One of the world's largest bitcoin miners, Core Scientific, applied to the bankruptcy court for permission to extend its restructuring proceedings until September 2023 due to changing market conditions.
The four-month extension of the process is characterised by a 61% increase in bitcoin prices from December 2022, a 24% reduction in electricity tariffs and a 54% increase in network hash rate.
This picture has favoured Core Scientific: the hash price rose from $0.06 TH/s to $0.08 TH/s, a jump of around 30 per cent, and this has led to improved debtor liquidity.
According to the new plan, the company expects to complete the restructuring process with an additional $46 million. This amount also includes repayment of all the company's liabilities to investors and creditors.
Core Scientific had previously filed for bankruptcy and secured $37.5 million in loans from creditors.
In February, the company entered into an agreement with investment bank B. Riley to obtain a $70 million loan on more favourable terms.
