Steady declines in bitcoin's value and rising power tarrif has wounded the mining industry to the point that in September Computer North, an operator of data centres hosting miners' operations, declared bankruptcy.

Mining Firms Going Bankrupt

     Computer North is affecting mining firms in the same way that Genesis was affecting Gemini. For example, Texas-based mining firm Core Scientific (CORZ), recently declared bankruptcy, its rival Marathon Digital might file a bankruptcy petition any time.

Rescue Attempts 

     Different firms are trying to adopt different methods to protect themselves. For example, Greenridge entered into a debt restructuring agreement with NYDIG Company to avoid bankruptcy. Core Scientific has continued to mine bitcoin in search of possibilities throughout the process of filing for protection.

Thoughts 

Crypto firms are suffering because they neither accept the fact that 1 BTC is 1 BTC nor contribute to the creation of renewable energy by reducing dependence on fossil fuels.