Core Scientific, which filed for Chapter 11 the other day, was approved for a $37.5 million bankruptcy loan.
One of the turbulent processes of the crypto market is experienced in crypto mining. The price drops in cryptocurrencies, on the other hand, revealed the decline in earnings. Crypto miners have gone through troubled times with regards to cost-effectiveness. The largest crypto mining company, Compute North, has been on the agenda by declaring bankruptcy. Also, Core Scientific, which mines Bitcoin, had to knock on Chapter 11’s door. Finally, the company managed to get approval from the court where it applied for the bankruptcy loan.
Core Scientific Approved for $37.5 Million Bankruptcy Loan
Bitcoin mining company Core Scientific has managed to get provisional approval for a bankruptcy loan from a court in Texas.
The company will seek official approval of the loan and a $37.5 million borrowing authorization in January.
The other day, the company filed for Chapter 11 bankruptcy protection, citing tough processes and FTX events. Following this request, the mining company requested a loan in order to resolve the bankruptcy process. US Bankruptcy Judge David Jones upheld Core Scientific’s bankruptcy loan in a Texas court.