Core Scientific Inc., the largest publicly traded Bitcoin mining business in the U.S., reported a $1.7 billion loss for the first nine months of the year. The Austin, Texas-based business is one of the miners that has been most hit, as low Bitcoin prices have caused mining revenue to drop to an all-time low.
Profit margins have collapsed as a result of rising energy prices and increased mining competition. Core Scientific initially issued a warning in October that it might have to declare bankruptcy if it can’t obtain more capital to pay off its debt, which totals more than $1 billion. It suffered a $434 million loss in the third quarter.