Bitcoin miner Core Scientific approved for $37.5 mln bankruptcy loan

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Bitcoin miner Core Scientific approved for $37.5 mln bankruptcy loan
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U.S. bitcoin miner Core Scientific received court approval on Thursday to fund its Chapter 11 case with a $37.5 million loan from a group of existing creditors.

U.S. Bankruptcy Judge David Jones approved Core Scientific's bankruptcy loan on an interim basis at a court hearing in Houston, Texas. The company will seek final approval of the loan and permission to borrow an additional $37.5 million in January, although the company's attorney said it is open to better financing offers from other lenders.

After rapid growth in 2020 and 2021, bitcoin - the most popular digital currency by far - is down more than 60% this year, pressuring the crypto mining sector.on Wednesday, blaming the sharp decline in bitcoin prices, rising energy costs for bitcoin mining and a $7 million unpaid debt from U.S. crypto lender Celsius Network, one of its biggest customers.

It is one of the largest cryptocurrency mining companies in the United States, and it mints bitcoins both for itself and for customers, such as Celsius, which owns computers at Core Scientific's facilities.for bankruptcy protection in July, had argued that U.S. bankruptcy law prevented Core Scientific from charging it for higher electricity costs under the two companies' bitcoin mining agreement.

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