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

On Nov. 7, 2022, the bitcoin mining steadfast Core Scientific released the company’s October update aft the company’s Form 8-K U.S. Securities and Exchange Commission (SEC) filing connected Oct. 26, 2022. The filing noted that the institution was successful the process of exploring “restructuring its existing superior structure.” The update published connected Monday indicates that Core Scientific sold 2,285 bitcoins astatine an mean terms of $19,639 per bitcoin.

Core Scientific Releases October Update

On Oct. 29, Bitcoin.com News reported connected the bitcoin mining steadfast Core Scientific (Nasdaq: CORZ), arsenic the company’s shares were downgraded by the B. Riley expert Lucas Pipes pursuing the firm’s Form 8-K SEC filing. Pipes downgraded shares of CORZ to Neutral from Buy and said “compressed self-mining margins person exerted other unit connected the company’s quality to conscionable its fiscal obligations.”

The October update published connected Monday shows that the publically listed mining institution has 243,000 colocated and owned application-specific integrated circuit (ASIC) bitcoin mining rigs. During the people of past month, Core Scientific managed to excavation 1,295 bitcoins with the firm’s resources. However, the institution sold much than it made successful October arsenic it sold 2,285 bitcoins during the 30-day span.

The BTC was sold for $19,639 per portion and the institution raked successful $44.8 cardinal from the income successful October. Core Scientific holds astir 62 bitcoin (BTC) arsenic of October 31, 2022, and retired of the fleet of 243,000 mining rigs, 143,000 are self-hosted by Core Scientific. The self-mining broadside of Core Scientific’s full fleet of ASICs represents 14.4 exahash per 2nd (EH/s).

The institution has a full of 24.4 EH/s with the colocated fleet it operates and the institution operates facilities successful Georgia, Kentucky, North Carolina, and North Dakota. Core Scientific’s update does enactment that the steadfast has “completed 287 MW of its information halfway build-out successful Texas.” However, the October update does not disclose thing astir gathering the firm’s fiscal obligations.

While Core Scientific did accidental it finished a information halfway successful Texas it besides noted that it powered down the cognition and different facilities it operates “to heighten electrical grid stability.” “In the period of October, the [Core Scientific] powered down its Texas and different information halfway operations connected respective occasions,” the company’s update details. “Curtailments successful October totaled 5,125 megawatt-hours.”

Core Scientific’s shares started the time astatine 10:20 a.m. (ET) up 5% against the U.S. dollar. CORZ, however, is down 98.82% against the greenback year-to-date.

What bash you deliberation astir Core Scientific’s October update? Let america cognize what you deliberation astir this taxable successful the comments conception below.

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