Core Scientific (CORZ), the world’s largest publicly listed miner by computing power, ended October with $32.2 million in cash and 62 BTC ($975,000) and reiterated that it may run out of money before the end of the year.
The company first warned of bankruptcy risk about a month ago, sending its shares plummeting about 80% on Nasdaq. The miner had 1,051 BTC and $29.5 million in cash at the end of September.
Core Scientific is one of several miners struggling to keep afloat as rising energy prices increase costs, and a stubbornly low bitcoin price slashes revenue. Compute North filed for Chapter 11 bankruptcy in late September, and Iris Energy has received a notice of default on its loans. Argo Blockchain (ARBK) and Greenidge Generation (GREE) have also said they are strapped for cash.coindesk Bitcoin Mining Giant Core Scientific Ended October With $32M in Cash