Bitcoin Miner Firm Core Scientific Posts $400 Million Quarterly Loss – Bankruptcy Soon? #Usa #Miami #Nyc #Uk #Es #BitCoin MORE TTC👉

Tip Top Coin website is a website open to the public in all its meanings and interpretations, Tip Top Coin is a website dedicated to anyone who wants to be well-informed about the world of cryptocurrencies and everything about their growth, evaluation, and devaluation in real time by verified sources. If you are interested in publishing your views, news, business, or endeavors and want to have a forum dedicated to you, we invite you to register and post in Tip Top Coin. Don't worry, it's 100% free, 89% without commercial ads (ONLY YOUTUBE ADS CAN BE NOTICED) Tip Top Coin is a website dedicated to information and not selling commercial ads, we do not span your email, nor do we sell your information. Tip Top Coin is a website that works privately thanks to WEBFI NET servers | HOME | TipTopCoin News | TipTopCoin TV | Register | Privacy | Contact | Login | WEBFI |NEWS | MAGAZINE |TECH | LATINO | Twitter |
TTC NEWS
{"ticker_effect":"slide-v","autoplay":"true","speed":3000,"font_style":"normal"}


Source: AdobeStock / phonlamaiphoto

Bitcoin (BTC) mining firm Core Scientific could be next in line for a bankruptcy filing, after posting a loss of well over $400m in the third quarter.

The company, which is known as the largest publicly listed Bitcoin miner in the US, has now lost a whopping $1.7bn for the year after a new SEC filing revealed a third quarter loss of $434m.

“Management has been actively taking steps to decrease operating costs, eliminate and delay construction expenses, reduce and delay capital expenditures and increase hosting revenues,” the company commented in the latest filing.

It added that certain debt payments that were due in October this year have not been made, and said it expects creditors to take legal actions against it as a result.

Core Scientific in October admitted that it was about to run out of money, and said at the time that bankruptcy is a possibility. The company has already engaged the law firm Weil, Gotshal & Manges LLP as legal advisers, and PJT Partners LP as financial advisers to assist in evaluating strategic alternatives.

As recently as last month, Core Scientific held $32m in cash and 62 BTC. That was down significantly from a holding of 8,000 BTC before the second quarter, when the company sold off the bulk of its bitcoin holdings.

According to the latest SEC filing, Core Scientific anticipates that existing cash resources will be depleted “by the end of 2022 or sooner.” It added that “substantial doubt” now exists regarding the company’s ability to continue operations going forward.

Given the large scale of the Nasdaq-listed company, a potential bankruptcy for Core Scientific is expected to have wide-ranging implications for the bitcoin and crypto mining industry.

Shares of Core Scientific fell by 20% for the day on Tuesday after the earnings report was released. The stock is now down by close to 99% for the year.

Core Scientific share price year-to-date. Source: Google



Source link

Name Price24H (%)
Bitcoin (BTC)
$16,521.94
-0.38%
Ethereum (ETH)
$1,193.42
-0.58%
Tether (USDT)
$1.00
0.05%
BNB (BNB)
$301.41
0.83%
USD Coin (USDC)
$1.00
0.12%
Binance USD (BUSD)
$1.00
0.09%
XRP (XRP)
$0.404989
1.39%
Dogecoin (DOGE)
$0.090044
10.58%
Cardano (ADA)
$0.316667
0.26%
Polygon (MATIC)
$0.85
-0.44%
Polkadot (DOT)
$5.30
-1.49%
Lido Staked Ether (STETH)
$1,172.21
-0.18%
Shiba Inu (SHIB)
$0.000009
2.91%
Litecoin (LTC)
$74.97
-3.73%
OKB (OKB)
$21.17
0.38%
Dai (DAI)
$1.00
0.01%
Solana (SOL)
$14.10
-2.60%
TRON (TRX)
$0.053258
0.94%
Uniswap (UNI)
$5.44
0.36%
Avalanche (AVAX)
$12.90
0.39%
Wrapped Bitcoin (WBTC)
$16,318.64
-0.92%
LEO Token (LEO)
$3.90
-7.44%
Cosmos Hub (ATOM)
$10.03
-0.06%
Ethereum Classic (ETC)
$20.07
-1.33%
The Open Network (TON)
$1.70
-2.74%
Monero (XMR)
$137.13
1.52%
Stellar (XLM)
$0.090593
1.16%
Bitcoin Cash (BCH)
$113.90
-2.46%
Algorand (ALGO)
$0.243615
0.02%
Cronos (CRO)
$0.065187
-0.95%
Quant (QNT)
$113.39
0.28%
Filecoin (FIL)
$4.28
-1.55%
VeChain (VET)
$0.019248
1.23%
NEAR Protocol (NEAR)
$1.64
0.49%
Hedera (HBAR)
$0.049593
0.65%
Frax (FRAX)
$1.00
0.16%
Flow (FLOW)
$1.14
-1.38%
ApeCoin (APE)
$3.23
-3.34%
Internet Computer (ICP)
$3.86
0.46%
EOS (EOS)
$0.94
3.34%
MultiversX (Elrond) (EGLD)
$42.55
-0.62%
Terra Luna Classic (LUNC)
$0.000158
-2.61%
Chiliz (CHZ)
$0.174305
-2.24%
Chain (XCN)
$0.043166
2.05%
Theta Network (THETA)
$0.93
4.65%
Pax Dollar (USDP)
$1.00
-0.03%
Tezos (XTZ)
$0.99
-1.20%
The Sandbox (SAND)
$0.57
0.63%
Trust Wallet (TWT)
$2.11
-3.22%

Add a Comment

error: WEBFINET website Protection and Privacy for Publishers. This content may not be opened or copied.