Core Scientific became North America’s largest publicly listed crypto mining company in 2023 after mining 19,274 Bitcoin worth $812 million.
In an X post on Jan. 31, the Bitcoin (BTC) mining giant revealed that it mined 13,762 Bitcoin across its data centers in the United States states of Georgia, Kentucky, North Carolina, North Dakota and Texas, while its customers and clients mined a total of 5,512 BTC in 2023, making it the largest Bitcoin miner in North America. The firm operates approximately 209,000 owned and co-located Bitcoin miners, with a total energized hash rate of 23.2 exahashes per second at its data centers in 2023.
In 2023, Core Scientific produced 19,274 Bitcoin, comprising 13,762 self-mined and 5,512 client-mined in our data centers, making us the largest listed producer of #Bitcoin in North America!
— Core Scientific (@Core_Scientific) January 31, 2024
As every miner’s performance is crucial to our success, we have teams monitoring our… pic.twitter.com/ko9Ms9kyCo
The company also shared its yearly mining report, revealing reduced power consumption at its data centers. It delivered 480 megawatt hours to local grid partners in December 2023 and more than 131,000 megawatt-hours to local grid partners throughout 2023.
Bitcoin mining is the process of solving complex computational or mathematical problems as part of performing proof-of-work, which verifies and adds new blocks to the Bitcoin blockchain. The mining process uses hardware and software to generate a cryptographic hash matching the transaction hash criteria. Miners who verify transactions receive BTC as a reward for each mined block. Currently, the BTC reward per block is 6.25 BTC.
Core Scientific has had a rollercoaster ride as a Bitcoin mining company. The firm filed for Chapter 11 bankruptcy in December 2022 amid a prolonged crypto winter that saw BTC prices fall to new yearly lows. In June 2023, the firm submitted its Chapter 11 bankruptcy plan, vowing to make a strong comeback. A Chapter 11 bankruptcy allows a firm to continue operations until stakeholders agree on a restructuring plan.
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A year later, in December 2023, the firm announced its plans to exit bankruptcy and relist its share for public trading. On Jan. 27, the firm eventually relisted on the Nasdaq stock exchange.
Welcoming @Core_Scientific to the @NasdaqExchange Closing Bell. https://t.co/Lo6uD9vGne
— Nasdaq Exchange (@NasdaqExchange) January 26, 2024
Bitcoin mining has grown into a commercial business model, given the rise in BTC prices over the years. Many private and public firms are mining BTC using hundreds of mining machines across multiple data centers.
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