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

On November 7, 2022, bitcoin mining company Core Scientific released the company’s October update after the U.S. Securities and Exchange Commission (SEC) filed the company’s Form 8-K on Nov. October 26, 2022. The filing notes that the company has been exploring “restructuring its existing capital structure.” An update published on Monday said Core Scientific sold 2,285 bitcoins at an average price of $19,639 per bitcoin.

Core Science Release October Update

On October 29, News reported on bitcoin mining company Core Scientific (Nasdaq: CORZ), when the company’s stock was downgraded by B. Riley analyst Lucas Pipes after the company Form 8-K filing with the SEC. Pipes downgrades CORZ stock to Neutral from Buy and speak “Compressed self-mining margins have put additional pressure on the company’s ability to meet its financial obligations.”

The October update published on Monday showed that the publicly listed miner has 243,000 application-specific integrated circuit (ASIC) bitcoin mining rigs located and owned. Over the course of the last month, Core Scientific managed to mine 1,295 bitcoins using the company’s resources. However, the company sold more than it made in October because it sold 2,285 bitcoins in a 30-day period.

The BTC sold for $19,639 each, and the company raked in $44.8 million from sales in October. Core Scientific holds about 62 bitcoins (BTC) as of October 31, 2022, and of the 243,000 mining rigs, 143,000 are owned by Core Scientific. The self-mining side of Core Scientific’s entire ASIC team represents 14.4 exahashes per second (EH/s).

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

Although Core Scientific says it has completed a data center in Texas, it also notes that it has closed operations and other facilities it operates “to enhance grid stability.” “In October, [Core Scientific] has shut down Texas and other data centers on a few occasions,” the company update detailed. “October sales totaled 5,125 megawatt-hours.”

Shares of Core Scientific started the day at 10:20 a.m. (ET), up 5% against the US dollar. CORZhowever, down 98.82% against the greenback so far.

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

Jamie Redman

Jamie Redman is the News Lead at News and a fintech journalist living in Florida. Redman has been an active member of the crypto community since 2011. He has a passion for Bitcoin, open source and decentralized applications. Since September 2015, Redman has written over 6,000 articles for News about the groundbreaking protocols emerging today.

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