Investment bank B Riley, one of bitcoin miner Core Scientific's (CORZ) top lenders, has proposed a new $72 million financing plan so that the struggling company can avoid bankruptcy.

"In our opinion, the vast majority of Core Scientific's issues are self-imposed and can be corrected in conjunction with an open, transparent discussion and ongoing participation with its creditors and equity holders," B Riley said in a statement. The investment bank, which has an outstanding loan of $42 million with Core, said that its proposed new financing will be "on favorable terms, providing more than two years of runway for the company to achieve profitability."

B Riley said it is prepared to fund the first $40 million of the new financing immediately, with "zero contingencies." The remainder of the financing is contingent on all principal payments to equipment lenders being suspended at bitcoin prices of $18,500 and below. Above that threshold, however, free cash flow from operations will be distributed to equipment lenders.