News

Core Scientific May Be Closed At The End Of 2023 If The Market Continues To Be Doomsday

While attempting to find new sources of funding and make cost reductions, Core Scientific stated that there was substantial doubt about its ability to continue operations past November 2023.

The company said in a Securities and Exchange Commission filing:

“The ability to raise funds through financing and capital market transactions is subject to many risks and uncertainties and current market conditions have reduced the availability of these capital and liquidity sources. Substantial doubt exists about the Company’s ability to continue as a going concern through November 2023.”

Core Scientific’s problems are a reflection of the industry’s problems, which include rising power costs, falling Bitcoin prices, and harder mining. Argo reported experiencing negative cash flow, while Compute North had already declared bankruptcy.

Core Scientific also reported third-quarter sales of $162.6 million, a 0.9% decrease from the prior quarter. The first nine months of the year had a total net loss of $1.7 billion, down from the second quarter’s $862 million and the quarter’s net loss of $434.8 million.

The miner had previously issued a warning that it might run out of money by the end of the year and would be unable to make payments by the end of October.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Harold

Coincu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

Recent Posts

Gate.io Launches USDE Financial Products with Annualized Returns of Up to 54%, Ushering in a High-Return Era for Stablecoin Investments

Nov 18th, Panama - Gate.io, a global leader in digital asset trading, has officially unveiled…

60 minutes ago

Bitdeer Convertible Notes Worth $360 Million Offered for Expansion Efforts

The Bitdeer convertible notes offer a 42.5% conversion premium, allowing conversion into cash with the…

1 hour ago

Sui Foundation Enters into Strategic Partnership with Franklin Templeton Digital Assets

Grand Cayman, Cayman Islands, 22nd November 2024, Chainwire

2 hours ago

Best Cryptos to Invest in December 2024: Qubetics Surges Past $2.6M as Solana Records Big Whale Pump and Polkadot Aims for $6

Best Cryptos to Invest in December 2024: Qubetics surges past $2.6M, Solana’s whale pump ignites…

3 hours ago

Bitcoin Trader Turned $100M in His 20s—Now Reveals 5 Altcoins to Build a $50M Portfolio, With Memecoins Leading the Way!

As Bitcoin reaches unprecedented heights and the market surges, he's highlighting five altcoins poised for…

5 hours ago

Which Crypto Will Explode in the 2024-2025 Bull Run?

With the crypto market reaching new peaks, many are eager to discover digital currencies poised…

5 hours ago

This website uses cookies.