Bitcoin miner Core Scientific has completed its restructuring process and will relist on Nasdaq. Trading is scheduled to resume on Wednesday morning local time. Core operates in five U.S. states, including Texas, North Dakota, North Carolina, Georgia and Kentucky, and primarily mines Bitcoin and other cryptocurrencies. Core was forced into bankruptcy proceedings in December 2022 because it did not have enough cash to repay financing debt owed for leased equipment. The restructuring plan unveiled on Tuesday cuts $400 million in debt from Core's balance sheet by "converting the debt of equipment lenders and convertible note holders into equity," the company said in a statement. The new credit facility, along with projected operating cash flow, will allow the company to pay down remaining debt on its balance sheet over the next five years. At the same time, Core is deploying tens of thousands of mining equipment and aims to increase its production capacity by more than 50% in the next four years.

Bitcoin miner Core Scientific has completed its restructuring process and will relist on Nasdaq. Trading is scheduled to resume on Wednesday morning local time. Core operates in five U.S. states, including Texas, North Dakota, North Carolina, Georgia and Kentucky, and primarily mines Bitcoin and other cryptocurrencies. Core was forced into bankruptcy proceedings in December 2022 because it did not have enough cash to repay financing debt owed for leased equipment. The restructuring plan unveiled on Tuesday cuts $400 million in debt from Core's balance sheet by "converting the debt of equipment lenders and convertible note holders into equity," the company said in a statement. The new credit facility, along with projected operating cash flow, will allow the company to pay down remaining debt on its balance sheet over the next five years. At the same time, Core is deploying tens of thousands of mining equipment and aims to increase its production capacity by more than 50% in the next four years.