Bitcoin miner Core_Scientific said it had $32 million in cash at end-October and warned it could run out by the end of the year. By egreechee.
"We anticipate that existing cash resources will be depleted by the end of 2022 or sooner," Core Scientific said in its."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 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.
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