"Still surviving, this firm is still trying even though the lives of the fish have been lost."
Despite filing for Chapter 11 bankruptcy at the end of December last year, Core Scientific, the largest Bitcoin (BTC) mining company based in the United States (US) mined 1,435 BTC in December and around 1,356 BTC in November.
It is reported that the company has stopped its operations during the last two months of 2022, but it should be noted that its services are still offered to the states of Texas, Georgia, Kentucky, North Carolina and North Dakota.
In fact, Core Scientific, which intends to continue mining digital assets, has partnered with several utility companies to support the stability of its company's electricity grid.
In context, the company achieved its success in 2021 with its valuation jumping by $4.3 billion when it successfully signed an agreement with Power & Digital Infrastructure Acquisition Corp.
However in June 2022, Core Scientific had to sell more than 7,000 BTC due to the drastic fall of the crypto market and unfavorable macroeconomic conditions.
Not only that, his company also suffered a loss of $1.7 billion last November with a cash holding of around $32 million including 62 BTC.
Despite this, Core Scientific continues to generate BTC while paying back its debt even though the company's stock has dropped over 98% while its market cap has plummeted to $78 million.
