Bloomberg Tax
Dec. 22, 2022, 5:12 PM

Bankrupt Bitcoin Miner Core Scientific Gets $37.5 Million Loan

Jeremy Hill
Jeremy Hill
Bloomberg News

Core Scientific Inc., one of the largest miners of Bitcoin, can access $37.5 million of fresh cash to help keep its computers running while it’s in bankruptcy.

The money comes via a debtor-in-possession loan provided by a group of creditors that holds most of the company’s more than $550 million of convertible notes. The new debt has an interest rate of 10% that’s payable in kind, according to bankruptcy court papers.

Core Scientific, which filed for bankruptcy on Wednesday, sorely needed the money so it can keep operating while working on a plan to repay the rest of its ...