Core Scientific Bitcoin Mining Company Lost Over $1.7 Billion This Year

Core Scientific Inc., the largest publicly traded U.S. Bitcoin miner in terms of computing power, said its losses for the first nine months of the year totaled more than $1.7 billion.

According to Bloomberg, Core Scientific Inc., the largest bitcoin mining company listed in the United States, said its losses increased to more than $1.7 billion in the first nine months of this year due to soaring energy costs and intense competition among miners has resulted in a sharp drop in profit margins.

The Austin, Texas-based company was one of the hardest hit miners with low Bitcoin prices sending mining revenue dropping to record lows.

The company held $32 million in cash and 62 bitcoins at the end of October, down from more than 8,000 at the start of the year. The company expects existing cash resources to dry up by the end of 2022 or earlier, and misses some repayments in October.

Core Scientific first warned in October that it could file for Chapter 11 bankruptcy if it can’t find more money to pay off more than $1 billion in debt. This can have a wide impact on the mining industry given the size of the company. The company lost $434 million in the third quarter.

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