Core Scientific Enhances Bitcoin Mining Operations in 2024

Core Scientific's Operational Updates

Core Scientific, Inc., a leading bitcoin mining company in North America, has released significant updates for January 2024, focusing on self-mining expansion and improved energy efficiency. The company produced 1,027 bitcoins through self-mining and about 354 bitcoins from hosted miners. Although these figures show a decline from December 2023, the strategic deployment of 28,400 new Bitmain S19j XP miners has bolstered the self-mining hash rate to 1.7 EH/s, enhancing energy efficiency by 5% to 26.44 J/TH.

Mining Operations and Fleet Efficiency

Operating approximately 218,000 bitcoin miners across multiple U.S. states, Core Scientific owns around 167,000 of these units, accounting for 77% of its fleet. This ownership contributes to a substantial energized hash rate of 18.6 EH/s. The remaining 51,000 miners are hosted for customers, yielding the 354 bitcoins produced in January. The company's commitment to efficiency is further highlighted by its participation in grid support, delivering 18,487 megawatt hours to aid local power grids during high demand periods.

Future Growth and NASDAQ Relisting

Looking forward, Core Scientific aims to deploy an additional 12,600 Bitmain S21 miners by July 2024, expected to add 2.5 EH/s in hash rate at 17.5 J/TH. The company also marked its NASDAQ relisting on January 24, 2024, issuing nearly 185 million shares of new common stock along with warrants and notes. These strategic moves underscore Core Scientific’s dedication to advancing its mining capabilities and maintaining a leading position in the bitcoin mining industry.