Few days ago, I came across a piece of news on MEXC regarding the World's largest crypto mining company Core Scientific's major stocks dump issue.
According to what I read, they are facing bankruptcy due to low margin profits, poor bitcoin prices, high utility fees and failure to receive payment from another company. From a few thousand BTC, they are currently in possession of less than 30BTC and foresee that they will not be able to make payments by the end of year or even earlier.
Their only way to get through this period will be to refinance or declare bankruptcy. Following their announcement, their NASDAQ stock had a huge dip, 75% of it reaching and staying at $0.26 at the moment. Will this crypto winter spell the demise of the mining industry? What will happen to other mining companies? What are your thoughts?