Bitcoin miner Core Scientific is declaring bankruptcy.

[{"selector":"#anim-b8078719-6ff4-4a01-a0d8-6c2044053940 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(-10.317237659812768%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] One of the top U.S. crypto mining companies, Core Scientific, is filing for Chapter 11 bankruptcy.

[{"selector":"#anim-2bef8136-26ad-4763-8374-11cd7ee2575f [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(6.869858550511822%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] The move followed a year of falling bitcoin and rising energy prices.

[{"selector":"#anim-c71441b5-ddea-4050-821b-2d5e61132976 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(52.028245310836596%, 0, 0) translate(25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.14,.34,.47,.9)","fill":"forwards"}] Core Scientific mines proof-of-work cryptocurrency like bitcoin.

[{"selector":"#anim-45279e57-4199-4794-8ef4-c3552f7c9a0f [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-57.717089803680366%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] Data centres with highly specialised computers are powered nationwide.

[{"selector":"#anim-d4c69396-ea4d-4668-9d63-1407f5cce2a5 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(31.247656136211504%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] It takes expensive equipment, technical expertise, and plenty of electricity.

[{"selector":"#anim-20988650-e609-45cb-84b6-0628a0908536 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Core's market cap dropped to $78 million after Tuesday's close from $4.3 billion in July 2021.

[{"selector":"#anim-4e684df7-2b9a-423c-a672-cb805cd72db2 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(34.166442315117415%, 0, 0) translate(25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.14,.34,.47,.9)","fill":"forwards"}] when the company went public via a SPAC. The stock has dropped over 98% in a year. Learn more