Bitcoin miner Core Scientific files for bankruptcy, has over 1B in liabilities

Publicly traded crypto miner Core Scientific filed for Chapter 11 bankruptcy protection on Dec. 21 at the Southern District of Texas bankruptcy court. According to court documents, the miner has liabilities between $1 billion- $10 billion. On Dec. 20, CNBC reported that Core Scientific was still generating a positive cash flow. However, the funds are not enough to finance the debts owed on its mining equipment. Meanwhile, the company would continue to operate while negotiating a deal with senior security holders that hold most of its debt.