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Bitcoin Miner Firm Core Scientific Posts $400 Million Quarterly Loss – Bankruptcy Soon?

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Bitcoin (BTC) mining firm Core Scientific could be next in line for a bankruptcy filing, after posting a loss of well over $400m in the third quarter.The company, which is known as the largest publicly listed Bitcoin miner in the US, has now lost a whopping $1.7bn for the year after a new SEC filing revealed a third quarter loss of $434m.“Management has been actively taking steps to decrease operating costs, eliminate and delay construction expenses, reduce and delay capital expenditures and increase hosting revenues,” the company commented in the latest filing.It added that certain debt payments that were due in October this year have not been made, and said it expects creditors to take legal actions against it as a result.Core Scientific in October admitted that it was about to run out of money, and said at the time that bankruptcy is a possibility.

The company has already engaged the law firm Weil, Gotshal & Manges LLP as legal advisers, and PJT Partners LP as financial advisers to assist in evaluating strategic alternatives.As recently as last month, Core Scientific held $32m in cash and 62 BTC.

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