Tag: core scientific

Dec 14 2022

Core Scientific’s Lender Offers $72 Million Bailout To Embattled Miner

The public miner may be saved by its lender as the two entities engage in attempts to restructure their debt.Core Scientific’s lender, B Riley, has stated its intentions of loaning out $72 million to the embattled publicly traded miner. Core Scientific currently has an existing loan with B Riley totaling $42 million. The new $72 million loan would be “on favorable terms,”...

Nov 23 2022

Core Scientific might not make it past November 2023 after revealing $1.7B in losses

Nov 23 2022 Published at CryptoSlate under tags  core scientific mining

Core Scientific, one of the largest publicly traded Bitcoin miners, might not make it until the end of the year. In its quarterly report filed with the SEC, the company said "substantial doubt" exists about its ability to continue going if it fails to raise liquidity. "However, the ability to raise funds through financing and capital market transactions is subject to many risks...

Nov 05 2022

There Is Potential For More Capitulation From Bitcoin Miners

More announcements from public bitcoin miners on potential capitulation. Debt needs to be paid and cash is tight due to high hash rate and a low bitcoin price....

Nov 03 2022

After Core Scientific, Another Bitcoin Miner Flags Default Risks

Amid the Bitcoin price crash and rising energy costs this year, Bitcoin miners are having a very tough time. Last week, public-listed Bitcoin miner Core Scientific (NASDAQ: CORZ) announced chances of potential bankruptcy very soon. Now, another BTC miner Iris Energy (NASDAQ: IREN) is flagging risks of a potential default.... Read more

Oct 29 2022

Public Miner Capitulation Takes Shape With Core Scientific On The Ropes

Miner capitulation is here. Core Scientific talks about potential bankruptcy, highlighting that cash resources will be depleted by the end of the year....

Oct 27 2022

Breaking: Bitcoin Mining Giant Core Scientific Could File for Bankruptcy Soon

One of the world's largest Bitcoin miners Core Scientific has raised a red flag that it could be running out of cash by the year-end and will eventually declare bankruptcy. With the sharp drop in the BTC price this year, Bitcoin miners have been struggling to keep their operations running... Read more

World’s largest Bitcoin mining firm Core Scientific on the verge of insolvency

Oct 27 2022 Published at CryptoSlate under tags  bitcoin mining core scientific mining

Core Scientific, one of the world's largest publicly traded Bitcoin mining companies, is on the verge of insolvency. In an Oct. 26 SEC filing, the company said its operating performance and liquidity had been severely impacted by rising electricity costs and falling Bitcoin prices. The increase in...

Sep 28 2022

Data: Most Bitcoin Mining Firms Have Lost Money Over The Years

Data shows most of the public Bitcoin mining companies have been accumulating losses during their lifetimes. Bitcoin Mining Firms Have Been Losing Money Over The Years As per the latest weekly report from Arcane Research, out of the public miners in the red, Core Scientific has especially large losses of $1.3 billion. The relevant concept here is of "retained...

Aug 21 2022

What Did US Lawmakers Ask Miners Core Scientific, Riot, Marathon & Stronghold?

The four biggest US-based mining operations - Core Scientific, Marathon Digital Holdings, Riot Blockchain, and Stronghold Digital Mining - got a letter from the House Committee On Energy and Commerce. The Committee wants to know about their energy usage and “how each company is mitigating those impacts and what steps are being taken to ensure their operations do not strain the energy grid...

Aug 17 2022

This Bitcoin Miner is Selling 26,200 Rigs to Reduce Debt

Amid the crypto market crash this year, Bitcoin miners have been on a huge selling spree to cover operational costs and repay their loans. Going further, Bitcoin miner Stronghold Digital Mining Inc. is now considering...

Aug 16 2022

Bitcoin Miner Riot Q2 Update Underscores Market Conditions, Holds Over 6,000 BTC

The company still holds a large treasury and ramped up its infrastructure through a $14 million bitcoin sale and dumping over 30 million shares onto the market.Riot increased its mining fleet to over 44,000 miners and still has more than 3,000 left to deploy. The company’s bitcoin production rose 107% YoY. A $14 million bitcoin sale and a 30 million share offering...

Jul 08 2022

Here’s The Large Public Bitcoin Miner That Has Refused To Succumb To The Bears

Over the last several months, the market has watched bitcoin miner profitability plummet to new lows. These miners who are dependent on the BTC gotten from their mining activities have found themselves in a tight spot as the price of bitcoin has suffered. The result of this has been multiple miners selling off their BTC holdings to raise money to keep their operations...

Jul 06 2022

Will Marathon Digital Join Other Miners In Selling Bitcoin? CEO Weighs In

Marathon Digital is among the few miners to not have sold any of its bitcoin treasury during the latest market crash, but how long will that last?Bitcoin miners have historically sold BTC as they produced it to cover operating costs. But over the past couple of years a “HODL” strategy has permeated the industry as participants have opted to pay off expenses...

Public Miners Start Selling Bitcoin Treasuries

As June monthly production updates roll out over the next week, Core Scientific and Bitfarms have both sold nearly 50% or more of their bitcoin treasuries....

Jun 01 2022

Bear Market Outlook: Public Bitcoin Mining Companies And Their Profitability

As the market inches towards what looks to be a bear market, bitcoin investors are looking towards other blockchain avenues to weather what is expected to be a long winter. Public bitcoin miners are one of the avenues that grew to prominence through the bull rallies of 2021. The growth of the value of their stocks during this time had drawn investors to...

Apr 26 2022

The Current State Of Public Bitcoin Mining

The trend of falling hash price will force weaker miners to unplug, find more efficient energy sources and/or sell off machines or bitcoin holdings.The below is a full, free excerpt from a recent edition of Bitcoin Magazine Pro, Bitcoin Magazine's premium markets newsletter. To be among the first to receive these insights and other on-chain bitcoin market analysis straight to...

Apr 18 2022

Core Scientific Begins Reporting Daily Bitcoin Production

Bitcoin miner Core Scientific announced it would be releasing daily production numbers of self-mined BTC and called for further industry transparency.Core Scientific announced it would begin releasing daily bitcoin production metrics every day on its website. The company’s CEO called for further transparency from companies in the bitcoin mining sector.Core Scientific is a net- neutral...

Apr 08 2022

Big Crypto Miners Are Shifting Towards Europe, Middle East; Here’s Why

Major crypto miners in North America are looking to expand into regions with more power resources and less regulatory pressure. At the Bitcoin Conference 2022 in Miami on Thursday, crypto miners such as Core Scientific, Riot Blockchain, Marathon Digital, and Argo Blockchain shared their interest in expansion to Scandinavia, the Middle East, and other lightly-regulated...

Mar 15 2022

What Is Behind The Bitcoin Miner Expansion?

North America, and especially the United Estates, has become a top destination for the bitcoin mining industry. States such as Texas and Kentucky are racing to become the world's mining hub. Public bitcoin miners are planning on huge increases in hashrate in 2022, seeking to grow their bitcoin production. Bitcoin Mining Expansion A recent Arcane Research report...

Feb 08 2022

Core Scientific Mined Over 1K Bitcoin For The Second Month In A Row

The public miner deposited all bitcoin mined into custody and now holds over 6,300 BTC.Public bitcoin miner Core Scientific produced 1,077 BTC last month, a 315% increase year-over-year as its self-mining fleet reached 75,000 bitcoin mining rigs outputting 7.5 exahashes per second (EH/s) in hashrate capacity.Core Scientific’s production increased slightly from December when it mined...

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