- In the last 24 hours, Core Scientific reported a 78% dip in its stock price due to its current financial situation.
- According to the crypto mining giant, it lacks the financial capacity to make its late October and early November debt payments.
- In a statement, Core noted that the price drop of Bitcoin (BTC) and an increase in electricity costs adversely affected its liquidity.
- It has taken numerous steps to save the situation, including selling almost all of its BTC, but it wasn’t enough.
In a filing to the Securities and Exchange Commission on Thursday, Core Scientific, the world’s largest Bitcoin mining firm, warned that it’s on the verge of bankruptcy due to its current financial situation. The report triggered a freefall of the firm’s stock, causing it to dip by 78% in the last 24 hours.
Further, the crypto mining giant submitted that it doesn’t have the financial capacity to make its debt payments…
