Core Scientific’s woes reflect the depressed state of the bitcoin mining industry, with firms facing the squeeze of a bitcoin bear market and higher energy costs. Most recently, bitcoin miner Argo Blockchain (ARBK), said a deal to raise 24 million British pounds (US$27 million) from a strategic investor had fallen through, sending that company’s shares tumbling. Just prior to that, mining data center operator Compute North, filed for bankruptcy, owing as much as $500 million to at least 200 creditors.
