Core Scientific (CORZ), one of the world’s largest Bitcoin miners, is increasing its BTC production despite challenging market and weather conditions.
Bitcoin miner increased its production from 1,356 to 1,435 BTC in December
Core Scientific produced 5.8% more Bitcoin on a monthly basis in December despite a severe winter storm in the US. The company’s mining power increased Bitcoin production from 15.4 EH/s to 15.7 EH/s between November and December. Last month’s storm caused many companies to temporarily halt operations due to electricity hikes and requests from grid operators.
“In November and December, the company halted data center operations several times,” Core Scientific said in a statement. The cuts amounted to 5,828 and 17,179 megawatt hours, respectively.
In addition to its self-mining fleet, Core Scientific provided data center colocation services, technology, and operational support for approximately 91,000 and 80,500 customer-owned ASIC servers, representing approximately 37% and 34% of mining servers operating in the company’s data centers. . Client-owned ASIC servers generated approximately 795 and 931 BTC in November and December, respectively.
The company briefly filed for Chapter 11 bankruptcy protection
Core Scientific has filed for Chapter 11 bankruptcy protection due to the drop in crypto prices this year. The company’s assets and liabilities totaled an estimated $1 billion to $10 billion, according to the filing with the Bankruptcy Court for the Southern District of Texas. Meanwhile, the company warned in October last year that it could run out of cash by the end of the year. cryptocoin.com We have included the details in this article.
However, Core Scientific was not the only company on the verge of bankruptcy. Hosting provider Compute North has already filed for Chapter 11 protection in September, while mining companies Argo Blockchain and Greenidge Generation have also recently voiced the possibility of imminent bankruptcy.
About Core Scientific
Core Scientific (CORZQ) is one of the largest providers of Blockchain computing data centers and cryptocurrency miners in North America. It has been operating blockchain computing data centers in North America since 2017, using its facilities and intellectual property portfolio for co-located cryptocurrency mining and self-mining. The company currently operates data centers in Georgia, Kentucky, North Carolina, North Dakota and Texas.
Core Scientific is also involved in an ongoing legal dispute with the mining arm of bankrupt crypto company Celsius over what it claims are unpaid invoices.
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