Core Scientific Mined More than 19,000 Bitcoin Tokens in 2023 Amidst Bankruptcy Exit Efforts

The mining firm also noted that it had produced over 131,000 megawatt hours for its domestic grid partners in 2023 and 480 megawatt hours for domestic grid partners in December. 

Core Scientific is currently the largest Bitcoin mining company in North America. Its data centres are located in Kentucky, North Carolina, Texas, Georgia, and North Dakota. The firm operates over 209,000 Bitcoin mining rigs (comprising those owned and co-located) and had an overall energised hash rate of 23.2 exahashes per second at all its data centres in 2023.

The Bitcoin miner noted that the performance of every miner is essential to its overall success; thus, it has teams watching over its fleet constantly. It explained that it has established these measures to position the company at the forefront of the dynamic nature of the Bitcoin mining sector. 

This report comes as Core Scientific makes efforts to exit bankruptcy. The firm filed for bankruptcy protection at a US court in Texas in 2022. As per the filing, which resulted in its delisting from Nasdaq, the company was trying to mitigate a significant drop in its performance and liquidity, partly due to the decline of Bitcoin’s price.

However, in 2023, the company submitted its bankruptcy plan, which sought to implement a restructuring support agreement (RSA). The plan reflected the company’s improved liquidity position and a strategic focus on revising its business approach. Through effective cost reduction initiatives, both operational and capital, the company was able to stabilize its financial standing and enhance its profitability.

If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.

“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”