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Core Scientific is Said to Possibly Sell Some Crypto Mining Sites in Wake of Bankruptcy

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Today’s Cryptocurrency Headline

Core Scientific may sell up to 1 gigawatt worth of its sites under development after filing for Chapter 11 bankruptcy protection. Russell Cann, chief mining officer at Core Scientific, said the likelihood of selling assets in operation is close to zero, but the likelihood of us selling assets that are under development where we have power capacity and land and substations is high. Core Scientific is currently the largest company in the industry with around 800 to 850 megawatts of mining power. The sites it might sell are an extra gigawatt on top of that and were supposed to come online in 2023. The company filed for Chapter 11 bankruptcy protection early on Wednesday with a prearranged deal and plans to turn most of its debt into equity. 

BingX’s Bitcoin Chart

Source: TradingView & BingX

Bitcoin is up 0.20% over the last 24 hours and rose to an intraday high of $16,916.63. The largest cryptocurrency has been trading below the 20-day exponential moving average ($16,985) since Dec. 16, and the bears have not been able to capitalize on this situation, which suggests that lower levels are attracting buyers. The flattish 20-day EMA and the relative strength index (RSI) near 47 do not give a clear advantage either to the bulls or the bears. The BTC/USDT pair is likely to stay in the $16,000-$17,000 price zone until the holiday season is over.

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