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.