Bitcoin Mining Companies Have Racked Up $4 Billion in Debt This Year

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Today’s Cryptocurrency Headline

Bitcoin mining companies have been struggling under the weight of a year-long bear market, with collective debt expected to surpass $4 billion by the end of 2022, according to a report from Hashrate Index. The worst case is Core Scientific, which owes $1.3 billion to creditors and has filed for Chapter 11 bankruptcy. Marathon Digital owes about $851 million, but most of it is convertible notes, meaning its creditors can exchange them for stock in the company.

BingX’s Bitcoin Chart

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Bitcoin has been on a downward trend since it fell from $69,000 to the present without a decent rally. Bitcoin is currently in a low volatility range for a long time, and has yet to see a major upward or downward trend. If BTC can pull back $18, 500, then there is a reasonable chance that the decline will be reversed and a choppy climb will follow. However, there is not enough liquidity in the market for the Christmas holiday, so the cryptocurrency is still down.

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