Core

United

Wednesday

Bitcoin

Spot

<ul> 
 <li>The firm said that it has successfully reduced $400 million in debt via its restructuring plan.</li> 
 <li>Core Scientific has 724 MW of mining capacity across five states in the U.S.</li> 
</ul> 
As part of its attempts to reorganize after filing for bankruptcy in 2022, <a href="https://thenewscrypto.com/core-scientific-inc-emerges-from-chapter-11-with-strengthened-balance-sheet-and-enhanced-competitive-position/">Cor</a><a href="https://thenewscrypto.com/core-scientific-inc-emerges-from-chapter-11-with-strengthened-balance-sheet-and-enhanced-competitive-position/" target="_blank" rel="noreferrer noopener">e</a><a href="https://thenewscrypto.com/core-scientific-inc-emerges-from-chapter-11-with-strengthened-balance-sheet-and-enhanced-competitive-position/"> Scientific</a>, a bitcoin mining corporation located in Texas, has stated that it would resume trading on Wednesday and return to Nasdaq. 
In a statement released on Tuesday, the firm said that it has successfully reduced $400 million in debt via its restructuring plan. This was achieved by turning the debt of equipment lenders and convertible note holders into equity. 
<h3 class="wp-block-heading" id="h-pragmatic-growth-plan">Pragmatic Growth Plan</h3> 
Core Scientific said that the company intends to use available funds to pay down debt, convert the remaining convertible debt, and allow investors to exercise any relevant warrants in order to further decrease its debt. 
Adam Sullivan, chief executive officer of Core Scientific stated: 
<blockquote class="wp-block-quote"> 
 “We are poised to execute our pragmatic growth plan, continue preparing for the coming halving and create value by transforming energy into high value compute for bitcoin mining and other potential applications.” 
</blockquote> 
Core Scientific has 724 MW of mining capacity across five states in the U.S, and it wants to deploy more <a href="https://thenewscrypto.com/bitcoin-spot-etf-volume-rises-to-12b-yet-btc-price-falls/" target="_blank" rel="noreferrer noopener">bitcoin</a> miners over the next four years, increasing the overall mining capacity by more than 50%. 
After a string of market failures and precipitated drops in cryptocurrency prices, the business sought Chapter 11 bankruptcy protection in December 2022. Investment firm B. Riley and asset manager <a href="https://www.blackrock.com/corporate/global-directory" target="_blank" rel="noreferrer noopener nofollow">BlackRock</a> were among the major creditors. 
Miners Riot Platforms and <a href="https://www.mara.com/" target="_blank" rel="noreferrer noopener nofollow">Marathon Digital</a> saw their stock prices drop this month as a result of bitcoin’s volatility after the United States approval of multiple spot bitcoin exchange-traded funds on January 10. 
Highlighted Crypto News Today: 
<a href="https://thenewscrypto.com/bitcoin-spot-etf-volume-rises-to-12b-yet-btc-price-falls/" target="_blank" rel="noreferrer noopener">Bitcoin Spot ETF Volume Rises to $12B, Yet BTC Price Falls</a>

Bitcoin Mining Firm Core Scientific to Resume Nasdaq Trading

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