Biggest public traded miner ($CORZ Core Scientific) is almost bankrupt. What went wrong?

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> the company was reluctant to sell any bitcoin before it absolutely had to

That’s insane, using shareholder’s funds to pay the power bills instead of selling the mined coins. Now the shareholders have to wear the price volatility exposure caused by holding coins through a large price fall

> Equipment financing is a form of short-to-medium-term debt used to finance machine purchases, in which the machines are used as collateral for the loan

That’s also insane, for the lenders. So many listed miners are shutting down in the next 6 months, that a flood of Bitcoin ASIC devices are going to hit the second-hand market at the same time. They will all sell into an enthusiastic market of hobby miners, at about $1000 each, 70% below the lender’s book value

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