So, Core Scientific just filed for bankruptcy. Crazy times, right? I read it was reported by CNBC, and they didn’t even liquidate assets yet. Just last year they were worth over $4 billion, now it's down to about 78 million. That's wild.
Yeah, the FTX fallout is hitting hard. So many companies are feeling the heat now. Core Scientific isn't the only one, but it’s a big name. They were involved with major players like Serum and Alameda Capital too.
Most of these companies got carried away and borrowed a ton during the bull run. It's like they thought the good times would never end. Now the banks want their money back, and guess what, they can’t pay up.
Exactly. It’s nerve-wracking when big companies like this crumble. People often see bankruptcy as a way to escape debts, but it makes the entire market look bad. Less talk about this could help Bitcoin’s image.
So true. They love to blame Bitcoin's price drop for their issues, but c’mon, they should be looking in the mirror too. If you’re handling investor funds, you need solid strategies to stay stable. Should've been dollar cost averaging instead of holding a ton of BTC.
Not all mining companies are in the same boat, though. If you’re taking high-interest loans during a bull market, that’s a recipe for disaster. Gotta pay back those loans regardless of the market.
Core Scientific released updates for their operations. They managed around 240k ASIC servers in November and December. They mined over 1,300 BTC each month. Not exactly dead yet.
But the crypto prices are still dropping, and with interest rates soaring, it’s tough for new companies to survive. I heard about massive layoffs in major firms, small ones are definitely feeling the heat.
Let's be real, more bad news could hurt BTC again. I saw some green bars lately, which is nice, but if a new bombshell drops, BTC might crash hard once more.
Agreed. Just have to hope for the best, although these events are bound to repeat until BTC finds its footing. Inflation is really messing with everyone too.
I checked their Twitter, and it looks like Core Scientific is still active. They even mentioned plans for expansion. Seems like they’re only gonna file when things get really bad.
Sounds like poor planning. This team rushed into projects when Bitcoin was at its peak. They took loans without a solid plan. If they’d just waited, they might’ve avoided this mess.
I think they still have a shot. Numbers from the end of last year looked decent. They’re still running a lot of ASICs and mining BTC, so it’s not all doom and gloom.