Core Scientific, a mining company, has lost more than $1.7 billion this year

BlockBeats news, November 23, according to Bloomberg, listed Bitcoin mining company Core Scientific said its losses in the first nine months of this year climbed to more than $1.7 billion, as soaring energy costs and increased competition among miners led to a sharp drop in profit margins. Core Scientific first warned in October that if the company could not find more funds to repay its more than $1 billion in debt, it might have to file for bankruptcy protection. The company lost $434 million in the third quarter. As of the end of October, the company held $32 million in cash and 62 bitcoins, down from more than 8,000 earlier this year. It sold most of its Bitcoin holdings in the second quarter as Token prices plummeted by more than 60% and electricity costs soared due to the US heat wave. Core Scientific expects existing cash resources to be exhausted by the end of 2022 or earlier, and failed to repay part of its debt in October. It may seek relief under applicable bankruptcy laws, and given the size of the company, bankruptcy could have a wide impact on the mining industry.