Key Takeaways
- Core Scientific noted that its customers mined a total of 5,512 BTC in 2023
- The firm mined 19,274 Bitcoins, valued at $812 million throughout 2023
Core Scientific has defied the odds, rising from the depths of Chapter 11 bankruptcy in December 2022 to claim the title of North America’s foremost publicly listed cryptocurrency mining company. Their remarkable comeback includes the mining of 19,274 Bitcoins, valued at $812 million throughout 2023, firmly establishing their leadership position in the industry.
The decision to file for bankruptcy was driven by a series of challenges, including a downturn in the crypto market and various market failures that took a toll on Core Scientific’s financial stability.
However, with the recent surge in Bitcoin prices, the company devised a reorganization plan that gained approval from the Bankruptcy Court earlier this month. This approval paved the way for Core Scientific’s successful relisting on the Nasdaq.
The reorganization strategy was crafted to fortify Core Scientific’s financial standing and enhance its competitive edge. An essential element of the plan involved substantial debt restructuring, including agreements with major creditors like BlackRock and investment bank B. Riley.
In a recent announcement on Jan. 31, Core Scientific shared the news that they mined an impressive 13,762 Bitcoins across their U.S.-based data centers in states such as Georgia, Kentucky, North Carolina, North Dakota, and Texas.
Adding to this achievement, their clients and customers collectively mined 5,512 BTC in 2023, further cementing Core Scientific’s status as the largest Bitcoin miner in North America. The company operates approximately 209,000 owned and co-located Bitcoin miners, boasting a total energized hash rate of 23.2 exahashes per second at its data centers in 2023.
Core Scientific’s annual mining report also shed light on a reduction in power consumption at their data centers. In December 2023 alone, the company delivered 480 megawatt-hours to local grid partners, contributing to a total of over 131,000 megawatt-hours provided throughout the year.
Having weathered the challenges of a crypto winter that saw Bitcoin prices hitting new yearly lows, Core Scientific’s resilience has paid off. Following the Chapter 11 bankruptcy filing in December 2022 and the subsequent submission of a restructuring plan in June 2023, the company successfully relisted on the Nasdaq stock exchange on Jan. 27, 2024.
