Bankrupt miner Core Scientific mined 19 274 bitcoins in 2023

In January, the company re-entered the Nasdaq as part of a restructuring

01.02.2024 - 08:00

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What’s new? Bankrupt miner Core Scientific mined 19 274 bitcoins in 2023, a record among publicly traded companies in North America. The figure includes 13 762 self-mined coins and 5512 BTC mined by customers on leased capacity in Core Scientific’s data centers. “We continue to prioritize efficiency,” the company said.

Source: Twitter.com

What else is known? Core Scientific filed for bankruptcy in December 2022 with debts of $500 million, in the previous months the company’s capitalization fell from $4,3 billion to $78 million, and in a year the share price (ticker CORZ) collapsed by 98%.

The creditors included BlackRock, the world’s largest investment firm, which bought Core’s secured convertible bonds. The filing was made under Chapter 11 of the US Bankruptcy Code, which provides for debt restructuring and continued operations, as well as the inability of creditors to sue for collections.

In September 2023, Bitmain, the largest bitcoin mining equipment maker, said it planned to supply Core Scientific with 27 000 rigs in exchange for $23,1 million in cash and 53,9 million shares of the company’s shares.

In January 2024, Core Scientific completed its restructuring and re-entered Nasdaq. This made it possible to reduce the debt by $400 million and allocate 5 years to repay the remaining loans. The company operates in five US states: Texas, North Dakota, North Carolina, Georgia, and Kentucky.

On February 1, CORZ is trading at $2,94, having lost 6,67% per day, according to TradingView.