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Core Scientific posts $435 million quarterly loss

The Texas-based bitcoin miner reports a multi-million-dollar loss for Q3 2022.

By Finst News
• 3 min read
Core Scientific posts $435 million quarterly loss

The Texas-based bitcoin miner reports a multi-million-dollar loss for Q3 2022. Is Core Scientific headed toward bankruptcy?

The publicly traded Bitcoin miner Core Scientific reported a loss of $434.8 million in Q3 2022, according to a document filed with the U.S. Securities and Exchange Commission.

Reserves are running dry

According to the documents, the Texas-based miner is facing severe liquidity problems. It expects to exhaust its existing cash by the end of 2022 or earlier, the company writes. Furthermore, it states: "Given the uncertainty around the company's financial position, there are significant doubts about its ability to continue operations through November 2023."

Multiple miners are in trouble

Besides Core Scientific, a number of bitcoin miners are currently stumbling due to the challenging market conditionshave stumbled. The publicly traded Bitcoin miner Argo Blockchain also announced that it was grappling with enormous liquidity problems.

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