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

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.

Oct Update on Core Scientific Releases

On Oct. 29, 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.”

According to the Monday update, Core Scientific has 240,000 owned and colocated ASIC (application-specific integrated circuit) bitcoin mining machines. During the course of last month, Core Scientific managed to mine 1,295 bitcoins with the firm’s resources. The company did sell more bitcoins than in October, however. It sold 2,285 bitcoins over the course of the 30-day period.

BTC were sold at $19 639 per unit, and the company earned $44.8 millions from October’s sales. Core Scientific currently holds about 62 Bitcoin (BTC). Of the 243,000 total mining rigs in its fleet, only 143,000 were hosted by Core Scientific. The self-mining side of Core Scientific’s entire fleet of ASICs represents 14.4 exahash per second (EH/s).

Core Scientific has 24.4 EH/s total with its colocated fleet. It also owns 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 up 98.82% compared to the greenback for the year.

This story contains tags
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

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Jamie Redman

Jamie Redman, a Florida-based financial journalist and news lead at News is Jamie Redman. Redman joined the cryptocurrency community in 2011 and has been an active member ever since. Since 2011, Redman has been an active member of the cryptocurrency community. Redman is a prolific writer for News, with over 6,000 articles on disruptive protocols.

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