One of the world’s largest bitcoin miners has warned of a possible bankruptcy. Core Scientific does not rule out that at the end of the year it will run out of money and already have limited payments. On the news, the company’s shares on the Nasdaq collapsed to almost zero.

One of the world’s largest mining companies warns of possible bankruptcy

Core Scientific discussed the problems with the report. The company clarified that it could run out of support at the end of this year or earlier, and also warned about the risks of paralyzing full-fledged work. The mining company has already suspended part of the mandatory payments.

Following the release of the report, Core Scientific shares fell 75% to $0.26.

Core Scientific’s activity was affected by the fall in the price of bitcoin, the complication of its production, the increase in operating costs due to the rise in electricity prices, the company said.

Core Scientific reported current ownership of 24 bitcoins and money in the amount of $26.6 million. On September 30, the company had 1,051 bitcoins and $29.5 million. The company has a fleet of 232,000 mining devices and mined 1,200 bitcoins in September alone.

Author:

Kirill Bilyk

Source: RB

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I am Bret Jackson, a professional journalist and author for Gadget Onus, where I specialize in writing about the gaming industry. With over 6 years of experience in my field, I have built up an extensive portfolio that ranges from reviews to interviews with top figures within the industry. My work has been featured on various news sites, providing readers with insightful analysis regarding the current state of gaming culture.

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