NFT News Today Official TheBitTimes.com

The bankruptcy plan explained that holders of allowed debtor-in-possession claims would receive full and final satisfaction of their claims. Bankrupt Bitcoin (BTC) miner Core Scientific filed its Chapter 11 bankruptcy plan. The plan was filed in the United States Bankruptcy Court for the Southern District of Texas Houston Division. The plan was negotiated with key stakeholders, and according to the filing, the firm is “seeking to build as much consensus as possible” about how a new Core Scientific would look after emerging from its bankruptcy proceedings. The company said it had seen a boost in liquidity since filing for Chapter 11 bankruptcy and is focused on revamping its business plan to make a successful comeback. The company attributed its improved financial performance to higher Bitcoin prices, increased network hash rate and reduced energy costs. A Chapter 11 bankruptcy allows a firm to continue operating until stakeholders agree on a restructuring plan, which could involve me...

The deadline for bidders to submit offers for the Bitcoin-machine-backed loans is set for Jan. 24. Bankrupt crypto lending firm BlockFi has plans to sell off $160 million in loans backed by around 68,000 Bitcoin mining machines as part of bankruptcy proceedings, according to reports. In a Bloomberg report on Jan. 24, two people “familiar with the matter” claim that BlockFi started the process of selling off the loans last year. The crypto lender filed for Chapter 11 bankruptcy in Nov. 2022, citing its significant exposure to the now-defunct crypto exchange FTX for its downfall. However, some of these loans have already defaulted since then and could be undercollateralized given the decline in the price of Bitcoin mining equipment, according to the sources, adding the last day for bidders to submit offers for the loans is Jan. 24. In comments to Cointelegraph, crypto lawyer Harrison Dell, director at Australian Law firm Cadena Legal explained that if Bitcoin Mining equipment used as co...

The “Digital Asset Issuance” legislation will also create a regulatory body, and establish a legal framework for all digital assets. El Salvador has passed landmark legislation providing the legal framework for a Bitcoin-backed bond — known as the “Volcano Bond” — which will be used to pay down sovereign debt and fund the construction of its proposed “Bitcoin City”. The bill passed on Jan. 11 with 62 votes for and 16 against, and is set to become law after it is ratified by President Bukele. #Plenaria90 Con 62 votos a favor, creamos la Ley de Emisión de Activos Digitales. pic.twitter.com/g1poXwLoH3 — Asamblea Legislativa (@AsambleaSV) January 11, 2023 The National Bitcoin Office of El Salvador announced the passage of the bill in a Jan. 11 tweet thread, noting that they will begin issuing the bonds soon. 3/ El Salvador is the epicenter of Bitcoin adoption, and thus, economic freedom, financial sovereignty, censorship resistance & unconfiscatable wealth. When we issue the ...

Public Bitcoin miners will actively work to minimize costs in 2023 by going private or merging with other firms, Hash Rate Index analysts predicted. After a shocking year for Bitcoin (BTC), public miners will focus on strengthening balance sheets and minimizing costs this year, according to industry analysts. Bitcoin mining cost minimization will likely lead public miners to either go private or merge with other companies in 2023, Hash Rate Index’s Bitcoin analysts Jaran Mellerud and Colin Harper predicted. In a blog post titled “10 Bitcoin mining predictions for 2023,” the analysts pointed out that public miners are burdened with strict reporting requirements, such as spending millions of dollars on annual reporting. After many Bitcoin mining stocks plummeted 90% in 2022, public miners could significantly reduce administrative costs by going private or merging with others to share the costs. Alongside predicting that 2023 will become the year of Bitcoin miners’ merge, Hash Rate In...