tl;dr:
- Core Scientific reiterated it could run out of cash before the end of the year as lawsuits are piling up.
- Core Scientific has been affected by the bankruptcy of lender Celsius’s mining arm, one of its biggest clients.
- Two other companies sued CORZ in November: Sphere 3D (ANY) and McCarthy Building Companies. A class-action lawsuit was filed in the same month in Texas courts alleging failures to disclose important information to investors.
What the title says. This is different from centralized crypt0 exchanges going down. Mining bitcoin is only profitable if you have free infinite energy, and you are a hardware vendor. Seems that Core Scientific run out of money.
Related story: https://www.coindesk.com/business/2022/11/22/bitcoin-mining-giant-core-scientific-ended-october-with-32m-in-cash/
Here’s an aerial photo of a mining operation site of theirs:
