Core Scientific

The most efficient bitcoin-mining machines are selling for 77% less than last year. The machines, used to process transactions, currently cost about $24 per 100 “terahashes,” a measure of the machine’s computing power, according to mining-services firm Luxor Technology Corp. Last year the same machines cost about $106. Mining companies like Core Scientific Inc. CORZ 5.29% expanded rapidly during the bull run, sometimes borrowing hundreds of millions to buy hardware and…

Core Scientific Inc., one of the world’s largest miners of Bitcoin, warned that it may run out of cash. Core Scientific Inc., one of the world's largest miners of Bitcoin, warned that it may run out of cash by the end of the year and could seek relief through bankruptcy protection. Operating performance and liquidity have been severely impacted by the prolonged drop in the price of Bitcoin, a rise in electricity costs, increased competition and litigation with bankrupt Celsius Networks LLC, the Austin, Texas-based…