The Bitcoin network hashrate has dropped by more than 38.8% from its peak on Wednesday, as many U.S.-based miners have been forced to switch down their facilities due to deadly blizzards. Bitcoin hashrate, the level of computing power used for mining and processing transactions, came in at 155.28 exahashes per second on Saturday, down from 253.88 exahashes on Wednesday, according to data from IntoTheBlock. Bitcoin miner Riot Blockchain tweeted on Thursday that it was closing down its facility “due to the extreme weather condition in Texas.” (forkast)

Public Bitcoin mining firms have struggled under the weight of a year-long bear market and are set to end 2022 with a collective debt profile of more than $4 billion, according to a report by Hashrate Index.

Bitcoin mining equipment and hosting provider Blockware Solutions was accused by a customer in a lawsuit of breach of contract, negligence, deceptive trade practices and fraud.

Bitcoin miners operating in northern Norway and Sweden, where they sought refuge from sky-high electricity prices earlier this year, are powering down for the winter as energy tariffs surge. Just a few months ago, European miners flocked to the continent’s northernmost regions, which have among the cheapest power prices in the world due to abundant hydroelectric power and low demand, as prices across the continent soared. Some even left for the Americas. Now they’re facing record-high prices – and it is only the start of winter, when demand rises for heating. (Coindesk)

Core Scientific is one of the largest cryptocurrency mining companies in the United States, but filed for Chapter 11 bankruptcy on Dec. 21 as a result of rising energy costs, declining revenue and the price of BTC in 2022. In a public statement made on that same day, Core Scientific outlined that it intends to “move swiftly through the restructuring process” and maintain its self-mining and hosting operations. (Cointelegraph)

Core Scientific, one of the industry's largest bitcoin miners, plans to file for bankruptcy Wednesday morning in Texas, according to a report by CNBC, but will continue to mine bitcoin throughout the process. While many mining companies have experienced financial distress during the bear market, Core Scientific is the first publicly listed company to declare bankruptcy. On Tuesday, bitcoin miner Greenridge reached a debt restructuring deal with NYDIG that will allow the firm to avoid bankruptcy for now. (Coindesk)

Troubled U.S.-based Bitcoin mining firm Greenidge Generation Holdings Inc. has entered a debt restructuring agreement with NYDIG, a cryptocurrency service provider to which Greenidge owes US$74 million. The Nasdaq-listed miner plans to retain ownership of mining rigs with 1.2 EH/s capacity but may transfer its credits, coupons and additional assets to NYDIG under the agreement. (forkast)

Bitcoin mining difficulty is expected to increase by at least 3% on Dec. 19 for the final adjustment of the year, according to Bitrawr Bitcoin difficulty estimator.

One of Core Scientific’s largest lenders – B Riley – has offered to loan out $72 million to the embattled Bitcoin miner in a bid to avoid a potentially unnecessary and value-destructive bankruptcy proceeding. According to the released statement, B Riley plans on providing non-cash pay financing on favourable terms with more than two years of runway for the firm to achieve profitability. Core Scientific already has an existing loan with B Riley totaling $42 million. (cryptopotato)

United States-based financial services company B. Riley has offered embattled Bitcoin mining firm Core Scientific $72 million to fix its debt issues and avoid bankruptcy.