Bitcoin Miner Core Scientific Files For Chapter 11

Cryptocurrency miner Core Scientific Inc. filed for chapter 11 to hand control to creditors, a further indication of the squeeze on mining companies from declines in the price of bitcoin and rising electricity costs.

Shares of Core Scientific, which agreed to go public last year through a merger with a special-purpose acquisition company, declined another 15% to 18 cents a share in premarket trading on Wednesday. The company’s shares were already down 98% this year as it warned investors about increasingly-dire financial strains.