would not impact operations. Source
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Core Scientific experienced a four-day stock surge after one of its creditors offered to pull it out of its financial mess.Core Scientific (NASDAQ: CORZ) recently experienced a 200% stock surge over the past four days. The digital asset minting facilitator and blockchain infrastructure provider has endured difficult times throughout 2022.
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Financial services platform B. Riley has offered Bitcoin (BTC) miner Core Scientific $72 million in financing to avoid bankruptcy and preserve value for Core Scientific stakeholders.B. Riley, a top lender to Core Scientific with $42 million in loans currently outstanding, outlined the terms of the financing agreement in a Dec.
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B Riley said it is prepared to fund the first $40 million of the new financing immediately, with "zero contingencies." The remainder of the financing is contingent on all principal payments to equipment lenders being suspended at bitcoin prices of $18,500 and below. Above that threshold, however, free cash flow
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Cointelegraph’s editor-in-chief Kristina Cornèr moderated a panel discussion on DeFi's
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The downfall of FTX has also left its mark on the Ethereum (ETH) price. Over the last 30 days, Ether has recorded a drop of around 20%. At press time, the price was at $1,171, just above the crucial support level of $1,100. In the short term, the ETH price has found
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The miner was running 232,000 machines in its facilities as of the end of the quarter, accounting for 13 exahash per second (EH/s) of bitcoin self-mining computing power, or hashrate, and 9.5 EH/s of hosted machines for other firms, according to the filing. That's 8.6% of the global hashrate. Source
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The MakerDAO Risk Core Unit, a key group within the MakerDAO governance system, submitted an urgent request on Nov. 11 to change collateral parameters for the decentralized autonomous organization’s stablecoin, Dai (DAI).Primoz, a member of the Risk Core Unit team, posted the request to the MakerDAO forum.“In light of recent
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On Nov. 7, 2022, the bitcoin mining firm Core Scientific released the company’s October update after the company’s Form 8-K U.S. Securities and Exchange Commission (SEC) filing on Oct. 26, 2022. The filing noted that the company was in the process of exploring “restructuring its existing capital structure.” The update
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