Huge and bankrupt bitcoin mining company suddenly raises $500 million

Beleaguered Core Scientific, one of the largest bitcoin (BTC) mining companies in the world, is making a minor resurgence. It is supported in this by BlackRock, the largest asset manager in the world. The US-based miner raised a total of $500 million in capital from parties such as BlackRock, Apollo Capital, Kensico Capital and others, reports Bloomberg.

Perseverance of bitcoin miner pays off

Core Scientific’s perseverance seems to be rewarded with this. Not long ago, the company had to file for provisional bankruptcy, but it continued to mine bitcoin in the meantime. Originally there was just enough capital to get through the months, but it seems that bitcoin’s recent price performance may save the company.

The revival of bitcoin has clearly not gone unnoticed among the largest asset managers in the world, because Core Scientific is now able to withdraw $ 500 million from the market, which can be called special. For a long time it seemed that the company’s days were numbered and that it was only a matter of time before it would go bankrupt.

Ibex Investors is the largest investor in Core Scientific’s capital round, investing a total of $100 million in the beleaguered company. BlackRock in turn lends 38 million to the bitcoin miner.

Core Scientific continues to mine BTC

We mentioned it earlier in the article, but Core Scientific has continued to mine despite all the problems. That resulted in a yield of 1,435 bitcoin for December, which is impressive given that production in November was still at 1,356 bitcoin. The company’s hash rate also increased from 15.4 exahashes per second (EH/s) to 15.7 EH/s during that period.

Core Scientific has facilities all over America where it conjures bitcoin out of the digital soil. For example, there are mining facilities in Texas, Kentucky, Georgia, North Dakota and North Carolina. Core Scientific is one of the industry’s largest miners and is likely to survive the bear market because of this support.

Although, of course, that depends entirely on the performance of bitcoin in the coming months. If the price hits deeper bottoms from here, there is a possibility that Core Scientific will be in trouble again. In that respect, doing business in this industry remains a risky activity.

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