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Home Bitcoin (BTC)

Publicly Listed Bitcoin Miner Core Scientific Publishes Update After SEC Filing That Mentions ‘Restructuring’ – Mining Bitcoin News

btclive365 by btclive365
November 8, 2022
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On Nov. 7, 2022, the bitcoin mining firm Core Scientific released the company’s October update after the company’s Form 8-K U.S. Securities and Exchange Commission (SEC) filing on Oct. 26, 2022. The filing noted that the company was in the process of exploring “restructuring its existing capital structure.” The update published on Monday indicates that Core Scientific sold 2,285 bitcoins at an average price of $19,639 per bitcoin.

Core Scientific Releases October Update

On Oct. 29, Bitcoin.com News reported on the bitcoin mining firm Core Scientific (Nasdaq: CORZ), as the company’s shares were downgraded by the B. Riley analyst Lucas Pipes following the firm’s Form 8-K SEC filing. Pipes downgraded shares of CORZ to Neutral from Buy and said “compressed self-mining margins have exerted extra pressure on the company’s ability to meet its financial obligations.”

The October update published on Monday shows that the publicly listed mining company has 243,000 colocated and owned application-specific integrated circuit (ASIC) bitcoin mining rigs. During the course of last month, Core Scientific managed to mine 1,295 bitcoins with the firm’s resources. However, the company sold more than it made in October as it sold 2,285 bitcoins during the 30-day span.

The BTC was sold for $19,639 per unit and the company raked in $44.8 million from the sales in October. Core Scientific holds approximately 62 bitcoin (BTC) as of October 31, 2022, and out of the fleet of 243,000 mining rigs, 143,000 are self-hosted by Core Scientific. The self-mining side of Core Scientific’s entire fleet of ASICs represents 14.4 exahash per second (EH/s).

The company has a total of 24.4 EH/s with the colocated fleet it operates and the company operates facilities in Georgia, Kentucky, North Carolina, and North Dakota. Core Scientific’s update does note that the firm has “completed 287 MW of its data center build-out in Texas.” However, the October update does not disclose anything about meeting the firm’s financial obligations.

While Core Scientific did say it finished a data center in Texas it also noted that it powered down the operation and other facilities it operates “to enhance electrical grid stability.” “In the month of October, the [Core Scientific] powered down its Texas and other data center operations on several occasions,” the company’s update details. “Curtailments in October totaled 5,125 megawatt-hours.”

Core Scientific’s shares started the day at 10:20 a.m. (ET) up 5% against the U.S. dollar. CORZ, however, is down 98.82% against the greenback year-to-date.

Tags in this story
24 BTC, analyst, B. Riley analyst, bankrupt, Bankruptcy, Bitcoin (BTC), bitcoin miner, Bitcoin Miners, BTC, BTC miner, BTC Price, Core Scientific, Core Scientific’s SEC filing, CORZ, CORZ downgrade, mining, nasdaq, negative exposure, October update, reserves, restructuring, SEC

What do you think about Core Scientific’s October update? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.




Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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