Bitcoin mining company Core Scientific has released a report outlining its plan to exit bankruptcy proceedings in early January 2024. The report is based on the third amended joint bankruptcy plan submitted on November 16th and includes audio commentary from CEO Adam Sullivan. Common stockholders and holders of two convertible notes will receive compensation. Common stockholders will receive new shares at a 25:1 exchange ratio. Holders of notes due in April will receive $1.628 per $1 face value, while holders of notes due in August will receive $1.201 per $1 face value. These funds will be distributed on January 3rd, 2024.

Bitcoin miner Core Scientific has announced its plans to emerge from bankruptcy in January 2024, according to a presentation based on the third amended joint Chapter 11 plan filed on Nov. 16. The plan includes separate payouts for common shareholders and holders of two series of convertible notes. Core Scientific projects adding 372 MW of capacity through fiscal year 2027 and seeing its revenue rise from $583 million in 2024 to $968 million in 2027. Shareholders have until Dec. 13 to vote on the plan, with a decision from the Bankruptcy Court of the Southern District of Texas expected on Dec. 22.

Bankrupt miner Core Scientific has announced its plans to purchase 27,000 bitcoin mining servers from Bitmain for $23.1 million in cash and $53.9 million in common stock. The deal was previously mentioned in Core Scientific's bankruptcy plan, with Anchorage Digital also potentially taking equity in the company.

Bitcoin mining company Core Scientific announced that Bitmain has agreed to invest $53.9 million in the company to expand the long-term cooperation between the two companies. According to the terms of the acquisition agreement, Bitmain will supply Core Scientific with 27,000 S19J XP 151 TH Bitcoin mining machines in exchange for $23.1 million in cash and $53.9 million in Core Scientific common stock, the value of which will be determined based on the Chapter 11 restructuring plan approved by the bankruptcy court. It is expected that the plan will be approved in the fourth quarter of this year. In addition, Bitmain has signed a new hosting agreement with Core Scientific to support its mining business.

Core Scientific, a publicly traded Bitcoin miner, has appointed Adam Sullivan as its new CEO. Sullivan, who previously served as the company's president, has over a decade of experience in digital assets and infrastructure. The change in leadership comes amid Core Scientific's restructuring process, which began after the company filed for Chapter 11 bankruptcy protection in December 2022. Despite this, the company has seen a boost in liquidity due to higher Bitcoin prices and reduced energy costs, and is expected to exit proceedings by September.

Core Scientific has provided an update on its production and operations for June 2023. The company operated over 200,000 bitcoin miners for both colocation and self-mining, with a potential hash rate of 22.1 EH/s at its data centers in several US states. In June, the company's self-mining operations produced over 1,000 bitcoin, while customer-owned miners produced around 500 bitcoin.

June 27 (Cointime) - BitNile Inc. (BNI), a wholly-owned subsidiary of Ault Alliance, released an unaudited update reporting that its Bitcoin mining operation currently has a hash rate of 2.1 ahash per second, with approximately 9,000 bitcoins. Bitcoin mining machines run in its Michigan data center, and another 10,000 Bitcoin mining machines are hosted through a strategic partnership with Core Scientific.

June 21 (Cointime) - Core Scientific, a bankrupt Bitcoin miner, has filed a Chapter 11 plan with the United States bankruptcy court for the Southern District of Texas Houston Division. The plan was negotiated with key stakeholders and aims to build consensus on how the company will look after emerging from bankruptcy proceedings.

Crypto mining firm Core Scientific is set to exit bankruptcy by September this year, according to recent court filings. The company expects to have an extra $46 million thanks to the recent market conditions.

The federal judge overseeing Core Scientific's bankruptcy has urged the company to shorten its restructuring timeline by at least one month, as creditors call for the crypto miner to speed up its plans to emerge from Chapter 11 bankruptcy.