i just read the news and this was already shared here before when Core Scientific Filed for bankruptcy. Why? the reasons are here.
Crypto mining firm Core Scientific sold over 7,000 Bitcoin in June via the open market to bring its holdings down to about 70% over the previous month.
Core Scientific is a bitcoin mining firm in Austin Texas at United States of America. On the 21 of December, 2022, they have filed for bankruptcy protection for the down fall of the industry...
Following FTX's liquidity crisis and bankruptcy, the largest mining company "Core Scientific" has filed for bankruptcy....
But the good news is, they have some stats, stating that they have enough funds to exit from the bankruptcy. it's means now they will be in the market and mining BTC as usual.
On Dec. 21, 2022, when Core Scientific filed for bankruptcy, Bitcoin’s price was $16,904, according to CoinMarketCap. Since then, the price has shot up by over 60%, currently sitting at around $27,000.
Additionally, power prices have decreased by 24% since the petition date according to the filing, while the network hashrate has jumped by 54%.
SourceBut what good is it for the market? As, back then they sold many BTC and which might have affected the price of BTC, but now what will be the effect of their recovery? Because i am confused is it good for BTC or not?