Bitcoin-Mining Giant Core Posts $862 Million Loss on Price Drop

Aug. 11, 2022, 9:23 PM

Core Scientific Inc. the largest US publicly-traded Bitcoin miner by computing power, had a second-quarter loss of $862 million tied to the collapse of cryptocurrency prices.

In the year-earlier period, the Austin, Texas-based company had a net loss of $3.4 million. That recent quarterly loss included a $840 million impairment of good will. Bitcoin tumbled 59% in the three months ended June 30. Revenue more than doubled to $164 million.

Core Scientific has the largest computing power with over 200,000 servers and 800,000 square feet of data centers across five states including Texas, Georgia and Kentucky. It expects to have …