More crypto miners to fall after Core Scientific bankruptcy, say experts

Bitcoin halving among primary reasons that may lead to more firms shutting down

US-based listed cryptocurrency mining firm Core Scientific on Wednesday filed for bankruptcy, blaming falling Bitcoin prices, rising energy costs and $7 million unpaid debt from crypto lender Celsius Network. Earlier in July, Celsius also filed for bankruptcy.

They are not likely to be exceptions, as the crypto industry may continue to see a fall of firms amid the ongoing contagion, experts told Business Standard.

In 2022 alone, the shares of Core Scientific have dipped 98 per cent, shrinking its market cap to about $78 million from over $7 billion at the start of the year.

“Core Scientific is not the only BTC (Bitcoin)