Massive Bitcoin Miner May Go Bankrupt

Marble, NC
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 loansArgo Blockchain (ARBK) and Greenidge Generation (GREE) have also said they are strapped for cash.

“We anticipate that existing cash resources will be depleted by the end of 2022 or sooner,” Core Scientific said in its third-quarter earnings report, filed with the U.S. Securities and Exchange Commission on Tuesday. “Depending on our assumptions regarding the timing and ability to achieve more normalized levels of operating revenue, the estimates of amounts of required liquidity vary significantly. Similarly, it is very difficult to predict when or if bitcoin prices will recover or energy costs will abate.”

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1 year ago

This and other crypto failures are all baked into the cake. The bankruptcies and thefts of cryptos via hacks are each and all orchestrated to culminate in the justification for and the rollout of the one world digital currency-one of the final hurdles before the appearance of the antichrist. Orders of business include getting out of financial markets and less-than-liquid instruments, convert cash into usable and barterable goods, be prepared to live in an alternate economy that will reward basic skills, basic tools for survival and other survival needs. Lastly be prepared for when security and mobility are extremely important for survival. Time is growing shorter still-repent while you can.

Joe Blow
Joe Blow
1 year ago
Reply to  realwesterner

Sadly I can only give this one thumbs up.
Spot on Sir!!!

1 year ago

Ha! So i am digging into this Crypto-mining thing cause I have no clue. None, zero zip zilch.

Wife asks, “watcha reading” so I told her.
Damn if she didnt know about it and what it was.
Even gave me a short disertation.
So I finish reading what it was.

Damned if she wasnt right!!!

To say I was stunned ….is a understatement.
Ya have to understand she makes me look like a computer genius dealing with that box.

She knew cause she does her own Investing stuff on the side.
Turns out she has dabbled in that minimg crap.

She’s the brains of this outfit.

I’m just the wrecking ball and quite accomplished at it.
It’s a gift😂😂😂

Now if I could just get her Interested in The Intell Analysis discipline.

1 year ago

Crypto served many purposes:
1. Sucked money out of get-rich-quick suckers
2. Provided a live test-bed for trading, clearing, etc for coming CBDCs, while using other people’s money
3. Built public credibility in cryptos that will be needed for adoption of CBDCs.
4. Insiders got rich and cashed out


[…] Read (or reread) this article. Then read this article. […]

Joe Blow
Joe Blow
1 year ago

Poorly run businesses fail every day. The carnage in the crypto space is severe, you’re talking about some very big swings, think tulip mania at the end. Factor in most of these people are young (and dumb and full of…) with no “real world” business experience (SBF!), and its not hard to see the dots connecting themselves. This implosion is wholly predictable, as will be the governments response!
Never let a crisis go to waste, especially if you have to manufacture it!