Failed 2022
Core Scientific
Bitcoin mining companies are leveraged bets on crypto prices and energy costs — when both go wrong, bankruptcy follows.
Founded → Closed
2017 → 2022
Funding Raised
$600M
Industry
Crypto/Mining
Country
USA
IdeaProof AI Failure Score
65/100
Market Fit Risk
55
Burn Rate Risk
80
Founder Risk
25
Full Analysis
Core Scientific was one of the largest publicly traded Bitcoin miners in the US. When Bitcoin prices crashed from $69K to $16K in 2022 while energy costs spiked, the company's mining operations became unprofitable. Core Scientific filed for Chapter 11 in December 2022. (The company later emerged from bankruptcy and pivoted to AI data centers, which is a separate story.)
Could This Failure Have Been Prevented?
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