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

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

Chief scientists release October update

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On October 29, News reported bitcoin mining firm Core Scientific (Nasdaq: chorzo), because the shares of the company were transferred to B. Riley was downgraded by analyst Lucas Pipes following the firm’s decline. Form 8-K SEC Filing, Pipes downgraded CORZ’s shares from buy to neutral and Told “The narrowing self-mining margin puts additional pressure on the company’s ability to meet its financial obligations.”

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October Update Published on Monday it shows that the publicly listed mining company has 243,000 colocated and proprietary application-specific integrated circuit (ASIC) bitcoin mining rigs. During the past month, Core Scientific managed to mine 1,295 bitcoins with the firm’s resources. However, the company sold more than in October as it sold 2,285 bitcoins over the course of 30 days.

B T c was sold for $19,639 per unit and the company earned $44.8 million from sales in October. Core Scientific has about 62 bitcoins (B T c) as of October 31, 2022, and out of a fleet of 243,000 mining rigs, 143,000 are self-hosted by the core scientist. The self-mining side of Core Scientific’s entire fleet of ASICs represents 14.4 exahash per second (EH/s).

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

While Core Scientific said that it has terminated a data center in Texas, it also noted that it will ramp up operations and other facilities it operates “to enhance electrical grid stability.” “In the month of October, [Core Scientific] operated its Texas and other data center operations on several occasions, “the company updated details. “The October reductions totaled 5,125 megawatt-hours.”

Shares of Core Scientific started the day up 5% against the US dollar at 10:20 am (ET). chorzoHowever, year-on-year is down 98.82% against the greenback.

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

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