all about cryptop referances
On November 7, 2022, bitcoin mining company Core Scientific released the company’s October update following the company’s Form 8-K US Securities and Exchange Commission (SEC) filing on October 26, 2022. The filing noted that the company was in the process of exploring “restructuring its existing capital structure.” ” The update published on Monday indicates that Core Scientific sold 2,285 bitcoins at an average price of $19,639 per bitcoin.
On October 29, Bitcoin.com News reported on bitcoin mining company Core Scientific (Nasdaq: CORZ ), as the company’s stock was downgraded by B. Riley analyst Lucas Pipes following the firm’s Form 8-K SEC filing. Pipes downgraded shares of CORZ to Neutral from Buy, saying “compressed self-recovery margins have put additional pressure on the company’s ability to meet its financial obligations.”
The October update published on Monday shows that the publicly traded mining company has 243,000 co-located and owned application-specific integrated circuit (ASIC) bitcoin mining rigs. During the last month, Core Scientific managed to mine 1295 bitcoins with the company’s resources. However, the company sold more than it earned in October, when it sold 2,285 bitcoins during the 30-day period.
BTC was sold for $19,639 per unit and the company raised $44.8 million from the sale in October. Core Scientific has approximately 62 bitcoin (BTC) as of October 31, 2022, and of its fleet of 243,000 mining rigs, 143,000 are self-hosted by Core Scientific. The self-mining side of Core Scientific’s entire fleet of ASICs represents 14.4 exahash per second (EH/s).
The company has a total of 24.4 EH/s with the co-located fleet 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 data center deployment in Texas.” However, the October update does not reveal anything about meeting the firm’s financial obligations.
While Core Scientific said it completed a data center in Texas, it also noted that it shut down operations and other facilities it operates “to improve the stability of the electric grid.” “In the month of October was [Core Scientific] struck by Texas and other data center operations on multiple occasions,” the company update details. “October restrictions totaled 5,125 megawatt-hours.”
Core Scientific’s shares started the day at 10:20 a.m. (ET) up 5% against the US dollar. However, CORZ is down 98.82% against the dollar so far this year.
What do you think of Core Scientific’s October update? Let us know what you think about this topic in the comments section below.
Image credit: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or an endorsement or recommendation of products, services or companies. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is directly or indirectly responsible for damages or losses caused or alleged to be caused by or in connection with the use of or reliance on content, goods or services mentioned in this article.
