Troubled Bitcoin Miner Core Scientific Receives Funding from BlackRock
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Bankrupt bitcoin mining company Core Scientific has received a debtor-in-possession loan from investment giant BlackRock to continue to operate amid bankruptcy proceedings.

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According to a US Securities and Exchange filing, the New York-based investment giant has committed $17 million as part of a new $75 million loan through funds and accounts managed by its subsidiaries. Previously, BlackRock held $37.9 million of Core Scientific's secured convertible notes.

Under the agreement, the company's current equity and unsecured holders will get more shares once Core Scientific solves the bankruptcy issues.

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Core Scientific filed for Chapter 11 bankruptcy protection in Texas in mid-December as the company was seeking alternatives to repay its debts with creditors. Although the Texas-based bitcoin mining company is still making positive cashflow, that cash is not enough to repay the financing debt owed on equipment it was leasing.

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