I don't think they intend to go bankrupt yet, judging by their updated data that relate to the end of last year, everything looks quite optimistic so in November there were 243,000 in operation and in December 234,000 owned by both Core Scientific itself and jointly hosted ASICs (November-91,000 and December-80,500) so here's the drop mainly due to the reduction of Asics hosted by customers. In November, Core Scientific mined 1,356 BTC and 1,435 BTC in December, as well as 795 BTC and 931 BTC for customers in November and December.
Source: https://investors.corescientific.com/investors/news/news-details/2023/Core-Scientific-Announces-November-and-December-2022-Updates/default.aspx
Topic: Core Scientific Mining Company is headed for bankruptcy (Read 220 times)
$500 for an M30S ... pretty cheap.
Yes they are NiB but aren't they close to a 2 1/2 to 3 year old unit at this point.
Makes you wonder if they are going to keep them or sell them.
Back of the napkin math makes it about 1 year to RoI @$500 each with some decent power prices not accounting for other expenses so not the worst. Unless my math is wrong. But probably no warranty and last gen tech makes me wonder what the plan is for these units.
And lets face it, if any are DOA at this point MicroBT is probably going tell them too bad so sad.
-Dave
News had been around for some weeks now, I think it won't hurt the current market since as I said the news on the bankruptcy of these mining company had been around even before we see the recent spike on the price of Bitcoin.
Well we may see a good uptrend in the market then. But I still have this feeling that the market will come down once again. Maybe not for the news, but how people will trade in this market. Still very risky to buy at this point. I have seen many people only buying when the market is green and moving upward. Many have bought in the bear market around 16k, if they are just investors and want to make quick money, then they will sell if the price begins to fall again. Which will hurt the market.
Most of the companies over extended and borrowed at the peak of Bitcoins bull market.
Now the banks and investors in companies like this need to get their pound of flesh.
Poor financial management wins again.
Your first theory doesn't apply to all mining companies, if they take loans from banks at high interest during such bull markets, it's enough to bankrupt them.Now the banks and investors in companies like this need to get their pound of flesh.
Poor financial management wins again.
The bank gives the customer a high interest loan for a fixed period of time, and the loan must be repaid with the principal and profit within that period. Then the excess profit and the original combination created great pressure in this bear market. As a result, mining companies are forced to file for bankruptcy.
However, if some of the policies of the mining company, especially the financial management, have adopted unethical measures, then the mining company has to fall into a financial crisis instead of profit at the end of the year.
Poor vision, poor financial management and incompetent project starter. No one to blame for the bankruptcy of their company but the management team itself. They are too rush to start a project when they know that Bitcoin price is at its peak. They have the audacity to borrow funds when they don't have the capability to manage the system well. They rush the planning, the development and even the launch of the project. If they can only wait a little they could have been saved from the crypto crush effect of the bear market.
I don't know if any new news like this might hurt BTC again. But for a few days, we can see some significant green bars on the price chart. If something like this comes up again, then BTC will get hurt really bad this time.
We wish that this kind of thing would not happen in the upcoming future until BTC regains its strength. We all know that this kinda thing will keep on happening, as we can't stop it. But let's just hope for the best.
And the sudden inflation may have affected those companies a lot. Hopefully the others can hold onto their ground until the bear market is over.
We wish that this kind of thing would not happen in the upcoming future until BTC regains its strength. We all know that this kinda thing will keep on happening, as we can't stop it. But let's just hope for the best.
And the sudden inflation may have affected those companies a lot. Hopefully the others can hold onto their ground until the bear market is over.
News had been around for some weeks now, I think it won't hurt the current market since as I said the news on the bankruptcy of these mining company had been around even before we see the recent spike on the price of Bitcoin.
$500 for an M30S ... pretty cheap.
Following FTX's liquidity crisis and bankruptcy, the largest mining company "Core Scientific" has filed for bankruptcy. A CNBC report noted that Core Scientific Mining Company filed for bankruptcy on Wednesday morning without liquidating the company's assets. Core Scientific Company started its journey in July 2021 with assets of $4.3 billion and has brought this year to $0.078 billion as of Tuesday, December 20, 2022. Currently, the total share price of the company has fallen by 98 percent. A Reuters report attributed the current malaise of Core Scientific mining companies to the overnight drop in bitcoin prices, rising mining costs and other related factors, noting that all mining companies are currently under a lot of pressure.
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I don't know about Core Scientific on Twitter, they are really lively and they even declare expansion, so you just need to watch, but the mining company Celsius Mining announces the sale of new 2687 MicroBT M30S for ~$1.343 million, which has already been bought by the investment company Touzi Capital.
https://cases.stretto.com/public/x191/11749/PLEADINGS/1174901122380000000020.pdf
I don't know if any new news like this might hurt BTC again. But for a few days, we can see some significant green bars on the price chart. If something like this comes up again, then BTC will get hurt really bad this time.
We wish that this kind of thing would not happen in the upcoming future until BTC regains its strength. We all know that this kinda thing will keep on happening, as we can't stop it. But let's just hope for the best.
And the sudden inflation may have affected those companies a lot. Hopefully the others can hold onto their ground until the bear market is over.
We wish that this kind of thing would not happen in the upcoming future until BTC regains its strength. We all know that this kinda thing will keep on happening, as we can't stop it. But let's just hope for the best.
And the sudden inflation may have affected those companies a lot. Hopefully the others can hold onto their ground until the bear market is over.
Most of the companies over extended and borrowed at the peak of Bitcoins bull market.
That is true, the Crypto price declining, and combine with high-interest rates from bank.Boom the company will struggle especially with new company. I saw the huge layoff on a major company so a small company will most likely hited too. OP do you mean https://twitter.com/Core_Scientific I checked the Twitter and the social media pretty much still alive maybe they only filled when everything really going to wrong. I also checked their stock and the price is climbed up
Core Scientific Announces November and December 2022 Updates
Operated approximately 243,000 and 234,000 owned and colocated ASIC servers in November and December, respectively
Produced 1,356 and 1,435 self-mined bitcoin, and 795 and 931 bitcoin for colocation customers in November and December, respectively
Operated approximately 243,000 and 234,000 owned and colocated ASIC servers in November and December, respectively
Produced 1,356 and 1,435 self-mined bitcoin, and 795 and 931 bitcoin for colocation customers in November and December, respectively
Most of the companies over extended and borrowed at the peak of Bitcoins bull market.
Now the banks and investors in companies like this need to get their pound of flesh.
Poor financial management wins again.
Your first theory doesn't apply to all mining companies, if they take loans from banks at high interest during such bull markets, it's enough to bankrupt them.Now the banks and investors in companies like this need to get their pound of flesh.
Poor financial management wins again.
The bank gives the customer a high interest loan for a fixed period of time, and the loan must be repaid with the principal and profit within that period. Then the excess profit and the original combination created great pressure in this bear market. As a result, mining companies are forced to file for bankruptcy.
However, if some of the policies of the mining company, especially the financial management, have adopted unethical measures, then the mining company has to fall into a financial crisis instead of profit at the end of the year.
Given that in business, there are ups and downs, it becomes a bit of a scare when big companies experience issues like bankruptcy and can't make provisions against such occurrence.
Most businesses see the act of filing for bankruptcy as an easy way out of debts but then, less news of such events could reduce the negative backlash Bitcoin gets from it's antagonists.
Mostly what lead to companies bankruptcy is not what their always point to as being the reason, most especially Bitcoin mining companies or exchange who are quick to blame bitcoin price drop for their bankruptcy but not minding their own personal involvement in the whole process. When a company is dealing with investors money or even personal money, it is important to put in place mechanism that will help the funds to stay afloat from market crisis and the best way to hold such liquidity should have been dollar cost averaging instead holding Bitcoin as liquidity.Most businesses see the act of filing for bankruptcy as an easy way out of debts but then, less news of such events could reduce the negative backlash Bitcoin gets from it's antagonists.
Most of the companies overextended and borrowed at the peak of the Bitcoins bull market.
Now the banks and investors in companies like this need to get their pound of flesh.
Poor financial management wins again.
Agree with you, poor financial management is the major reason for companies' bankruptcy and not the market condition, some of the CEOs already funded the lavish lifestyle with investors' funds and even went on to borrow more but when the bubble cant continued it will end in bankruptcy and possible exit scam. Now the banks and investors in companies like this need to get their pound of flesh.
Poor financial management wins again.
Given that in business, there are ups and downs, it becomes a bit of a scare when big companies experience issues like bankruptcy and can't make provisions against such occurrence.
Most businesses see the act of filing for bankruptcy as an easy way out of debts but then, less news of such events could reduce the negative backlash Bitcoin gets from it's antagonists.
Most businesses see the act of filing for bankruptcy as an easy way out of debts but then, less news of such events could reduce the negative backlash Bitcoin gets from it's antagonists.
Most of the companies over extended and borrowed at the peak of Bitcoins bull market.
Now the banks and investors in companies like this need to get their pound of flesh.
Poor financial management wins again.
Now the banks and investors in companies like this need to get their pound of flesh.
Poor financial management wins again.
Following FTX's liquidity crisis and bankruptcy, the largest mining company "Core Scientific" has filed for bankruptcy. A CNBC report noted that Core Scientific Mining Company filed for bankruptcy on Wednesday morning without liquidating the company's assets. Core Scientific Company started its journey in July 2021 with assets of $4.3 billion and has brought this year to $0.078 billion as of Tuesday, December 20, 2022. Currently, the total share price of the company has fallen by 98 percent. A Reuters report attributed the current malaise of Core Scientific mining companies to the overnight drop in bitcoin prices, rising mining costs and other related factors, noting that all mining companies are currently under a lot of pressure.
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I do not know why there are a lot of FUDS and also bad news like FTX crash was very big and it may impact many other crypto company too cause it has invested in many big Crypto like Serum, Almeda Capital and much more. They many bankrupt cause they came here for a temporary and now they do not know what to do and that's why they have been exiting and shaking crypto market too. CoinDesk
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Following FTX's liquidity crisis and bankruptcy, the largest mining company "Core Scientific" has filed for bankruptcy. A CNBC report noted that Core Scientific Mining Company filed for bankruptcy on Wednesday morning without liquidating the company's assets. Core Scientific Company started its journey in July 2021 with assets of $4.3 billion and has brought this year to $0.078 billion as of Tuesday, December 20, 2022. Currently, the total share price of the company has fallen by 98 percent. A Reuters report attributed the current malaise of Core Scientific mining companies to the overnight drop in bitcoin prices, rising mining costs and other related factors, noting that all mining companies are currently under a lot of pressure.
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