Public-traded Bitcoin mining company Core Scientific has lost about $1.7 billion since the start of the year, according to its quarterly report filed with the United States Securities and Exchange Commission (SEC) on Tuesday.
The filing shows that the firm recorded its second consecutive quarterly loss at the end of Q3. The Bitcoin miner lost $435 million in Q3 and $862 million in Q2, bringing its net loss for the year to a staggering $1.7 billion.
Core Scientific Seeks Fresh Capital
Core Scientific said it needed fresh capital before continuing operations this month. The firm also noted that it anticipates its existing cash resources to be depleted sooner or by year-end.
“Given the uncertainty regarding the Company’s financial condition, substantial doubt exists about the Company’s ability to continue as a going concern through November 2023,” the firm said.
The Bitcoin mining company holds $32 million in cash and 62 BTC as of October, down from 8,000 at the beginning of the
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