One of the world’s largest mining companies has warned of possible bankruptcy

One of the world’s largest bitcoin miners has warned of possible bankruptcy. Core Scientific does not exclude that by the end of the year it may be left without money and has already limited payments. On the news, the company’s shares on Nasdaq collapsed to almost zero.

Core Scientific told about the problems in the report. The company clarified that it could be left without means of livelihood by the end of this year or earlier, and also warned about the risks of stopping full-fledged work. The miner has already suspended part of the mandatory payments.

After the release of the report, Core Scientific shares fell 75% to $0.26.

Core Scientific’s activities were affected by the fall in the price of bitcoin, the complication of its production, and the increase in operating costs due to the rise in electricity prices, the company said.

Core Scientific reported on the possession of 24 bitcoins and money in the amount of $26.6 million at the moment . On September 30, the company had 1,051 bitcoins and $29.5 million. The company has a fleet of 232 thousand mining devices and only in September it extracted 1.2 thousand bitcoins.