The recent bankruptcy filing of Bitcoin (BTC) miner Core Scientific despite a $72M relief offer from creditors raised questions about the overall health of the bitcoin mining community amid a prolonged bear market.
Marathon, the second-biggest debtor, has $851 million in primarily convertible note liabilities.
As a result, Marathon prevents bankruptcy by allowing the debt holders to convert the convertible notes to stocks.
Public Bitcoin mining companies with the highest debt-to-equity ratios.
In exchange, the mining company would see a debt reduction of $57 million to $68 million.
Source: Cointelegraph