BTC Mining Company in Trouble

US-based giant Bitcoin mining company Core Scientific reported in a filing with the country’s Securities and Exchange Commission (SEC) that the company needs extra liquidity for the period after November 2023.

The following statements about the company were used in the SEC report:

“The amount of funding through the financing and capital market involves many risks. Current market conditions have reduced access to funds. It is doubtful that the mining company will carry out its activities in a healthy manner until November 2023.”

Core Scientific Continues to Disclose Damage

The Bitcoin mining company recently released its third quarter earnings report. Core Scientificreported revenues of $162 million, down 0.9% compared to the previous period. The company’s quarterly loss was $434 million. The crypto miner made an astronomical loss of $862 million in Q2 of the year.

In a statement made last month, the company issued a warning that its cash was likely to run out by the end of the year.

Crypto Miners Are Having Hard Times

crypto mining industry is going through the most difficult period of recent years. While crypto prices are falling, energy costs are rising at the same time, pushing companies financially. One of the giant mining companies, Compute North, recently filed for bankruptcy, while Argo announced that it had a negative cash flow problem.

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