Bitcoin Miner Update (Patreon)

After the CORZ news - and per my last few miner videos the miners I am worried about are those with heavy debt loads - ie those with a lot of red above. 

CLSK HUT and RIOT are close to debt free so far less concerned. 

Bitcoin price needs to rebound or we will see other casualties - per my July 2022 video. 

Re CORZ:

Core Scientific (CORZ) will not make debt payments due in October and November, according to a new securities filing. Shares of the bitcoin mining company were down as much as 76% on Thursday morning.

Core said it's exploring alternatives to its capital structure and is working with financial and legal advisers but noted that it might have to file for bankruptcy. — in which case common stock holders would completely lose their investments.

“Given the uncertainty regarding the Company’s financial condition, substantial doubt exists about the Company’s ability to continue,” Core stated in the filing with the Securities and Exchange Commission

Bitcoin mining companies such as Core often take on debt to remain competitive in a business with heavy capital expenditures in the form of mining equipment, facilities, and electricity costs. These companies have become cash-strapped due to rising costs of electricity and plummeting cryptocurrency prices.