Bitcoin mining company Core Scientific reports a $400 million quarterly loss – crypto.news
Core Scientific, a Bitcoin (BTC) mining company, may be the next to file for bankruptcy after reporting a third-quarter loss of more than $400 million. The business, regarded as the biggest publicly traded Bitcoin miner in the US, has now lost a staggering $1.7 billion for the year after a new SEC filing revealed a loss of $434 million for the third quarter. In its most recent filing, the firm naglalagay that management had actively taken initiatives to cut operational costs, remove and postpone development expenses, reduce and delay capital expenditures, and improve hosting revenues. Is bankruptcy looming? The firm also mentioned that several debt payments due in October of this year had not been made, and it predicted that its creditors would sue it as a consequence. In October, Core Scientific acknowledged that the company would go bankrupt and was on the verge of doing so. For assistance in assessing strategic options, the business has already retained the law firm Weil, Gotshal & Manges LLP, and PJT Partners LP as financial consultants. Core Scientific had $32 million in cash and 62 bitcoins as recently as last month. This decreased considerably from the company‘s prior position of 8,000 BTC before the second quarter when