Core Scientific warns of 'substantial doubt' to continue operations, posts $435 million loss

 Bitcoin miner Core Scientific will need extra liquidity to keep operations going past November 2023 — and it's facing a steep uphill battle to do so. The miner also posted revenue of $162.6 million in the third quarter, down 0.9% from the previous period. 

The company had already warned that it might run out of cash by the end of the year and that it would not make payments in late October. Core's woes reflect the struggles of the industry, which has faced rising power costs combined with decreased bitcoin prices and higher mining difficulty. Compute North has already filed for bankruptcy, while Argo said it was facing negative cash flow.