Posted on August 15, 2022
Core Scientific (CORZ) reduced its headcount by 10% in the second quarter as part of cost-cutting measures to deal with market turmoil, the cryptocurrency miner announced on Thursday.
The company posted a quarterly net loss of $861.7 million, including an $840 million charge driven by a revaluation of assets and a $150.2 million charge due to declines in digital asset prices.
“To date, we have eliminated approximately 10% of our workforce — none of whom are involved in our data center activities,” CEO Mike Levitt said during the quarterly earnings call.
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