Key Points
- Core Scientific, a crypto mining firm, mined 19,274 bitcoin valued at approximately $1.4 billion last year.
- The company reported a net loss of $195.7 million, an improvement of $239.2 million from the previous year.
After emerging from bankruptcy and having its shares relisted on Nasdaq, crypto mining firm Core Scientific announced on Tuesday that it mined a total of 19,274 bitcoin last year. This amount is currently valued at around $1.4 billion.
Company Performance
The company also disclosed that it self-mined 13,762 bitcoin for its own account and an estimated 5,512 for its hosting clients' accounts. Despite this, Core Scientific reported a net loss of $195.7 million, which it stated is an improvement of $239.2 million.
CEO Adam Sullivan stated in an earnings statement that in 2023, Core Scientific mined more bitcoin for itself than any other publicly listed miner in North America. He added, "We have now emerged from our restructuring a stronger, more focused and more productive company with a plan for self-mining growth of more than 20 exahash."
Company's Future Plans
Core Scientific, which is based in Texas, resumed trading on Nasdaq in January following a reorganization after its 2022 bankruptcy filing. At that time, the company expressed its intention to increase its mining capacity by 50% in the next four years.
The company's bankruptcy was partially due to the decrease in the price of bitcoin during a market downturn. However, the price of bitcoin has since significantly increased, reaching a record high this month.
On Tuesday, Core Scientific also revealed that it owns and manages 724 megawatts of infrastructure. This makes it the owner of the largest infrastructure footprint among publicly listed miners in North America.
