Core Scientific Makes Progress Towards Bankruptcy Exit

The miner anticipates a promising liquidity boost of $46 million, surpassing the initial budget outlined during the filing process


ioda/Shutterstock, modified by Blockworks


Cryptocurrency miner Core Scientific said it has seen a boost in liquidity since filing for Chapter 11 bankruptcy and is focused on revamping its business plan to make a successful comeback.

The company attributed its improved financial performance to higher bitcoin prices, increased network hash rate and reduced energy costs.

Core Scientific’s bankruptcy process, which began in December, was originally expected to conclude in six months. But the miner now aims to emerge from Chapter 11 on Sept. 25. 

Encouragingly, the company projects an increase of $46 million in liquidity compared to the initial budget outlined during the filing. 

The firm has made notable progress by recently paying off $6 million in debt, as confirmed by attorneys representing Core Scientific in a court filing published on Monday.

Core Scientific said it intends to engage in negotiations with key stakeholders, such as the creditors’ committee, to find common ground on a reorganization plan. Their aim is to file the business plan by June 15, and a confirmation hearing is scheduled for Sept. 11. 

The process is being supervised by a special committee of independent directors.

Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.


Upcoming Events

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Screenshot 2024-05-23 091855.png


Bitcoin L2s aim to boost scalability while preserving decentralization and security, unlocking a better user experience, and new avenues for Bitcoin-powered innovations. However, no existing Bitcoin L2 leverages the full security of Bitcoin.



As part of the #Breakout2024 plans, Radix has introduced Token Trek


House members ask Gensler to keep a “consistent and equitable approach” with ether ETF proposals after the agency approved spot bitcoin ETFs in January


Using old-world instruments to address crypto user experience challenges goes against what this industry set out to do


And, weeks of a potential crypto ETF decision are no stranger to chaos


The FIT21 Act marks the second crypto-focused piece of legislation to advance in Congress this month


More than half of Solana transactions fail