Marktupdate: Core Scientific en Iris Energy problemen verdiepen zich terwijl Bitcoinprijs worstelt rond $16K

Voor het grootste deel van dit jaar hebben Bitcoin‑mijnbouwbedrijven onder druk gewerkt tegen een ongunstige macro‑omgeving en een verlengde bearmarkt voor digitale activa. De tot nu toe vrijgegeven kwartaal‑ (Q3) operationele en financiële rapporten hebben aangetoond dat de meeste miners zich in een uitgeputte financiële toestand bevinden, waarbij sommigen een mogelijke faillissement tegemoet zien als de huidige omstandigheden aanhouden of verergeren. Capriole Fund‑oprichter en crypto‑economics‑modelanalist Charles Edwards merkte maandag op dat de markt de “meest agressieve miner‑verkoop in bijna 7 jaar” ziet, en voegde daaraan toe dat de druk op Bitcoin‑miners met 400 % is gestegen sinds het begin van de maand.

Bloedbad voor Bitcoin-mijnwerkers

Troubled miner Core Scientific is one seemingly headed down the latter path. In its quarterly report filed with the SEC on Tuesday (Nov 22), the Texas-based mining firm divulged that it is considering winding down operations in the absence of additional funds as its cash resources could be depleted before or by the end of the year.

“Gezien de onzekerheid over de financiële situatie van het bedrijf, bestaat er aanzienlijke twijfel over het vermogen van het bedrijf om als voortzetting te blijven functioneren tot november 2023,” schreef het bedrijf.

The firm logged a net loss of $434.8 million across the gone quarter, adding to losses totaling $862 million in Q2. Overall, Core Scientific’s financial books have a massive $1.71 billion hole so far this year.

Het licht van Core Scientific dimt langzaam

In a previous Oct 26 filing with the SEC, the miner warned that its cash reserve was quickly running down and that Celsius’ defaulting of a $2.1 million loan owed to it had put it in an even more difficult position. It also noted that soaring energy costs, declining Bitcoin prices, and increased mining difficulty had played a role in its liquidity squeeze. The latest difficulty adjustment on the Bitcoin network on Monday (Nov 21) saw a slight increase in the mining difficulty figure to a new all-time high of 36.95 T, following slight relief in the preceding adjustment.

Mijnmoeilijkheid

Verder verslechtert de situatie doordat de optie om meer fondsen te zoeken via financiering of kapitaalmarkten niet op tafel ligt, omdat het management twijfelt of het in de huidige marktomstandigheden succesvol kan kapitaliseren op dit liquiditeitsalternatief.

The resulting financial uncertainty has pushed Core to drastic measures to remain afloat, including slashing operating costs, increasing hosting revenues, managing capital expenditures and even defaulting on loan repayments. The latter option is desperate as it exposes the firm to a bigger deficit on account of consequent increases in interest rates. It could also end up in a legal challenge if its lenders sue for non-payment. Despite efforts to ease the financial stress exerted on it, Core Scientific’s survival now hangs in the balance and ultimately hinges on Bitcoin prices bouncing up or energy costs subsiding – both unlikely before the end of the year.

Iris Energy meldt verschillende aanpassingen, maar oprichters blijven vertrouwen in crypto-investeringen

Core Scientific isn’t the only one struggling this week. Iris Energy reported on Monday (Nov 21) a decision to cut down its Bitcoin mining capacity. The Australian crypto miner justified the same referring to the urgency to settle an immediate repayment of a requested loan. Iris also highlighted the sector’s poor short-term prospects and increasing unprofitability, which almost certainly implies a poor return on investment as a reason for ceasing mining operations in two subsidiaries operating as Special Purpose Vehicles.

The affected subindustries were powered by mining equipment obtained from the New York Digital Investment Group in a $107.8 million deal. To settle the debt with the latter firm, Iris will return the mining rigs written down as collateral. Beyond the adjustments, the company’s co-founders, Will and Daniel Roberts, still hold an unrelenting belief in the cryptocurrency sector. The executives assured investors in the filing, stressing that it remains on a profitable course.

“Het is duidelijk (op brutowinstniveau) nog steeds winstgevend. We moeten alleen uitzoeken welk overheadniveau het bedrijf kan dragen […] het enige wat we kunnen doen is toekomstige problemen anticiperen, wat we deden rond de [SPV] schuldfaciliteiten door ze af te schermen. We zijn nog steeds enorm enthousiast over het bedrijf en de industrie.”

The shutdown of the two subsidiaries, which account for a combined mining capacity of 3.6 EH/s, has significantly affected Iris’ overall capacity, leaving it at an estimated 2.4 E/Hs. The mining firm is, however, reported to be in talks with mining infrastructure provider Bitmain for an arrangement that could add 7.5 E/Hs to its overall capacity.

Foundry Digital loert rond de activiteiten van Compute North

Meanwhile, Bitcoin mining equipment provider Foundry Digital announced in a Nov 22 press release intentions to purchase two US mining facilities (one in South Dakota and the other in Texas) from crippled Compute North. The DCG subsidiary, operating as a digital asset staking and advisory services provider, disclosed that it had completed the preliminary phase of the purchase agreement. The Rochester-based company also noted that it is exploring the acquisition of a third under-construction facility.

De keerzijde van de ‘hodl’-strategie

Bitcoin miners have historically been considered ultimate hodlers, but the descent of Bitcoin price this week has challenged the viability of this investment approach.

“Miners betalen de consequenties van de “nooit verkopen” arrogantie die zes maanden geleden wijdverspreid was,” merkte crypto‑economics‑modelanalist Edwards op.

On-chain data compiled by IntoTheBlock shows that just over half of Bitcoin holders have registered losses on their position for the first time in the last two years. For context, the previous proportions of Bitcoin holders losing money peaked at 62% in 2015 and 55% in 2018.

Marktactie: Litecoin raast voorbij $80 door midweek prijsstijging

Bitcoin has staged a recovery to regain ground above the $16,000 mark early on Wednesday following unrest throughout Tuesday occasioned by Genesis Capital’s suspension of withdrawals. The flagship cryptocurrency has guided the collective altcoin market in charting a fairly modest climb.

LTC/USD handelsgrafiek. Bron: Messari

Among top gainers, Litecoin (LTC) is one of the standout assets alongside CurveDAO token (CRV) and Secret Network (SCRT), having accrued more than 28% in the last 24 hours and 35% in the last week. Market analysts have chalked up the increasing demand for Litecoin to a shift by traders seeking relief from the volatile broader market. The CRV/USD and SCRT/USD pairs are also trading firmly in the green, up by near the same range during this period.

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