Crypto miner Core Scientific expected to emerge from bankruptcy in January

Core Scientific, a cryptocurrency mining company, announced that it expects to emerge from bankruptcy in mid-to-late January. The Austin, Texas-based company filed for bankruptcy protection last year due to the drop in Bitcoin prices, rising energy costs for Bitcoin mining, and the debt owed by Celsius Network, one of its largest clients in the US cryptocurrency loan industry. Core Scientific stated that it has reached a preliminary agreement with all key stakeholders on a global settlement agreement. CEO Adam Sullivan stated in a statement that this global settlement resolves a key obstacle to our expected exit from Chapter 11 bankruptcy in January. Last year's high-profile collapse caused turmoil in the cryptocurrency market, with Core Scientific being one of the victims.