The world's largest Bitcoin mining company Core Scientific (CORZ) has filed for bankruptcy protection

ChainCatcher news, according to CNBC citing informed sources, the world's largest Bitcoin mining company Core Scientific (CORZ) has filed for Chapter 11 bankruptcy protection in Texas early Wednesday local time. This move comes after a year of plummeting cryptocurrency prices and rising energy costs.

According to sources, the company is still generating positive cash flow, but it does not have enough cash to repay the financing debt owed on its leased equipment. The unnamed individual stated that the company will not liquidate and will continue normal operations while reaching an agreement with the holders of the senior secured notes that hold most of the company's debt. (source link)