Public Bitcoin mining companies plagued with $4B of collective debt
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The recent bankruptcy filing of Bitcoin $16,836 minerCore Scientific despite a $72M relief offer from creditorsraised questions about the overall health of the bitcoin mining community amid a prolonged bear market. Turns out, the public bitcoin miners owe more than $4 billion in liabilities and require an immediate restructuring to get out of the unsustainably high debt levels.
The Bitcoin mining community took up massive loans during the 2021 bull market, negatively impacting their bottom lines during a subsequent bear market. Bitcoin mining data analytics by Hashrate Index show that just the top 10 Bitcoin mining debtors cumulatively owe over $2.6 billion.
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