Core Scientific ramps up bitcoin mining efficiency By Investing.com

AUSTIN, Texas – Core Scientific, Inc. (NASDAQ: CORZ), a prominent player in North American bitcoin mining, has announced significant operational updates for January 2024, showcasing an expansion in self-mining and enhanced energy efficiency in its mining fleet.

The company reported producing 1,027 bitcoin through self-mining and an estimated 354 bitcoin from hosted miners in January. This activity marks a decrease from December 2023, where the figures stood at 1,177 and 449 bitcoin respectively. Despite the month-over-month production decline, Core Scientific emphasized the strategic deployment of 28,400 new Bitmain S19j XP (NASDAQ:) miners, which contributed to an increased self-mining energized hash rate of 1.7 EH/s and improved the fleet’s energy efficiency by 5% to 26.44 J/TH.

Core Scientific operates around 218,000 bitcoin miners across data centers in Georgia, Kentucky, North Carolina, North Dakota, and Texas. Approximately 167,000 of these are owned, constituting about 77% of the total number and accounting for an energized hash rate of 18.6 EH/s. The remaining 51,000 miners, representing 23%, are hosted for customers and produced the estimated 354 bitcoin in January.

In addition to mining, Core Scientific has actively participated in grid support, reducing power consumption at its data centers to deliver 18,487 megawatt hours to local grid partners in January. This initiative assists in maintaining power stability during peak demand periods.

Looking ahead, Core Scientific plans to continue its growth trajectory with the deployment of an additional 12,600 Bitmain S21 miners by the end of July 2024, which are expected to contribute 2.5 EH/s in energized hash rate at 17.5 J/TH.

The company also noted its relisting on NASDAQ on January 24, 2024, which was accompanied by the issuance of new securities as part of its emergence and listing. Core Scientific issued 184,998,580 shares of new common stock, along with two tranches of warrants and new notes.

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