shlomo Posted November 22, 2022 Share Posted November 22, 2022 Core Scientific (CORZ), the world's largest publicly listed miner by computing power, ended October with $32.2 million in cash and 62 BTC ($975,000) and reiterated that it may run out of money before the end of the year. The company first warned of bankruptcy risk about a month ago, sending its shares plummeting about 80% on Nasdaq. The miner had 1,051 BTC and $29.5 million in cash at the end of September. Core Scientific is one of several miners struggling to keep afloat as rising energy prices increase costs, and a stubbornly low bitcoin price slashes revenue. Compute North filed for Chapter 11 bankruptcy in late September, and Iris Energy has received a notice of default on its loans. Argo Blockchain (ARBK) and Greenidge Generation (GREE) have also said they are strapped for cash. "We anticipate that existing cash resources will be depleted by the end of 2022 or sooner," Core Scientific said in its third-quarter earnings report, filed with the U.S. Securities and Exchange Commission on Tuesday. "Depending on our assumptions regarding the timing and ability to achieve more normalized levels of operating revenue, the estimates of amounts of required liquidity vary significantly. Similarly, it is very difficult to predict when or if bitcoin prices will recover or energy costs will abate." The mining firm is in talks with creditors to restructure its debt and raise capital. One lender, BlockFi, has been caught in the crossfire of crypto exchange FTX's collapse. The exchange had promised to bail out BlockFi with a $400 million credit facility, and that's now not likely to materialize. Core Scientific had about $54 million outstanding to BlockFi as of Sept. 30. Core Scientific has been affected by the bankruptcy of lender Celsius's mining arm, one of its biggest clients. Celsius Mining filed for Chapter 11 bankruptcy in July, and in September sued Core Scientific claiming that it violated automatic stay terms. Core Scientific claims Celsius owes it $5.2 million as of Sept. 30. Quote Link to comment Share on other sites More sharing options...
PeanutButter Posted November 22, 2022 Share Posted November 22, 2022 good Quote Link to comment Share on other sites More sharing options...
Former postman Posted November 22, 2022 Share Posted November 22, 2022 Lol rekt Quote Link to comment Share on other sites More sharing options...
shlomo Posted November 22, 2022 Author Share Posted November 22, 2022 https://www.coindesk.com/business/2022/11/22/bitcoin-mining-giant-core-scientific-ended-october-with-32m-in-cash/ Quote Link to comment Share on other sites More sharing options...
pandabear Posted November 22, 2022 Share Posted November 22, 2022 So, for some reason, buying computers and burning energy day and night for a pyramid scheme suddenly seems like a bad idea…. Quote Link to comment Share on other sites More sharing options...
scottbeard Posted November 22, 2022 Share Posted November 22, 2022 1 minute ago, pandabear said: So, for some reason, buying computers and burning energy day and night for a pyramid scheme suddenly seems like a bad idea…. Whereas burning energy day and night and risking people's lives digging up gold, only to re-bury it again in a bank vault, does...? Quote Link to comment Share on other sites More sharing options...
PeanutButter Posted November 22, 2022 Share Posted November 22, 2022 Just now, scottbeard said: Whereas burning energy day and night and risking people's lives digging up gold, only to re-bury it again in a bank vault, does...? Yes Quote Link to comment Share on other sites More sharing options...
shlomo Posted November 22, 2022 Author Share Posted November 22, 2022 (edited) 5 minutes ago, pandabear said: So, for some reason, buying computers and burning energy day and night for a pyramid scheme suddenly seems like a bad idea…. Edited November 22, 2022 by shlomo Quote Link to comment Share on other sites More sharing options...
Mandalorian Posted November 22, 2022 Share Posted November 22, 2022 1 minute ago, shlomo said: That doesn't look right. Quote Link to comment Share on other sites More sharing options...
shlomo Posted November 22, 2022 Author Share Posted November 22, 2022 Just now, Mandalorian said: That doesn't look right. Based on the number of Bitcoin transactions that took place over a 12 month period, we estimate that the total energy usage to be roughly 123 Terawatt Hours (TWh) or 123 billion kWh. This means that Bitcoin alone uses more energy than 185 countries and is comparable to the annual energy consumption of Norway. https://www.moneysupermarket.com/gas-and-electricity/features/crypto-energy-consumption/#:~:text=Based on the number of,annual energy consumption of Norway. ..are you trying to say moneysupermarket is wrong Quote Link to comment Share on other sites More sharing options...
14stFlyer Posted November 22, 2022 Share Posted November 22, 2022 Colour scheme is wrong way around but is instructive. Quote Link to comment Share on other sites More sharing options...
scottbeard Posted November 22, 2022 Share Posted November 22, 2022 2 minutes ago, PeanutButter said: Yes Glad you've cleared that up without having to resort to explaining "why" Quote Link to comment Share on other sites More sharing options...
shlomo Posted November 22, 2022 Author Share Posted November 22, 2022 1 minute ago, 14stFlyer said: Colour scheme is wrong way around but is instructive. yep, that would make sense Quote Link to comment Share on other sites More sharing options...
HousePriceTooHigh Posted November 22, 2022 Share Posted November 22, 2022 "bitcoin is an inflation hedge" .... I think the real value of a btc is closer to $5k. Its been one big "exchange" ponzi prop for several years Quote Link to comment Share on other sites More sharing options...
Wurzel Of Highbridge Posted November 22, 2022 Share Posted November 22, 2022 Personally looking forward to lower energy prices of the back of this Quote Link to comment Share on other sites More sharing options...
nero120 Posted November 22, 2022 Share Posted November 22, 2022 (edited) 35 minutes ago, scottbeard said: Glad you've cleared that up without having to resort to explaining "why" "5000 years as a store of value" is the only explanation you should need. If you can't understand that then the original answer of "Yes" was appropriate for you. Edited November 22, 2022 by nero120 Quote Link to comment Share on other sites More sharing options...
Staffsknot Posted November 22, 2022 Share Posted November 22, 2022 Flagged this a few weeks back and the crypto bros went off about how GeForce sales prove its a lie... denial stage after FTX crunch Quote Link to comment Share on other sites More sharing options...
Blobsy Posted November 22, 2022 Share Posted November 22, 2022 It all reminds me of the collapse of the Easer Island inhabitants through destroying their environment in the building of those daft statues. Quote Link to comment Share on other sites More sharing options...
MonsieurCopperCrutch Posted November 22, 2022 Share Posted November 22, 2022 So much ignorance on here. But the replies on this very thread can be summed up as: tell me you don't know about the difficulty adjustment without telling me you don't know about the difficulty adjustment. Keep simping over the bankster cartels. They'll throw you a penny one day I'm sure. 🤡🤡🤡🤡 Quote Link to comment Share on other sites More sharing options...
MonsieurCopperCrutch Posted November 22, 2022 Share Posted November 22, 2022 1 hour ago, Staffsknot said: Flagged this a few weeks back and the crypto bros went off about how GeForce sales prove its a lie... denial stage after FTX crunch Miners used ASICS not graphics crads you clown. 🤣🤣🤣🤣 Quote Link to comment Share on other sites More sharing options...
Huggy Posted November 22, 2022 Share Posted November 22, 2022 When I got into crypto just under 9 years ago, I knew Bitcoin could either go to a million each, or go to nothing, or indeed anywhere in between. Nailed that forecast 100% It's why I both bought in the first place, and why I didn't put in more than I could afford to lose. I'll buy another at £10k, definitely another at £5k. Any lower, and next year's bonus might be allocated in full to filling my sackz of profitz right to the brim. Quote Link to comment Share on other sites More sharing options...
Huggy Posted November 22, 2022 Share Posted November 22, 2022 Anyway, doesn't the difficulty just reduce with fewer miners, which then lowers the power requirements, thus making it profitable even with high electricity costs again? Quote Link to comment Share on other sites More sharing options...
skrillex Posted November 23, 2022 Share Posted November 23, 2022 1 hour ago, Huggy said: Anyway, doesn't the difficulty just reduce with fewer miners, which then lowers the power requirements, thus making it profitable even with high electricity costs again? Yes. Miners come and go. Mining difficulty adjusts. Bitcoin keeps chugging along fine. Quote Link to comment Share on other sites More sharing options...
Confusion of VIs Posted November 23, 2022 Share Posted November 23, 2022 1 hour ago, Huggy said: Anyway, doesn't the difficulty just reduce with fewer miners, which then lowers the power requirements, thus making it profitable even with high electricity costs again? It does, but also implies that less mining capacity is needed, so the financially weakest (shallow pockets or higher costs) will be pushed out of the market. Quote Link to comment Share on other sites More sharing options...
PeanutButter Posted November 23, 2022 Share Posted November 23, 2022 3 hours ago, Wurzel Of Highbridge said: Personally looking forward to lower energy prices of the back of this Personally looking forward to lower chip prices off the back of this. Personally looking forward to less spruiking, hard selling and ‘don’t miss the boat’ fear mongering from vested interests. Quote Link to comment Share on other sites More sharing options...
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