Cryptocurrency miner Main Scientific Inc. filed for chapter 11 to hand manage to creditors, a more indicator of the squeeze on mining providers from declines in the rate of bitcoin and rising electricity expenses.
Shares of Core Scientific, which agreed to go community last 12 months by a merger with a exclusive-intent acquisition organization, declined a further 15% to 18 cents a share in premarket buying and selling on Wednesday. The company’s shares were presently down 98% this yr as it warned buyers about increasingly-dire money strains.
Cryptocurrency miner Main Scientific Inc. filed for chapter 11 to hand manage to creditors, a more indicator of the squeeze on mining providers from declines in the rate of bitcoin and rising electricity expenses.
Shares of Core Scientific, which agreed to go community last 12 months by a merger with a exclusive-intent acquisition organization, declined a further 15% to 18 cents a share in premarket buying and selling on Wednesday. The company’s shares were presently down 98% this yr as it warned buyers about increasingly-dire money strains.
