Bitcoin mining company Core Scientific expects its existing cash to be depleted by the end of 2022 or earlier

ChainCatcher news, Bitcoin mining company Core Scientific stated in a report submitted to the U.S. Securities and Exchange Commission that it expects its existing cash to be depleted by the end of 2022 or earlier. Currently, Core Scientific is exploring potential strategic alternatives, such as hiring strategic advisors, raising additional capital, or restructuring its existing capital structure.

In October, Core Scientific sold 2,285 bitcoins at an average price of $19,639, generating total proceeds of $44.8 million. The company's mining operations produced 1,295 bitcoins in October. As of October 31, 2022, Core Scientific held 62 bitcoins and approximately $32 million in cash.

At the end of October, Core Scientific was reported to owe several creditors, including MassMutual, BlockFi, NYDIG, and the parent company of digital asset bank Anchorage Digital, about $1 billion. A significant portion of Core Scientific's loans was used to fund hardware and infrastructure improvements, most of which began in the second half of 2021, and most of the debt is due in 2025. (source link)