“The expected Bitcoin halving event in April 2024 could cause a 30% drop in Bitcoin’s computational force, potentially making mining unprofitable for many. Miners could mitigate this by deploying new-generation machines that require less power, thus reducing operating costs.”
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Power Play in Crypto: Bitmain and Anastasia Digital’s Equity Stakes in Core Scientific
“Bitmain and Anastasia Digital potentially plan to acquire equity stakes in Core Scientific, the world’s second-largest publicly listed bitcoin miner, amid its imminent bankruptcy. Core’s funding for acquiring Bitmain Antiminer units comprises of $23 million cash and $54 million in equity, hinting Bitmain’s first interest in a publicly listed miner.”
Bankruptcy and Revival: Core Scientific’s Path to Restructuring and Crypto Industry Impact
Bitcoin miner Core Scientific has filed its bankruptcy plan, focusing on revamping its business model after experiencing a boost in liquidity. The company attributes its improved performance to higher bitcoin prices, increased network hash rate, and reduced energy costs. The Chapter 11 bankruptcy plan serves as a vital tool in restructuring the company’s operations.