The US bitcoin miner Core Scientific reports bankruptcy

One of the largest in the USA listed Bitcoin-Miner has filed for bankruptcy because companies with falling token prices and increasing costs for the energy-intensive business are fighting for the production of cryptocurrencies.

Core Scientific applied for insolvency protection in Texas on Wednesday, where it is based.

The company said it is planning to continue the operation and production of Bitcoin, while it is negotiating a restructuring contract with its lenders and creditors.

The crypto miner listed on the Nasdaq is part of the Russell 2000 Index, a widespread benchmark for smaller US companies, which means that its bankruptcy will hit the portfolios of many investors and deepen the problems of the crypto industry. Its market value reached almost $ 3 billion in April, but has since fallen to less than $ 100 million since then.

The company operates institutions in five US states in which computers go through complex equations in a race against other participants in the Bitcoin network to create new units of cryptocurrency.

It is one of several listed crypto miners, the stocks of which have been made, since their profits between falling prices for crypto tokens and increasing global prices for the huge amounts of energy that are burned in the mining process.

The Core Scientific share has fallen 98 percent this year.

"The submission of these cases was necessary by a decline in the operating performance and liquidity of the company, which suffered from the continued decline in Bitcoin Prize [and] the increase in electricity costs that are necessary for the operation of the company's data centers," said Core Scientific in a statement.

The price of Bitcoin, the largest cryptocurrency, fell by more than 65 percent compared to the dollar this year and has achieved a two -year low.