$1.4 billion worth of bitcoins mined last year by formerly bankrupt Core Scientific

Earlier this year, crypto mining company Core Scientific emerged from bankruptcy and had its shares re-listed on Nasdaq. On Tuesday, the company said that last year it mined 19,274 bitcoins, worth about $1.4 billion at current prices.

Core Scientific reported Tuesday that it self-mined 13,762 bitcoins for its own account, in addition to “approximately 5,512 for our hosting customers’ accounts.” The company also reported a net loss of $195.7 million, which it said was an improvement of $239.2 million.

“In 2023, Core Scientific earned more self-mined bitcoin than any other listed miner in North America,” Adam Sullivan, CEO of Core Scientific, said in an earnings release. “We have now emerged from our restructuring as a stronger, more focused and productive company, with a self-mining growth plan of over 20 exahash.”

Texas-based Core Scientific resumed trading on Nasdaq in January after completing a post-2022 reorganization. filing for bankruptcy. At the time, tThe company said it intends to increase its mining capacity by 50% over the next four years.

North American footprint

The company’s bankruptcy was partly due to the drop in the price of bitcoin during the recession. Bitcoin BTC

+2.03%

The price of has since increased significantly, reaching an all-time high this month.

Core Scientific also said Tuesday that it owns and manages 724 megawatts of infrastructure, which it calls “the largest owned infrastructure footprint among publicly traded mining companies in North America.”

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About the Author

RT Watson is a senior reporter at The Block covering a wide range of topics including US-based businesses, blockchain gaming and NFTs. Formerly covered entertainment at the Wall Street Journal, where he wrote about Disney, Netflix, Warner Bros. and the creator economy while primarily focusing on technological disruption in media. Previously, he covered Brazilian economic, economic and political news at Bloomberg. RT has interviewed a wide range of characters, including CEOs, media moguls, high-profile influencers, politicians, blue-collar workers, drug dealers and convicted felons. Holder of a master’s degree in Digital Sociology.