Swordsmyth
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The world’s biggest publicly listed bitcoin miner by computing power, Core Scientific (CORZ), announced that it may run out of money before year’s end. At the end of October, the company had $32.2 million in cash on hand, and 62 Bitcoin, worth an estimated $975,000.
The announcement comes on the heels of a bankruptcy warning it issued a month ago, which triggered an 80% drop in its shares on the Nasdaq. At the time, at the end of September, the miner had $29.5 million cash on hand and 1,051 Bitcoin.
Rising energy prices are combining with the plummeting value of Bitcoin and hitting miners hard. Core Scientific is just one of a number of miners struggling to remain operational under current conditions.
The announcement comes on the heels of a bankruptcy warning it issued a month ago, which triggered an 80% drop in its shares on the Nasdaq. At the time, at the end of September, the miner had $29.5 million cash on hand and 1,051 Bitcoin.
Rising energy prices are combining with the plummeting value of Bitcoin and hitting miners hard. Core Scientific is just one of a number of miners struggling to remain operational under current conditions.
More at: https://www.thefinancialtrends.com/...miner-hit-by-energy-costs-and-decline-in-btc/
