TradingView<\/a><\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"The largest publicly traded Bitcoin miner in the U.S. by hash rate and mining fleet, Core Scientific (CORZ), issued a bankruptcy warning in a filing with the SEC on Oct. 26. Shortly thereafter, the stock took a nosedive. The stock plummeted from $1.02 to $0.22. While the CORZ stock was trading at $10.43 at the beginning of the year, it is now down 97% year-to-date. Notably, the Bitcoin price was unimpressed by the news. As NewsBTC reported, a Bitcoin miner capitulation is currently the biggest intra-market risk. Therefore, it is questionable whether the risk of a capitulation event is now over or Core Scientific is the harbinger of a bigger crash? Related Reading: Bitcoin\u2019s Biggest Intra-Market Risk Right Now \u2013 What You Need To Know Bitcoin Miner Core Scientific On The Ropes Documents filed with the U.S. Securities and Exchange Commission reveal that there is a possibility of bankruptcy. The company said it will not make its debt payments due in late October and early November. In addition, Core Scientific announced that holders of its common stock “could suffer a total loss of their investment.” Cash could be depleted by the end of the year or sooner, in part because Celsius arguably owes the miner $5.4 million. Related Reading: Bitcoin Price Just Saw Technical Correction, Why BTC Could Rise Again However, responsible for the Bitcoin miner’s situation, however, according to management, are that “operating performance and liquidity have been severely impacted by the prolonged decrease in the price of bitcoin, the increase in electricity costs,\u201d as well as \u201cthe increase in the global bitcoin network hash rate”. Compass Point analysts believe bankruptcy is a real possibility, as CNBC quotes: Still, without knowing how discussions are going with CORZ\u2019s creditors, we think a scenario where CORZ has to file for Chapter 11 protection has to be taken seriously, especially if BTC prices decline further from current levels.\u00a0 For the moment, the Bitcoin miner is considering various options for raising additional capital. All-Clear For The Bitcoin Price For Now? The SEC document gives the all-clear for the bitcoin price in that a sale of Core Scientific’s bitcoin holdings has already taken place. The company now holds only 24 Bitcoins; 1,027 Bitcoins were already sold last month. In this respect, Core Scientific’s treasury is not more of a concern, but rather the overall bad state of the Bitcoin mining industry. The industry is suffering from skyrocketing electricity costs as well as the depressed Bitcoin price. Many larger Bitcoin mining companies ordered new hardware when the price was much higher. Due to long delivery times, they received the machines much later, at a time when the hash price was already much less profitable. Another well-known Bitcoin miner, Compute North, filed for bankruptcy back in September and owes at least 200 creditors up to $500 million,as Bitcoinist reported. The next few months will therefore have to reveal whether it will take a deeper shakeout to flush unprofitable and over-leveraged miners out of the market. Core Scientific had the highest debt to equity ratio in the industry at 3.5x. Currently, the miner net position change continues to indicate that the industry is exerting selling pressure on the market. The metric shows that the total number of Bitcoins sold by miners was higher than the amount held on every day throughout October. From a technical perspective, BTC looks \u00b4poised to reach long territory’ soon. For now, the price needs to sweep the low and should hold the level at $19.9K.<\/p>\n","protected":false},"author":571,"featured_media":439107,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,85461],"class_list":["post-508273","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-corz"],"acf":[],"yoast_head":"\n
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Through his extensive work with ktsl888.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field. His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone. With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake\u2019s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage. Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control. For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality. As a journalist, Jake\u2019s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies. In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it\u2019s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake\u2019s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time. You can engage with his latest takes on Twitter: @realJakeSimmons.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/realJakeSimmons"],"url":"https:\/\/ktsl888.com\/author\/marcusmisiak\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Will A Bankruptcy Of Bitcoin Miner Core Scientific Impact The Price?","url":"http:\/\/ktsl888.com\/news\/will-a-bankruptcy-of-bitcoin-miner-corz-impact-the-price\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/news\/will-a-bankruptcy-of-bitcoin-miner-corz-impact-the-price\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/09\/Depositphotos_49530149_s-2019.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/09\/Depositphotos_49530149_s-2019.jpg?fit=1000%2C710"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Jake Simmons"}],"creator":["Jake Simmons"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","corz"],"dateCreated":"2022-10-28T09:33:08Z","datePublished":"2022-10-28T09:33:08Z","dateModified":"2024-06-11T08:05:56Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Will A Bankruptcy Of Bitcoin Miner Core Scientific Impact The Price?\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/will-a-bankruptcy-of-bitcoin-miner-corz-impact-the-price\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/will-a-bankruptcy-of-bitcoin-miner-corz-impact-the-price\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/09\\\/Depositphotos_49530149_s-2019.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/09\\\/Depositphotos_49530149_s-2019.jpg?fit=1000%2C710\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Jake Simmons\"}],\"creator\":[\"Jake Simmons\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"corz\"],\"dateCreated\":\"2022-10-28T09:33:08Z\",\"datePublished\":\"2022-10-28T09:33:08Z\",\"dateModified\":\"2024-06-11T08:05:56Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/09\/Depositphotos_49530149_s-2019.jpg?fit=1000%2C710","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/508273","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/users\/571"}],"replies":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/comments?post=508273"}],"version-history":[{"count":0,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/508273\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/439107"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=508273"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=508273"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=508273"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}![\"Bitcoin](\"https:\/\/ktsl888.com\/wp-content\/uploads\/2022\/10\/Bitcoin-miner-net-position.png?resize=2880%2C1484\" "\\"Bitcoin")
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