Bitcoin.com News published an Oct. 29 report on Core Scientific, a bitcoin mining company (Nasdaq CORZ), in which the shares of the company were downgraded following the Form-8-K SEC filing. Pipes downgraded shares in CORZ from Buy to Neutral and stated that ‘compressed-self-mining margins have put extra pressure on the company’s ability to fulfill its financial obligations’.
The October update, published Monday, shows that Core Scientific has 243,000 owned and colocated application-specific integrated circuits (ASICs) bitcoin mining rigs. Core Scientific was able to mine 1,295 Bitcoins using its resources over the last month. Core Scientific sold 2,285 bitcoins in the 30 days that followed, which is more than the October total.
The BTC was purchased at $19,639 per unit. In October, the company made $44.8 million. Core Scientific has approximately 62 bitcoins ( Bitcoin) and 143,000 of the 243,000 total mining rigs are hosted by Core Scientific. Core Scientific’s entire fleet is capable of self-mining 14.4 exahash per seconds (EH/s).
With its colocated fleet, the company currently has 24.4 EH/s. The company also operates facilities in Georgia and North Carolina. Core Scientific’s October update notes that the firm completed 287 MW of its Texas data center build-out. The October update doesn’t reveal any information about the firm’s financial obligations.
Core Scientific stated that it had completed a Texas data center, but also said it shut down other facilities and operations ‘to improve electrical grid stability’. According to the company’s latest update, ‘Core Scientific’ shut down its Texas data center operations and other facilities on multiple occasions in October. “Curtailments for October totaled 5,125 megawatt hours.
Core Scientific’s shares opened the day at 10.20 AM (ET), up 5% against U.S. dollars. CORZ is however down 98.82% year-to-date.