Miner Core Scientific Loses $861.7M Following Bitcoin Price Fall | news

US-based crypto mining company Core Scientific suffered a net loss of $861.7 million in April-June against revenue of $164 million.

Adjusted earnings per share were 18 cents.

Mike Levitt, the company’s CEO, has said:

“With enhanced liquidity from bitcoin sales and our committed equity facility, line of sight to improved hosting margins and manageable principal and interest payments on our liabilities, we remain well positioned to navigate current market conditions and emerge from these markets a larger, stronger and more profitable company.”

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The mining company sold 7,202 BTC or 89.4% of the Bitcoin it had on its balance sheet at the end of May in June.

The firm used the proceeds to pay for device purchases, fund capital investments in additional data center capabilities and the repayment of planned debt.

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Core Scientific mined 3,365 BTC during Q2 2022, approximately 5% more than in January-March. This was not hampered by the July heat wave, which caused an 8,157 MWh power outage at the company’s Texas facility. About 15% of total capacity is located in this state.

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