Core Scientific reveals financial distress in SEC filing, says its end may be near
Cointelegraph
Published Oct 27, 2022 12:30PM ET
Updated Oct 27, 2022 02:00PM ET
Bitcoin miner Core Scientific filed forms with the United States Securities and Exchange Commission (SEC) on Oct. 26 indicating that will not make payments due in late October and early November. The company blamed low Bitcoin prices, increased electricity costs, an increase in the global Bitcoin hash rate and litigation with the bankrupt crypto lender Celsius for the situation.
The payments the company will skip would have gone to equipment and other financing and two promissory notes. Its creditors may decide to exercise remedies such as accelerating the debt or suing the company, it noted. Those actions, in turn, could result in “events of default under the Company’s other indebtedness agreements” and more creditor remedies against the company. It adds:
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Written By: Cointelegraph
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