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Core Scientific Capitulation
We’ve been highlighting the case for more public miner capitulation over the last few months. News shows that Core Scientific, the largest publicly traded mining company by hash rate and miner fleet, may face bankruptcy. The highlights from their SEC filing are the following:
- Core Scientific is halting all debt service payments.
- Bitcoin holdings are now 24; they sold 1,027 over the last month.
- Cash resources will be depleted by the end of the year or sooner.
- Core Scientific claims Celsius owes them $5.4 million.
A giant in the mining space, holding over 9,600 bitcoin at its peak, Core Scientific has now nearly depleted its entire treasury. Month-over-month growth in holdings is now worse than the summer capitulation and selloff we saw back in June 2022. Yet, in June the selloff was much larger in size (6,099…