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Bitcoin Mining Companies Close Out Year $4 Billion in Debt

Public Bitcoin mining firms have struggled under the weight of a year-long bear market and are set to end 2022 with a collective debt profile of more than $4 billion, according to a report by Hashrate Index.

Bitcoin miner Core Scientific is the hardest hit among the lot. The company owes $1.3 billion to creditors and has filed for Chapter 11 bankruptcy protection.

Marathon Digital is another Bitcoin miner with a significant debt burden. The company owes about $851 million, but the bulk is in convertible notes, which means its creditors can exchange it for shares in the firm. 

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