In December, Core Scientific I was dismantled over 1,400 BTC despite bankruptcy application
In December, Core Scientific I was dismantled over 1,400 BTC despite bankruptcy application
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 hashrates from 15.4 EH/s to 15.7 eh/s.
The positive development comes, although the company applied for insolvency protection in accordance with Chapter 11 at the end of December last year.
About 1.4K BTC broken down
The company based in the USA produced 1,356 and 1,435 self-mined BTC and 795 or 931 Bitcoin for colocation customers.
It ran around 243,000 and 234,000 ASIC servers and brought its overall Hashrat to 24.4 EH/S in November and 23.7 EH/S in December. On the other hand, the computing power of self-mining was 15.7 EH/s in December, compared to 15.4 EH/s in the previous month.
Core Scientific had to close several of his data center operators in the last two months of 2022. The main facilities remain in Texas, Georgia, Kentucky, North Caroline and North Dakota.
The numerous closings in November and December accounted for 5,828 and 17,179 megawatt hours. The company further explained that it had worked with supply companies to ensure the stability of the power grid.
From entry to Nasdaq to the application for bankruptcy
The company had its glorious days during the bull run in 2021. At that time it was indicated Infrastructure Acquisition Corp. to go to the stock exchange. The conclusion of the agreement in early 2022 reinforced The evaluation of Core Scientific to $ 4.3 billion and the company began to act on the NASDAQ under the symbol CORZ.
"We have worked hard to create the basics that make it possible for us to achieve our forecasts for 2022. Our goal is to be the best to be the best to do everything we can, for our business, the industry in which we are active, and for the Bitcoin network," said Mike Levitt-CEO of Core Scientific - Back then.
However,The crypto winter stopped the progress of Core. The miner sold over 7,000 BTC in June 2022 at a production of only 1,106 BTC. Levitt admitted that Core Scientific had to cope with "enormous stress" in the middle of the market decline and the unfavorable macroeconomic conditions.
Q2 and Q3 were devastating for the company and its overall losses for 2022 $ 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 beginning of the year).
It was the first listed company span-preserver-spaces = "true"> explain bankruptcy before Christmas. Its shares lost over 98 % in value, while its market capitalization broke up to $ 78 million (compared to $ 4.3 billion a year ago).
Nevertheless, Core Scientific promised to continue to produce Bitcoin and at the same time repay the creditors.
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