Core Scientific — one of the largest publicly-traded crypto miners — soared more than 70% early Thursday after B. Riley offered $72 million in fresh financing, the Wall Street Journal reported. The bitcoin miner has suffered from this year's crypto rout as well as high electricity prices. It suspended payments to lenders in late October and suggested bankruptcy as an option. One of its largest creditors, B. Riley, wrote an open letter to the firm on Wednesday suggesting it was willing to give Core Scientific $40 million immediately, and an additional $32 million following stipulations that included the price of bitcoin rising above $18,500. As of Thursday, it traded at $17,475. B. Riley's outstanding loan was set to mature this December. The beleaguered miner is still down 96% on the year. It counts BlockFi Lending LLC — a bankrupt crypto firm caught up in the FTX scandal — as another one of its creditors, according to FactSet.
