How about Bitcoin mining company Core Scientific Reserves? Bitcoin mining powerhouse Core Scientific, which warned last month that it may be looking for bankruptcy protection, said that its Bitcoins fell above 8,000 before this year and 62 in October.
Bitcoin mining company Core Scientific operates the largest Bitcoin mining operation in the United States, with more than 243,000 devices in various states across the country. These operations represent approximately 10% of the total computing power currently available across the entire Bitcoin network to verify transaction data and maintain blockchain integrity.
According to the annual report, Core Scientific sold 2,285 Bitcoins at an average price of $19,639 in October, and the total value of these sales was around $44.8 million. In addition to 62 Bitcoins and a market capitalization of a total of $1.24 million for the period in question, the company also has more than $32 million in cash.
Core Scientific: There is not enough money to end the year
Bitcoin miners who took out billions of dollars in loans to finance their expansion during the bull market that began in November last year have suffered greatly due to the low price of Bitcoin, increasing costs of power and fierce competition among miners. Other miners such as Argo Blockchain PLC and Iris Energy are also struggling to repay their loans. Core has warned that it may not have enough money by the end of the year. Core Scientific’s share price has fallen nearly 98% so far this year, while since December the price of Bitcoin has fallen 55%.