Core Scientific Is on the Verge of Bankruptcy – Over-Optimism Is Unforgiving in the Bitcoin Mining Industry.
The world's largest BTC miner could end up being bought out by a more cautious competitor (Marathon).
If you are not closely involved in the Bitcoin world, you probably don't know about Core Scientific. Therefore, the news about the possible bankruptcy of this company did not attract your attention too much.
Yet Core Scientific is a giant in the Bitcoin mining industry. It is even the largest Bitcoin miner in the world!
Core Scientific has facilities spanning 74,000 square meters in six U.S. states: Texas (400 Megawatts), Oklahoma (500 MW), Georgia (200 MW), North Carolina (100 MW), Kentucky (150 MW), and North Dakota (100 MW).
Just a year ago, no one could have imagined Core Scientific on the verge of bankruptcy. With a single S19 Pro mining machine that was bringing in $44 per day, Core Scientific was looking good!
But as you know, the Bear Market has come and gone, and it's taking a toll on all those who were bitterly disappointed during the previous Bull Market. Several flagships of the cryptocurrency world have already sunk.
What happened with FTX is a reminder that Bear Market will claim more victims. Those who are more cautious will be able to take advantage of it, like the Binance platform from CZ which has just offered to buy FTX.