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Largest Publicly Traded Bitcoin Mining Business in US Lost $1.7 Billion This Year

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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.

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