The main reason why the bitcoin miners are failing is the electricity price all over the world. Especially the European and US miners are hit by this constant surge in energy price. But it's good to know that their bitcoin mining business is still cash flow positive. I am not sure how long it will remain the same.

It's always unfortunate when a company has to file a bankruptcy. But here the only silver lining is that the bitcoin mining is still profitable. Hopefully they will be able to pay back their debt through mining. The chances are slim but worth a try!

I don't really see them having too many other options.  Their mining gear is likely worth pennies on the dollar compared to what they paid, and they would have to pay more costs to even sell it.  With their infrastructure likely already in place, the logical thing would be to continue mining to pay what they can to their creditors.  However, this is much pretty the end of their business, as not being able to stack during the downtimes makes it difficult to compete when things get good.  I'm guessing when you hit bankruptcy that is less of a concern though.

altcoins(the place old gen hardware go to retire) buy the s9 at $100

thats 15thash at 1.4kwh

so lets assume 2020's s19 of 105thash for 3.25kwh
which is a 45thash per 1.4kwh

which is a 3x efficiency.
thus the resale value would be $300 IF s19 if it was 45exa
or more precisely $700 for like for like efficiency of 105thash

the most they will get back is $700, but this value is soon dropping due to new 2022 generation asics

ok lets run a non scam scenario of cloud mining..
but include some factual economics to show some flaws even in a legit cloud mining system

usually industrial size asic farms have efficient mining costs.
take this year. its about $15k a coin mining cost(hardware+electric) in the most cost efficient farms of wholesale bought asics and lowest electric regions

however users living in say hawaii if they were to personally mine on their residential rate would have a $90k per coin cost to mine
so they dont want to locally mine from home

they are then advertised into 'if you pay us $24k" we will get you 1btc in the summer (it sounds like a good deal compared to self mining at home in hawaii, right)

the cloud mining company mine for $15k and sell for $24k so its good business

however when the bitcoin price drops to $17k the cloud service can still sell coin for $2k profit to other people. but wants the customer of their cloud to continue to pay the agreed $24k/btc rate.

but the customer would be stupid to still be locked into a $24k contract for 1btc