Bitcoin mining giant CoreScintific has achieved a remarkable turnaround, emerging from bankruptcy and becoming North America's largest publicly listed mining company in 2023. The company mined a total of 19,274 BTC, valued at approximately $812 million, during the year.
In a recent announcement on January 31, CoreScintific revealed its impressive mining achievements for 2023. The company mined 13,762 Bitcoin across its various data centers located in Georgia, Kentucky, North Carolina, North Dakota, and Texas. Additionally, customers and clients of CoreScintific contributed to the mining efforts, resulting in a total of 5,512 BTC mined throughout the year.
CoreScintific's success can be attributed to its vast mining infrastructure, with the company operating approximately 209,000 owned and colocated Bitcoin miners. This substantial mining capacity allowed the firm to achieve a total energized hash rate of 23.2 EH/s across its data centers in 2023.
Furthermore, CoreScintific demonstrated its commitment to sustainability by reducing power consumption at its data centers. In December alone, the company delivered 480 megawatt-hours to local grid partners. Over the course of the entire year, CoreScintific supplied more than 131,000 megawatt-hours to local grid partners, emphasizing its responsible approach to energy usage in the Bitcoin mining industry.
The process of Bitcoin mining involves verifying transactions on the blockchain by generating cryptographic hashes that meet specific criteria. Miners who successfully verify these transactions are rewarded with BTC for each mined block. As of now, the reward per mined block is 6.25 BTC.
CoreScintific's journey has been marked by resilience and determination. In December 2022, the company filed for Chapter 11 bankruptcy during a challenging period for the cryptocurrency market, characterized by a prolonged bear market that drove BTC prices to new yearly lows. Despite these challenges, CoreScintific remained committed to its goals and submitted a Chapter 11 bankruptcy plan in June 2023, signaling its intent to make a strong comeback. Chapter 11 bankruptcy allows a company to continue operations while stakeholders work on a restructuring plan.
By December 2023, CoreScintific announced its successful exit from bankruptcy and its plans to relist its shares for public trading. On January 27, 2024, the company achieved this milestone by relisting its shares on Nasdaq.
Bitcoin mining has evolved into a prominent and commercially viable business model, particularly with the significant appreciation in BTC prices over the years. Many private and public companies now engage in large-scale BTC mining operations using numerous mining machines across data centers.
CoreScintific's remarkable recovery and mining achievements underscore the continued growth and competitiveness of the Bitcoin mining industry, even in the face of significant market challenges.