Sirwin
Sirwin

Core Scientific, which provides nearly 10% of Bitcoin mining power, files for bankruptcy...

By Apoaca | crypto_world | 23 Dec 2022


Core Scientific, one of the world's largest publicly traded mining companies, which provides about 10% of Bitcoin mining power with 143,000 mining machines, has filed for bankruptcy in the Southern District of Texas court.

According to the Core Scientific web page, there are four mining facilities in the US, two in Texas and one in South Dakota and Nebraska.

 

Bitcoin mininig1

About 15% of Bitcoin produced in 2022 was produced by publicly traded companies. When we look at the chart below, we see that Core Scientific alone makes 4% of the global Bitcoin production.

Bitcoin mininig

Bitcoin mining2

You can access the month-by-month details of the company's Bitcoin production reports here.

https://corescientific.com/news-press/

 

Core Scientific sold 2,285 Bitcoins in October at an average of $19,639, and as of October, the company seems to have 62 Bitcoins left in their accounts. 

https://d18rn0p25nwr6d.cloudfront.net/CIK-0001839341/26d72c96-f9a9-49d3-9d39-a20134b6e780.pdf

 

The fact that one of the world's largest Bitcoin mining companies filed for bankruptcy in parallel with the bankruptcy process of FTX is, of course, negative news for the crypto market.

This bankruptcy news seems to have once again revealed the importance of renewable energy in order to save the energy costs of Bitcoin production facilities.

 

In the lean future, we will see the impact of this bankruptcy process on the market. Other mining companies may face the same process. However, it would be unreasonable to say that Bitcoin's mining is threatened with extinction. The government of El Savador announced that it would produce Bitcoin with the mining facility it established near the volcano. We may continue to hear such news in the future.

 

 

You can use the links below to access information about the company.

 

https://corescientific.com/

https://twitter.com/core_scientific

 

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Apoaca
Apoaca

Man who loves crypto coins


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What Sataoshi Nakamato created was not just Bitcoin. Satoshi wanted to create a new world. A new economic system. A new foolish debate. Satoshi recreated privacy. Crypto will shape the future.

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