Core Scientific, one of the largest publicly traded crypto mining companies in the U.S., raised the possibility of bankruptcy in a statement filed with the Securities and Exchange Commission.
In the event of a bankruptcy, Core says that holders of its common stock could suffer "a total loss of their investment."
Core Scientific mines for proof-of-work cryptocurrencies like bitcoin .
Core, which primarily mints bitcoin, has seen the price of the token drop from an all-time high above $69,000 in Nov. 2021, to around $20,500.
The Austin, Texas-based miner, which has operations in North Dakota, North Carolina, Georgia, and Kentucky, says that it may "seek alternative sources of equity or debt financing."