As the price of BTC drops more than 76% from peak to peak, miners are struggling to keep their trades going.
Never underestimate how quickly things can go downhill in an industry as volatile as crypto, especially in a bear market. Prices can drop further and further into the depths of the crypto winter and losses can multiply overnight. 2022 has been a year of endless contagion; All focused on Binance, the high-level bitcoin

tick down

The miners went bankrupt.

This week, mining company Core Scientific filed for Chapter 11 bankruptcy. Greenridge, another miner, received a $74 million debt restructuring lifeline from New York Digital Investment Group. Bitcoin is the most valuable commodity in a bear market, but miners need to keep the light on.

The news on the mining front is not all negative. This week, German mining company Northern Data announced that it expects to generate revenue of up to $206 million from its mining operations this year. It also has no financial debt on its books, giving it more flexibility to deal with market conditions.

This week’s Crypto Biz analyzes Core Scientific’s financial troubles, FTX’s recovery warning, Celsius’ potential bidder pool, and Visa’s latest intellectual foray into crypto.

Bitcoin Miner Core Scientific Reportedly Files for Chapter 11 Bankruptcy
The crypto contagion has spread to the bitcoin mining industry, with miner Core Scientific reportedly filing for Chapter 11 bankruptcy in Texas. The news came just days after a creditor offered Core Scientific $72 million to shore up its finances amid the bear market. This agreement did not come to fruition. However, Core is set to continue mining operations and has no plans to liquidate its remaining BTC. The company was forced to offload 9,618 BTC in April to maintain operations. Other bitcoin miners are also feeling the pinch and are looking for various ways to protect their operations during an extended bear market.

FTX warns against clawbacks of political donations and contributions
If you think you’ve heard all about Sam Bankman-Fried and FTX, new developments are popping up. This week, the bankrupt crypto exchange warned that anyone who received political donations or contributions from SBF or other FTX executives could reclaim those funds through a fund recovery process. . It may have been triggered by some Democratic recipients who came forward and promised to return the now-tainted funds. Do you know who else has received campaign donations from SBF? The 2020 Biden campaign. So far, the president has not indicated whether he will return the $5.2 million in donations SBF made to his campaign in the 2020 presidential election, but that could change. . It’s a story worth watching.

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Celsius gathers 30 potential bidders for its assets, withdrawal request approved
Bankrupt crypto lender Celsius has compiled a long list of potential buyers for its remaining assets, prompting cautious optimism that it will be able to sell its retail platform and mining business at a competitive price. Since September, more than 125 parties have been contacted and 30 potential bidders have emerged. Celsius’ recent presentation in the bankruptcy filing indicated that the company’s valuation as of November 25 was $2.6 billion. The company has a $1.2 billion hole in its balance sheet. In other words, users are entitled to $5.5 billion against only $4.3 billion in assets.

Visa imagines plans that will allow you to automatically pay bills from your crypto wallet
With all the fear, uncertainty and doubt plaguing the cryptocurrency market, we can always count on Visa for positive reinforcement. The crypto-friendly credit card giant recently offered a business solution to streamline digital asset payments. Still in the experimental phase of thought, Visa is considering an autopay feature that would allow crypto users to withdraw funds directly from their Ethereum-powered self-custody wallets. They can then use these funds to make automatic payments.

Source: CoinTelegraph