One of the leading bitcoin mining companies – Core Scientific – mined 1,356 BTC in November and 1,435 BTC in December. It also increased its self-mining hashrate from 15.4 PE/s to 15.7 PE/s.
The positive performance comes even though the company filed for Chapter 11 bankruptcy protection at the end of December last year.
Over 1.4K BTC mined
The American firm product 1,356 and 1,435 self-mined BTC in November and December, respectively, and 795 and 931 bitcoins for colocation customers, respectively.
It operated around 243,000 and 234,000 ASIC servers, bringing its total hashrate to 24.4 PE/s in November and 23.7 PE/s in December. On the other hand, its self-mining computing power for December was 15.7 PE/s, compared to 15.4 PE/s the previous month.
Core Scientific had to close several of its data center operators in the last two months of 2022. Its major facilities remain spread across Texas, Georgia, Kentucky, North Carolina and North Dakota.
The numerous shutdowns in November and December accounted for 5,828 and 17,179 megawatt hours respectively. The entity further said that it has worked with utility companies to ensure the stability of the power grid.
From going public on the Nasdaq to filing for bankruptcy
The company had its heyday during the bull run of 2021. Back then, it attach intentions to go public through a merger agreement with Power & Digital Infrastructure Acquisition Corp. Finalization of the agreement in early 2022 boosted Core Scientific’s valuation at $4.3 billion, and the company began trading on the Nasdaq under the symbol CORZ.
“We have worked hard to lay the foundation that will enable us to achieve our 2022 projections. Our goal is to be the best. Being the best means doing everything we can for our business, the industry in which we participate and for the bitcoin network,” said Core Scientific CEO Mike Levitt at the time.
The crypto winter, however, halted Core’s progress. Minor sold more than 7,000 BTC in June 2022 while producing only 1,106 BTC. Levitt admitted that Core Scientific had faced “tremendous stress” amid the market decline and unfavorable macroeconomic conditions.
The second and third quarters were devastating for the company, and its total losses for 2022 reached $1.7 billion in November. At that time, Core Scientific held $32 million in cash and only 62 BTC (compared to 8,000 BTC at the start of the year).
It became the first publicly traded company in to announce bankrupt a few days before Christmas. Its shares have depreciated by more than 98%, while its market capitalization has plunged to $78 million (from $4.3 billion a year ago).
Nonetheless, Core Scientific has pledged to continue producing bitcoin while repaying creditors.
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