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Crypto Biz: Contagion engulfs Bitcoin miners as bear market continues

Published 12/23/2022, 02:00 PM
Updated 12/24/2022, 06:20 AM
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Never underestimate how quickly things can deteriorate in a sector as volatile as crypto, especially in a bear market. Prices can always go lower in the depts of crypto winter and casualties can multiply overnight. 2022 has been a year of never-ending contagion; with everyone focused on Binance, high-profile Bitcoin (BTC) miners were going bust.

This week, mining company Core Scientific filed for Chapter 11 bankruptcy. Greenridge, another miner, received a $74 million debt restructuring lifeline from New York Digital Investment Group. Bitcoin is the most valuable commodity in a bear market, but miners must keep the lights on.

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