Core Scientific Becomes North America’s Largest Listed Bitcoin Producer, Generating 19,274 BTC in 2023

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Core Scientific has cemented its position as the largest listed Bitcoin (BTC) producer in North America, generating an impressive 19,274 BTC in 2023.

In a recent post on X (formerly Twitter), the crypto miner said 13,762 BTC were mined by the company itself in its state-of-the-art data centers, while 5,512 BTC were mined by its customers.

The company said it maintains dedicated teams that monitor their mining fleet around the clock to ensure optimal performance, working tirelessly to minimize downtime and maximize productivity.

“Each team is dedicated to finding creative ways to maximize our miners’ efficiency, positioning us at the forefront of the ever-evolving Bitcoin mining industry,” it said.

“As we continue to prioritize efficiency and excellence, we look forward to reaching new heights and shaping the future of Bitcoin mining.”

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!

As every miner’s performance is crucial to our success, we have teams monitoring our… pic.twitter.com/ko9Ms9kyCo

— Core Scientific (@Core_Scientific) January 31, 2024

Core Scientific Returned From Bankruptcy

In December 2022, Core Scientific faced significant challenges leading to its filing for Chapter 11 bankruptcy protection.

The move was primarily driven by the downturn in crypto prices and a series of market failures, which heavily impacted the company’s financial stability.

However, with Bitcoin prices recovering as of late, the company put forward a plan to reorganize and emerge from bankruptcy.

As reported, the plan was approved by the Bankruptcy Court earlier this month, setting the stage for its relisting on the Nasdaq. 

The reorganization included various strategic changes aimed at strengthening Core Scientific’s financial position and enhancing its competitiveness in the industry.

Part of the plan involved substantial debt restructuring, including agreements with major creditors like BlackRock and investment bank B. Riley.

Mining Companies to Expand Operations Ahead of Halving

As part of its future growth strategy, Core Scientific aims to expand its mining operations.

The company, which operates mining facilities across five U.S. states with a total power capacity of 724 megawatts, plans to increase its mining capacity by over 50% within the next four years.

This includes deploying new Bitcoin miners and preparing for the upcoming halving event in the Bitcoin network.

The halving, which occurs approximately every four years, is a significant event for miners as it reduces the reward for mining new blocks, thereby affecting the economics of mining operations.

The company also announced its new Board of Directors, aiming to bring their expertise to contribute to the restructuring operation.

Aside from Core Scientific, a number of other major cryptocurrency miners are also bracing themselves for the challenges ahead as the 2024 Bitcoin halving event looms.

According to a recent report from asset manager CoinShares, Riot, TeraWulf, and CleanSpark are among the best-positioned companies to weather the impending storm.

Per the analysis, the cost of production and cash costs per Bitcoin, which were approximately $16,800 and $25,000 in the third quarter of 2023, are expected to surge to $27,900 and $37,800 post-halving, respectively.

Analysts project that the average production cost for crypto miners post-halving is going to be around $37,856.

These anticipated cost increases stem from the reduction in rewards and the need for miners to expand their operations to remain profitable.

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