Core Scientific will not pay the bills

  • Ultramining.com
  • 16:16 Oct 27, 2022
  • 359
Core Scientific will not pay the bills

Representatives of the company said that, due to the decrease in finances in the organization, payments have been suspended. This applies to the funds that Core Scientific was supposed to transfer to other accounts in the next couple of days.

The firm is not hiding the fact that it is likely that their existing financial assets will run out completely by the end of this year. It could be much sooner.

A report from the United States Security and Exchange Commission says there are doubts about the company's ability to continue operating in the context of a long period.

If Core Scientific fails to pay its bills, creditors have every right to sue the debtor. Devices and crypto-assets that the company pledged as collateral will likely be seized.

Core Scientific is failing for a reason. It has to do with the general state of affairs in the mining industry and cryptocurrency in general. Firms have to somehow survive against the backdrop of rising electricity prices and falling BTC values.

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