Bitcoin miner Core Scientific has lost $1.7B this year

Core Scientific Inc., the largest U.S. publicly traded Bitcoin mining company in terms of computing power, said its loss for the first nine months of the year climbed to over $1.7 billion. The Austin, Texasbased company is among the hardest hit miners with low bitcoin prices depressing mining revenue to a record low. Soaring energy costs and more competition among miners have plummeted profit margins. Core Scientific first warned in October that it may have to file for bankruptcy if the company can’t find more funding to repay its debt that amounts to over $1 billion.