Bitcoin miner Core Scientific is declaring bankruptcy.

One of the top U.S. crypto mining companies, Core Scientific, is filing for Chapter 11 bankruptcy.

The move followed a year of falling bitcoin and rising energy prices.

Core Scientific mines proof-of-work cryptocurrency like bitcoin.

Data centres with highly specialised computers are powered nationwide.

It takes expensive equipment, technical expertise, and plenty of electricity.

Core's market cap dropped to $78 million after Tuesday's close from $4.3 billion in July 2021.

when the company went public via a SPAC. The stock has dropped over 98% in a year.