Bitcoin miner Core Scientific outlines plan to emerge from bankruptcy in 2024
Bitcoin miner Core Scientific has announced its plans to emerge from bankruptcy in January 2024, according to a presentation based on the third amended joint Chapter 11 plan filed on Nov. 16. The plan includes separate payouts for common shareholders and holders of two series of convertible notes. Core Scientific projects adding 372 MW of capacity through fiscal year 2027 and seeing its revenue rise from $583 million in 2024 to $968 million in 2027. Shareholders have until Dec. 13 to vote on the plan, with a decision from the Bankruptcy Court of the Southern District of Texas expected on Dec. 22.
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